The cover focuses on the power of polarization between different communities and races. With more than 100 print magazines submitting 270 covers to compete in 10 categories, Staake originally won in ASME’s News and Politics category. The ninth annual ASME Best Cover Contest was open to all consumer print magazines published in the 2014 calendar year. Sid Holt, chief executive of ASME, announced the winners. And Staake has a personal connection to the illustration. “I lived in St. Louis for 17 years, moving there from Los Angeles,” he tells The Washington Post. “It’s a beautiful city, but it didn’t take me long for me to perceive its ‘ugly’ racial underbelly—which is not uncommon in many other major American cities,” Staake adds. Sports and Adventure: ESPN The Magazine, October 13, 2014 Brainiest: Bloomberg Businessweek, August 4, 2014 Fashion and Beauty: Harper’s Bazaar, March 2014 Science and Nature: New York, June 9-15, 2014 Lifestyle: Men’s Health, November 2014 Family and Home: FamilyFun, August 2014 Here are the other categorical winners: Entertainment and Celebrity: The New York Times Magazine, September 14, 2014 Business and Technology: The Atlantic, November 2014 On Wednesday, The New Yorker’s “Broken Arch,” published on December 8, 2014, was named ASME’s Cover of the Year. The illustration was developed by Bob Staake, and is a topical nod to the events that occurred in Ferguson, Mo. last year. Most Delicious: Bon Appétit, June 2014
India’s multinational conglomerate Larsen & Toubro (L&T) on Monday announced its construction division had won a contract worth Rs. 2,161 crore across various business verticals. Following the news, the Larsen & Toubro Ltd. stock closed at Rs. 1,470 on Monday, up 0.62 percent from its previous close.In a regulatory filing to the Bombay Stock Exchange, L&T said “the construction arm of L&T has won orders worth Rs. 2,161 crore across various business segments.”Its transportation infrastructure business won a design and build order worth Rs. 847 crore from Dedicated Freight Corridor Corporation of India. In addition, its power transmission and distribution business bagged EPC order of Rs. 403 crore from Power Grid Corporation and Karnataka Solar Power Development Corporation.The order of Rs. 709 crore was received from Gujarat Water Infrastructure and Rajasthan Urban Drinking Water Sewerage and Infrastructure Corporation.L&T’s metallurgical and material handling business also won an order worth Rs. 202 crore, the company said in its regulatory filing. The company’s net profit increased 18.6 percent to Rs. 2,453 crore in the March quarter of financial year 2015-16, Business Standard reported.[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]
The IL&FS group is facing serious liquidity crisis and has defaulted on interest payments on various debt repayments since 27 August.ReutersThe Infrastructure Leasing & Financial Services (IL&FS) are now taking desperate measures to raise the funds. In the latest attempt, the IL&FS group has put high-end cars, office furniture, electrical appliances and other assets on sale.The Infrastructure Leasing & Financial Services (IL&FS) including its various group firms have invited bids to sell 36 luxury cars, including brands like Audi, BMW, Jaguar, Mercedes Benz, Land Rover, Honda, Toyota and Skoda. The beleaguered firm has set a base price a little less than Rs.9 crore for these vehicles.Additionally, in another attempt to raise the capital, the group has also invited the bids for the lump sum sale of its used furniture and white goods on ‘as is where is’ basis at its properties in Mumbai and Kolkata.The IL&FS is going through a phase of a serious debt crisis and have defaulted on various debt repayment since late August. The IL&FS group burdened with a whopping Rs 90,000 crore debt and the default of the financial behemoth has sent cripple effect in the economy.Centre has sacked the existing board and has elected the renowned banker Uday Kotak to help the firm get out of the trouble. It is to be noted that, government-owned Life Insurance Cooperation of India (LIC) is the largest shareholder owning one-fourth of the firm’s equity, while the other shareholders include Orix Corporation of Japan, Abu Dhabi Investment Authority, Central Bank of India, and SBI.Recently, cash-strapped IL&FS’s move to divest renewable energy assets worth over Rs 8,000 crore has picked up pace as Uday Kotak-led board inviting expressions of interest. Multiple companies have shown their interest to take over these assets which includes Norway’s state-owned renewable energy producer Statkraft, I Squared Capital, Actis, Macquarie and the Hinduja Group.