ENGLISH ASSIGNMENT

-       ARTICLE 1

Dade City Business Incubator Joins A Booming Trend

Friday, April 4, 2014 5:59pm

DADE CITY — As the owner of a fledgling home-based business, Kellye Dash liked being able to work in her PJs but found productivity a challenge.

"You feel so isolated," said Dash, a former IT employee who quit in 2012 to turn her part-time side business into a full-time venture. Though she liked being her own boss, she also missed bouncing ideas off colleagues.

So when she learned about SMARTstart, Pasco County's new business incubator in Dade City, the Wesley Chapel resident couldn't wait to apply.

Her business, the Busy Buddy, was among the first seven firms accepted into the program, which opened its first office last fall in the Dade City Business Center.

The 2,500-square-foot incubator provides office space, free Wi-Fi and meeting space for clients. But more important, Dash said, it offers training in how to run and grow a business.

Through workshops, conducted in a room aptly decorated in a garage motif, she learned how to interpret body language, how to negotiate and how to market her business, which provides a host of support services, from social media management to report preparation and accounting. Like the other members, Dash also was assigned a mentor.

"I can bounce anything off someone," Dash said, referring to SMARTstart director Krista Covey as "my angel."

Covey, an employee of the Pasco Economic Development Council, was tapped last year to lead the charge as Pasco made its first foray into business incubators.

"They're like my baby chicks," Covey said of the seven members, who were on hand for an open house Friday to show off the now-filled quarters to potential new members — and donors.

Members must come up with a six-month business plan to be accepted into the program. They also must be either new, relocating or transitioning from home and seeking to grow. Priority is given to businesses that build on local strengths, have high employment potential, export products or services, replace imported products or services, provide new products or services or deliver them in a unique way and that meet unsatisfied community needs. Those approved may stay up to two years and then are re-evaluated.

"We're not here to provide free office space," Covey said. "Our goals are to create jobs and economic development."

An idea snowballs

The EDC laid the groundwork for the program several years ago when it established the Pasco Enterprise Network. It combined a variety of assistance agencies so that entrepreneurs would find "no wrong door" when seeking help.

The program got off the ground with a $100,000 donation last year from Pasco County government, along with $50,000 that the EDC collected in private money. The Dade City Commission kicked in $50,000. The Dade City Business Center provides discounted rent and utilities.

Covey said the services have been in high demand. Already she is searching for more space in Dade City. Recently, the EDC announced the opening of a west Pasco location in a city-owned former post office building at 6347 Grand Blvd. in New Port Richey. Economic development officials would also like to open an incubator someday in the Zephyrhills area.

The local incubators join three already in the Tampa Bay area. The rise of so many at once causes some to ask whether incubators are a fad and whether you can have too many.

"Sure, there can always be too much of a good thing," said John Lax, a faculty member at Saint Leo University's business school and adviser to its student-run consulting firm. "However, if we look at opportunities and growth in Pasco, I think it can easily support incubator expansion. The nice thing about the SMARTstart style model is that instead of a large, very expensive centralized incubator, we have smaller, very localized facilities that are not only closer to the potential clients but also use resources very efficiently."

The incubator advances a goal suggested in the recent report from the Urban Land Institute, a national panel of experts that visited the county last year. The panelists urged the county to work with existing businesses, most of them with fewer than nine employees, to help them expand and create jobs.

That opinion was echoed by Daniel Scott, an entrepreneur who helped start the Gazelle Lab incubator at USF St. Petersburg and teaches entrepreneur studies there.

Scott said diversifying economic development spending and building more home-grown jobs might offer "a more sustainable and long-term strategy than simply acquiring new jobs from elsewhere."

Pasco County Commissioner Ted Schrader, who served as the county liaison to the EDC when the incubator idea was developed, said the big outside employers are important, but they can be fickle.

"We probably focused too much on the big fish as opposed to the entry-level business operator," he said. "If you take a look at it, small business is clearly the economic backbone of Pasco County. It makes sense to give them the help they need to be able to move their ideas and resources out of the garage."

Besides, said citrus farmer Schrader, whose great-grandparents started with a single orange tree, look at electronics giant Apple. Steve Jobs "started it in his parents' garage."

       -       ARTICLE 2

Neither surprised nor shocked at United Bank crisis: KC Chakrabarty

fe Bureau | Mumbai | Updated: Apr 02 2014, 00:59 IST

The Reserve Bank of India (RBI) is neither surprised nor shocked at the crisis at the United Bank of India, which had temporarily suspended lending following a pile up of bad loans in the December quarter, RBI deputy governor KC Chakrabarty said on Tuesday.

“As far as United Bank is concerned, it is neither a shock nor a surprise to the RBI, and it shouldn’t be to you,” Chakrabarty said at a press conference. He added that the RBI has not conducted any probe into the United Bank’s affairs by itself.

“We haven’t conducted any probe. It is the bank chairman who wrote to the governor as well as the FM, saying that, at her bank, accounts are not classified as NPAs and requested the RBI to go for a forensic audit.” Chakrabary said the RBI conducted an audit and found that accounts were actually not classified as NPAs.

In February, the bank had decided to suspend its loan facilities for an indefinite period, due to high level of stressed assets and diminished capital adequacy.

However, as there were reports of the government planning to infuse R 1,000 crore into the bank, it resumed lending operations a few days later. Following this, bank chairman Archana Bhargava resigned.

The RBI, in December 2013, had restrained United Bank from advancing credit of more than R10 crore to a single borrower and also restricted it from restructuring stressed assets, after conducting a forensic audit in November.

       -       ARTICLE 3

Either Rebut Or Accept IMF Report On Economy

By The New Indian Express

Published: 25th February 2014 06:00 AM

A ‘staff report’ presented by the International Monetary Fund (IMF) has found policy paralysis as the main reason for the economic slowdown in India. This should be seen in the context of what finance minister P Chidambaram asserted while presenting the interim budget: “I reject the argument of policy paralysis.” The UPA government has all along been claiming that the economic slowdown was essentially a result of the global economic downturn. The IMF report clearly lays the blame at the feet of the government when it says that two-thirds of the problems are a result of the indecisiveness of the government. Besides policy uncertainty, domestic causes of the slowdown include supply bottlenecks, delayed project approvals and implementation.

The report picks holes in the rosy growth story that the UPA government has been propagating as the nation prepares for general election. It has been claiming that the current account deficit (CAD) has been contained at $45 billion, i.e., about 2.5 per cent of the GDP. But the IMF puts the figure at a very high $61 billion or 3.3 per cent of the GDP. It has even rubbished the government claim of achieving 4.9 per cent growth rate this fiscal. The report pegs the rate at 4.6 per cent. The government has only two ways to deal with the IMF’s findings.

If the government believes that the IMF report does not provide a true picture of the economic situation in India, it should counter it with facts and figures so that there is not an iota of doubt in the minds of the people. On the other hand, if the government accepts the report, which was prepared in consultation with the government officials concerned, it should tell the nation what it proposes to do to end the “policy paralysis”. This is necessary to send the right signals to the investors, both foreign and domestic, without whom there cannot be any economic growth. At least on this point, there cannot be any disagreement between the government and the IMF.

1.      ENGLISH

The nice thing about the SMARTstart style model is that instead of a large, very expensive centralized incubator, we have smaller, very localized facilities that are not only closer to the potential clients but also use resources very efficiently."

INDONESIAN 

Yang  menyenangkan dengan gaya SMARTstart adalah bahwa alih-alih incubator terpusat yang besar dan sangat mahal, kami memiliki yang lebih kecil, fasilitas yang lokal yang tidak hanya lebih dekat dengan klien potensial, namun juga menggunakan sumber daya yang sangat efisien. 

2.      ENGLISH

The Reserve Bank of India (RBI) is neither surprised nor shocked at the crisis at the United Bank of India, which had temporarily suspended lending following a pile up of bad loans in the December quarter, RBI deputy governor KC Chakrabarty said on Tuesday.

INDONESIAN 

“The Reserve Bank of India (RBI) tak terkejut ataupun kaget pada krisis di United Bank of India, yang telah menangguhkan pinjaman secara sementara, menyusul dengan menumpuknya kredit macet pada kuartal Desember “, Deputi Gubernur RBI KC Chakrabarty berkata pada Selasa.

3.      ENGLISH

Either Rebut Or Accept IMF Report On Economy

INDONESIAN

Entah membantah atau menerima laporan IMF terhadap perekonomian

4.      ENGLISH

This is necessary to send the right signals to the investors, both foreign and domestic, without whom there cannot be any economic growth. At least on this point, there cannot be any disagreement between the government and the IMF.

INDONESIAN

Hal ini diperlukan Ubuntu mengirim sinyal yang tepat kepada investor baik asing maupun domestik, tanpa mereka, tidak mungkin terjadi setiap pertumbuhan ekonomi. Setidaknya pada titik ini, tidak mungkin ada ketidaksepakatan antara pemerintah dan IMF.