Alumnus speaks on U.S., India Relationship

first_imgNotre Dame alumnus Tim Roemer spoke Wednesday about the advances in technology that have transformed interaction and communication between the United States and India. Roemer, a Notre Dame alumnus, former U.S. Congressman [D-IN-3] and former Ambassador to India, spoke on the nature and importance of the United States’ interactions with India. The lecture, titled “Twitter, Buffett, and Darwin: India and the United States Relationship,” was the second installment of the Distinguished Lecture Series, co-sponsored by the Liu Institute for Asia and Asian Studies and the Kellogg Institute for International Studies. As India’s economy develops and its middle class grows and becomes more and more successful, Roemer said the country is becoming one of the biggest markets in the region for innovative technology. India also is home to a large number of English speakers and maintains a good relationship with the U.S, Roemer said. The region as a whole has an emerging middle class that is bigger than the entire U.S. population, he said. To illustrate the opportunities technology provides to that middle class, Roemer showed a photograph of a woman wearing traditional dress, carrying a metal pot on her head and talking on a cell phone, which he said would have cost $15. The woman, Roemer said, along with a hundred others, was transporting dirt from a construction site. “She is a small-business owner,” Roemer said. “She’s on this phone while she’s working at this job, and she is calling, as a small-business owner who grows flowers – she on that phone is hiring two new people because she just got a text from Twitter that the price of flowers has gone down, and she can afford two new employees. … That phone is life-changing for that woman, as a business owner.” Roemer said the elevation of millions of people from poverty to the middle class has impacted hugely both business and trade. If India’s economy continues to grow – which, he said, is not guaranteed – multinational firms are going to shift their focus to Asian markets. “If you are an international business and you want to succeed in the next 30 or 40 years, are you going to keep selling in the U.S. and EU and depend on 50, 60, 70 percent of your sales there, or are you going to expand into those markets right there?” Roemer said. “That’s this middle-class migration that is absolutely essential for the U.S. to get a hold of, to understand, and to entice our manufacturing companies to create jobs here . . . there is a real incentive, given these trends, to do more and more manufacturing in the U.S. and export these products into these new middle-class markets so you can see the resurgence of American products in the U.S.” Roemer said that the development maintenance of a good relationship between the U.S. and India, especially India’s rising middle class, is crucial. He said the past three U.S. presidents have cooperated closely with India regarding national security as well as trade. The governments of both nations recently have “supported generally a health U.S.-India relationship,” he said. Despite problems like border disputes with Pakistan, inflation, and rising food prices, trade between the two countries is increasing, Roemer said. Roemer outlined three models for companies to emulate in order to take advantage of this relationship. First, he said the “Warren Buffett Model,” is best exemplified by General Electric [GE]. GE CEO Jeffery Immelt often holds board meetings in India to expose members to the country, culture, and market, he said. “Immelt has been very, very smart about teaching his company and getting some of his best leadership to go to some of these places,” Roemer said. “If you want to run the company and you haven’t had one of those tough assignments, … if you have run the company, and you’ve been president of India, of Nigeria, of Indonesia, you really are going to see where the future of GE is.” Second, Roemer said the “Winston Churchill Model,” is best exemplified by Starbucks. CEO Howard Schultz tried to enter India in 2005 but was not successful, he said. In 2010, however, Starbucks returned. But, the company made several fundamental changes, such as partnering with Indian companies and using domestic products.  “He figured it out, and that is the Churchill Model – try it, don’t ever give up, come back again and again,” Roemer said. “That’s Churchill’s great commencement speech – never ever, ever, ever, ever give up. Schultz did not, and I think he’s onto the right thing now, and I think he’s going to succeed in India. Third, the “Darwin Model,” is an “evolutionary model” best exemplified by IKEA, he said. When it entered the Chinese market, Roemer said Ikea changed almost everything about how it presented its products, from its value proposition to its promotions to where it manufactured its products. “You have a completely different model for almost every value network and category from Europe to China. IKEA is just going into India now, and it will be a hybrid of these two approaches,” Roemer said. “It will change again.” The U.S.-India relationship is positive now, Roemer said. This relationship will remain important because India is civically engaged, religiously diverse, and respects the rule of law, he said. “That potential influence in the entire region as India grows in confidence, as India grows in influence, as India grows in articulating its foreign policy and working with other countries is absolutely and potentially profound in the future,” Roemer said. “I’m betting that future presidents are going to see this, see the economic and religious and political advantage and continue to make this one of the most important relationships in the world.” Contact Emily McConville at [email protected]last_img read more

How does Apple Pay lead to more fraud?

first_img continue reading » by: David DivittSince its launch last year, Apple Pay has seen significant uptake in the markets where it is available, no question. Latest figures show 42 percent of iPhone 6 owners have used the service, while JP Morgan says that over a million of its customers have uploaded their card details to use on the mobile payment platform.But it’s not all been plain sailing for the Cupertino firm, with reports indicating that Apple Pay is in fact acting as a backdoor for fraudsters.While Apple Pay has been hailed as one of the most secure mobile payment options because of its use of tokenization and biometric authentication, there is a weak link in the chain that has caused a surge in fraudulent transactions.As ever in payments, criminals adore a weak link, especially in a system that is otherwise very secure — this makes it all the more likely their fraud will go unnoticed.Gartner’s Avivah Litan explained how this problem is allowing fraudsters to bridge the gap between traditional, or card-present, transactions and the card-not-present world. It seems the issue is with banks’ verification processes. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Burns, Labuschagne fifties push Australia’s lead to 417

first_imgBy Tristan LavalettePERTH, Australia (Reuters) – Marnus Labuschagne and Joe Burns notched half-centuries before New Zealand’s unflagging attack yielded late wickets, but Australia had built a near insurmountable lead of 417 by stumps on day three of the first Test yesterday.Australia reached the close of play at 167 for six with Matthew Wade on eight and Pat Cummins on one. New Zealand quicks Neil Wagner and Tim Southee shared the spoils with six wickets between them.Australia suffered a late collapse but remain in a strong position. The highest successful run chase in Test history is 418, achieved by the West Indies against Australia in 2003.“Bit disappointing to lose wickets tonight but in the grand scheme of the game we are in a good position and in control,” Burns told reporters.Burns (53) and Labuschagne, who has now passed 1 000 Test runs in 2019, did the bulk of the heavy lifting in an 87-run partnership.South Africa-born Labuschagne’s bid for a fourth straight Test century ended when he mistimed a pull short on 50 off Wagner, who persevered with aggressive short-pitched bowling.Australia’s tactical approach to bat carefully and set New Zealand a big target was exemplified by Burns, who did not score until the 25th delivery he faced. His patient knock, however, ended when he was undone by a searing short delivery from Southee.Steve Smith, who scored a massive 774 runs in the Ashes tournament in England this year, fell shortly before stumps for 16 to continue a recent barren run.David Warner, who passed 7 000 Test runs, was Australia’s sole loss in the middle session after he miscued a pull shot off Southee on 19. His sluggish 63-ball innings was in contrast to his majestic unbeaten 335 in the last Test against Pakistan in Adelaide.Even though they lost late wickets, Australia’s commanding performance gave them a stranglehold on the day-night contest. The hosts gained a sizeable 250-run first-innings lead after bowling New Zealand out cheaply on the stroke of tea.New Zealand, in reply to Australia’s first-innings 416, were dismissed for a tame 166 with veteran Ross Taylor playing a lone hand with 80.Mitchell Starc claimed his second five-wicket haul in as many Tests after missing most of the recent Ashes series.He led a disciplined attack which was short-handed after Josh Hazlewood was ruled out of the Perth Test, having suffered a hamstring injury on day two.Taylor acknowledged that New Zealand faced a daunting prospect with widening cracks marking the Perth Stadium pitch.“It’s going to be tough but the strength of the side over the last few years has been the fighting spirit,” he said.Both teams are without a paceman after debutant New Zealand quick Lockie Ferguson, himself a replacement for injured spearhead Trent Boult, damaged his calf on day one.Oppressive weather conditions continued for the third straight day as the temperature peaked at 41 degrees Celsius.New Zealand have won only one Test in Australia since their sole series triumph across the Tasman Sea in 1985-86.AUSTRALIA 1st innings 416NEW ZEALAND 1st innings o/n 108 for 5Jeet Raval b Josh HazlewoodTom Latham c&b Mitchell Starc 0Kane Williamson c Steven Smith b Mitchell Starc 34Ross Taylor c Steven Smith b Nathan Lyon 80Henry Nicholls c Tim Paine b Mitchell Starc 7Neil Wagner b Mitchell Starc 0BJ Watling b Pat Cummins 8Colin de Grandhomme c Steven Smith b Mitchell Starc 23Mitchell Santner b Marnus Labuschagne 2Tim Southee c (sub.) b Nathan Lyon 8Lockie Ferguson not out 0Extras: (b-1, lb-2) 3Total: (all out, 55.2 overs) 166Fall of wickets: 1-1, 2-1, 3-77, 4-97, 5-97, 6-120, 7-147, 8-155, 9-166.Bowling: Mitchell Starc 18-2-52-5, Josh Hazlewood 1.2-1-0-1, Pat Cummins 14.4-3-46-1, Matthew Wade 2-0-8-0, Nathan Lyon 14.2-2-48-2, Marnus Labuschagne 5-1-9-1.AUSTRALIA 2nd inningsDavid Warner c (sub.) b Tim Southee 19Joe Burns c Henry Nicholls b Tim Southee 53Marnus Labuschagne c Mitchell Santner b Neil Wagner 50Steven Smith c Jeet Raval b Neil Wagner 16Matthew Wade not out 8Travis Head c Colin de Grandhomme b Tim Southee 5Tim Paine b Tim Southee 0Pat Cummins not out 1Extras: (lb-3, nb-5, w-7) 15Total: (six wkts, 57.0 overs) 167Fall of wickets: 1-44, 2-131, 3-148, 4-154, 5-160, 6-160.Bowling: Tim Southee 19-6-63-4 (w-3), Colin de Grandhomme 13-2-26 – 0 (w-1, nb-2), Neil Wagner 17-2-40-2 (w-3, nb-3), Mitchell Santner 8-0-35-0.last_img read more