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Real Estate-A great asset even in war?
Sinan Al Dulaimi, 43, works for the United Nations in Baghdad, where he has lived in the eastern Zayouna area since he was 14.
In a telephone interview on June 16, he described life in a 1,300-year-old capital with about 7 million people that has fallen from being one of the Arab world’s cultural hubs to a ghettoized city marred by bomb blasts and sectarian killings.
His neighborhood was established by former President Abdel Karim Qasim, who took power in a 1958 coup and gave 600-square-meter plots to army officers to build homes
“The situation in Baghdad is very bad. The entrance to the city closes at 10 p.m.; it used to close at 1 a.m. Curfew starts at midnight and ends at 5 a.m.
‘‘You can see huge lines of people outside banks trying to withdraw cash. Otherwise, the streets are mostly empty
‘‘We’ve stockpiled food. We’re all worried about food — cooking oil, rice, those basics — and prices are rising. Ten kilos of rice usually costs $10, now it costs more than $25.
‘‘I want to avoid car bombings, another reason I don’t leave my neighborhood. I do shopping here though it costs more – – five loaves of bread is $1 versus in the local market outside where $1 buys 10 loaves. Here, it’s about $14-15 per kilo of mutton, outside it’s $10.
‘‘Tap water isn’t healthy for cooking or drinking; we have to buy that, too.
‘‘Power only comes on for about 4-6 hours a day so I supplement with private generators. I pay, like, $250 a month for that. You can’t use ACs with private generators, just TVs, fridges, lights and air coolers.
‘‘There’s no electricity and there’s garbage everywhere, but house prices have been getting higher and higher. In my neighborhood, you can’t buy a house for less than $300,000 and that would be for a 150-square-meter house. For 600 square meters, it’s not less than $900,000, up to $1.2 million.
–from Bloomberg
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If you have to ask someone
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Linkfest:June 18,2014
Some stuff that I am reading today morning:
RIL AGM:Investors hoping for clarity on telecom business (Mint)
Small, mid-cap fund assets swell (BS)
SEBI opens crowd funding window for startups (BL)
Argentina Vs Holdout Bondholders-The Epic Saga (Moneybeat)
Insider trading busted despite using disguised phrases (Dealbreaker)
5 brain flaws that make you a lousy investor (USAToday)
Warren Buffett on scorecards,investing and more (FarnamStreet)
A quarter of all companies may be involved in insider trading (DealBook)
Rules for Shorting (Ritholtz)
NGO Funding-Greenpeace (MediaCrooks)
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The Land follows the Creed
Bhutan was in the news recently when our PM Modi visited it along with other Indian officials.
Bhutan is just one of the 5 Kingdoms which were referred to as the 5 Fingers of Tibet- Ladhak,Nepal,Sikkim and Tawang being the other 4.
Other than Nepal,the other 4 states have Buddhism as the dominant religion and swore allegiance to Tibet.
When the British entered India, they wished to take over Darjeeling which they felt were ideally suited for tea gardens.
Darjeeling was under the control of Sikkim and its King (called Chogyal) but the British managed to get the land as lease from Sikkim and paid rent of Rs.3,000 per year for it.
The British administrators,astute as they were, realized that this would not work in the long term.
Their long term solution was encouraging Nepali immigration in these lands.
In the words of Risley,the British official in 1878:
“Here also religion will play a leading part.In Sikkim,as in India,Hinduism would assuredly cast out of Buddhism, and the praying wheel of the lama will give place to the sacrificial implements of the Brahman.The land will follow the creed.Thus race and religion, the prime movers of the Asiatic world,will settle the Sikkim difficulty for us, in their own ways.”
These words proved to be prophetic.The influx of the Nepali Hindus into Sikkim made the original inhabitants a minority in their own land and paved the way for a smooth annexation of Sikkim to India in 1975.
Bhutan learnt its lessons.For all those gushing about Bhutan and its charms, its rulers followed a ruthless policy of maintaining ethnic purity.
It did not allow Nepali Hindus to settle nor did it allow the Bangla Muslims in.The people who entered were forcibly thrown out
As a result,Bhutan still enjoys its independence .