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No plans to enter big car mkt: Ratan TataRatan Tata said that people are looking for more efficient packaging, efficient engines, lower consumption. The small car will be a larger segment of the population of automobiles. We would not be able to survive in the market of more expensive cars because we wouldnt have the scale in India to justify the development of it.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 6:00 pm Guj govt wants PSUs to donate 30% profits for social workThe Gujarat government has asked public sector units in the state to contribute 30% of profits before tax, or PBT, to socioeconomic programmes, reports CNBCTV18. The proposals were sent by the Bureau of Public Sector Enterprise to state PSUs. However, this will not impact private sector companies.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 4:49 pm Singur stalemate: Governor holds keyThe West Bengal Governor met representatives from the State government and the Trinamool Congress, or the TMC, in two separate meetings on Thursday. However, the Governor, TMC members and State government representatives will meet together, facetoface on Friday at the Governor\'s residence to discuss the Tata MotorsSingur issue.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 4:30 pm Macros to hit Tata Motorss capex plans: Ravi KantRavi Kant of Tata Motors said Land Rover and Jaguar derive nearly 27% of its sales from the US market. But with a sharp decline in the US market, sales of these two are bound to get impacted. The company is making efforts to offset it with increased sales in emerging markets especially Russia and China, he said.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 2:00 pm Margins under pressure across textile space: Arvind MillsOne stock that could have benefited from the rupee weakness but is coming under a bit of pressure on account of surging cotton prices is Arvind Mills from the textile space. Naishad Parikh, Head of Policy Initiatives and Representative of Arvind Mills sees relief from rupee coming only from FY09.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 1:34 pm Moser Baer\'s photovoltaic unit to raise Rs 411 crYogesh Mathur, Group CFO, Moser Baer said that the company\'s photo voltaic unit will raise Rs 411 crore from foreign investors. Moser Baer will use the funds for silicon cell manufacturing. Moser Baer values its photo voltaic unit at Rs 6,350 crore.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 1:16 pm Please roll out Nano from our backyard: WB GovtTata Motors suspends its work on Nano Plant at Singur. It will now start evaluating alternate options for Nano at other company facilities. Work on a detailed plan to relocate the plant and machinery to alternate site has been started. Also, Tata Motors is exploring options to absorb people who have been recruited and trained in Singur.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 12:42 pm Inflation at 12.34 pctNEW DELHI (Reuters) - The annual wholesale price inflation was 12.34 percent as at August 23, Trade Minister Kamal Nath said ahead of the official release of the data on Thursday.Source: Reuters: Money News | 4 Sep 2008 | 12:42 pm GTL Infra raises close to $2 bln, sources sayMUMBAI (Reuters) - GTL Infrastructure Ltd has raised close to $2 billion of funding to set up 23,700 telecom towers across India in the next three years, two company sources said on Thursday on condition of anonymity.Source: Reuters: Money News | 4 Sep 2008 | 12:13 pm HCL Tech may raise $1 bn for buyouts: SourcesHCL Technologies is in talks to raise up to USD 1 billion for buyouts, reports CNBCTV18 quoting NewsWire18 sources. It is eyeing an acquisition in the UK if sources are to be believed. However, the company did not wish to comment on speculation.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 12:12 pm Bank's capital needs expected to rise - RBIMUMBAI (Reuters) - Banks maintain capital well above regulatory requirement now, but their needs are expected to increase with the full implementation of the Basel II framework, the Reserve Bank of India (RBI) said on Thursday.Source: Reuters: Money News | 4 Sep 2008 | 12:07 pm Equity markets end in the redIndian equity markets closed in the red Thursday ahead of the release of weekly inflation data. In extremely volatile trade, realty, IT and healthcare stocks dragged the markets down.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 12:05 pm Dr Reddy's to market US skincare productsDr.Reddy's Laboratories Thursday announced a licensing and distribution agreement with Cosmederm Technologies for distribution of the latter's skincare products in India.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 12:02 pm Global investors to invest Rs.4.11 bn in Moser Baer unitTechnology leader Moser Baer India Ltd Thursday said its wholly-owned photovoltaic (PV) subsidiary has entered into definitive agreement with a consortium of global investors to raise Rs.4.11 billion for its expansion.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 12:01 pm Bank mergers may lead to concentration - RBIMUMBAI (Reuters) - The prospect of India opening up its banking sector to foreigners next year is likely to spur consolidation among local banks which may lead to a risk of concentration, the Reserve Bank of India (RBI) said on Thursday.Source: Reuters: Money News | 4 Sep 2008 | 11:43 am Air India to expand Saudi operationsIndia's national carrier Air India will launch two additional flights to Saudi Arabia from Sep 7 ahead of the festivals of Onam and Eid-ul-Fitr.Source: Daily News & Analysis: Money News | 4 Sep 2008 | 11:42 am Court seeks Reliance demerger pact to settle gas disputeThe Bombay High Court Tuesday asked for the agreement of demerger of the Reliance group between the Ambani brothers - Anil and Mukesh - for settlement of a dispute over the production of gas from a hydrocarbon asset off the Andhra Pradesh coast.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:32 am An unfortunate day for West Bengal: Nirupam SenAs Tata Motors signalled it was ready to pull out of Singur, where its factory to produce the world's cheapest car Nano has faced protests, West Bengal Industry Minister Nirupam Sen Tuesday said it was an unfortunate day for the state.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:32 am Kingfisher maiden flight to London 'sold out'India's leading private carrier Kingfisher Airlines is making its international debut Wednesday by flying non-stop from this IT hub to London with a full load of passengers, its CEO Vijay Mallya said here Tuesday evening.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:31 am Tatas to set up fisheries institute near ChennaiThe Tata Group Tuesday tied up with the Tamil Nadu government to set up a fisheries institute near Chennai.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:31 am Pilot project next week on refunds during maiden issuesMarket regulator Securities and Exchange Board of India (SEBI) will start a pilot project next week to ensure easier money transaction and refund for investors who have not been allocated shares during initial public offers, its chairman C.B. Bhave said here Tuesday.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:31 am 'Foreign investors will soon start trading in currency futures'Foreign institutional investors (FIIs) will soon be permitted to trade in currency futures, Securities and Exchange Board of India (SEBI) whole-time member T.C. Nair said here Tuesday.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:30 am Tata signals Singur exitAuto major Tata Motors Tuesday said it was ready to pull out from Singur in West Bengal, where its plant to produce the world's cheapest car Nano has remained closed since Friday following protests by farmers and opposition parties.Source: IndiaeNews.com: Business News | 4 Sep 2008 | 11:30 am Sensex drops 1 pct as oil up; Reliance fallsBANGALORE (Reuters) – The Sensex dropped 1 percent on Thursday, weighed down by Reliance Industries Ltd, following a rise of more than a dollar in global oil prices and lingering worries about a slowing global economy.Source: Reuters: Money News | 4 Sep 2008 | 11:24 am India's external debt increased by over 30 per cent in 2007-08 - Business Standard
Source: Google News India - Business | 4 Sep 2008 | 11:23 am Tata Power to buy 10 pc in Australian firm - Economic Times
Source: Google News India - Business | 4 Sep 2008 | 11:11 am India eases rice export curbs, Thai sales may dip - Economic Times
Source: Google News India - Business | 4 Sep 2008 | 11:10 am Singur talks on; Tata says 'doing everything' for Nano - Times of India
Source: Google News India - Business | 4 Sep 2008 | 11:04 am Tata Motors will work to launch Nano on timeNEW DELHI (Reuters) - Tata Motors Ltd will do everything it can to roll out its super-cheap Nano car as close to the planned October launch as possible after having to stop work at its West Bengal factory, Chairman Ratan Tata said on Thursday.Source: Reuters: Money News | 4 Sep 2008 | 10:50 am Work for third phase of Technopark launched - Hindu Business Line
Source: Google News India - Business | 4 Sep 2008 | 10:50 am Tata Power to buy 10pct in Australian firmBANGALORE (Reuters) - Tata Power Co said on Thursday it would buy a 10 percent stake in Australian geothermal energy firm Geodynamics Ltd for A$44.1 million (US$37 million) to boost its presence in Australia.Source: Reuters: Money News | 4 Sep 2008 | 10:34 am More alternate energy vehicles in future - Times of India
Source: Google News India - Business | 4 Sep 2008 | 10:22 am Will festive bonanza turn the tide for home loan lendersThe peak season for sales in the real estate market has set in. But if home loan queries are anything to go by, it does not look like developers will be able to revive sales. It\'s now up to the festive bonanza that developers are willing to offer, to turn the tide.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 10:13 am GAIL to double Pata petrochemical plant's capacity - Economic Times
Source: Google News India - Business | 4 Sep 2008 | 10:10 am Mkts end lower on profit booking; oil, metal, power drag - Moneycontrol.com
Source: Google News India - Business | 4 Sep 2008 | 10:07 am UPDATE 1-Moser Baer unit to raise 4.11 bln rupees; shares up - Reuters India
Source: Google News India - Business | 4 Sep 2008 | 10:04 am India gold up, demand firm on festive seasonMUMBAI (Reuters) - India gold prices moved up on firm overseas markets, but demand continued to remain firm with major festivals coming up, dealers said.Source: Reuters: Money News | 4 Sep 2008 | 9:38 am Microsoft announces ROI ToolMicrosoft Corporation India Pvt. Ltd announced on Thursday the availability of a set of tools "designed to facilitate the adoption of virtualisation technology"Source: Daily News & Analysis: Money News | 4 Sep 2008 | 9:27 am Nissan expects to sell two lakh units by 2012Japanese auto major Nissan said on Thursday it expects to sell about two lakh cars in India by 2012, after it commences production in the country.Source: Daily News & Analysis: Money News | 4 Sep 2008 | 9:25 am Mercedes-Benz A-Class may drive into IndiaGlobal automotive major Mercedes-Benz said on Thursday that it is evaluating a possibility for introducing its small range A-Class car in India.Source: Daily News & Analysis: Money News | 4 Sep 2008 | 9:24 am Hyundai to increasae production; export moreHyundai Motors India Ltd said on Thursday that it is planning to increase production as the company aims to export more to the overseas market.Source: Daily News & Analysis: Money News | 4 Sep 2008 | 9:20 am Toyota expects to sell 60,000 units in IndiaJapanese auto major Toyota is expecting its sales from the Indian market to touch 60,000 units in the current financial yearSource: Daily News & Analysis: Money News | 4 Sep 2008 | 9:19 am Skoda to introduce 8 models in next 5 yrsCzech automaker Skoda is planning to introduce as many as eight models in next five years to make India amongst the top-five of its global markets.Source: Daily News & Analysis: Money News | 4 Sep 2008 | 9:18 am Ranbaxy-Daiichi deal a windfall for little-known firmA little known firm, Oscar Investments, will make a windfall of Rs13.04 billion ($325 million) once Japan's Daiichi Sankyo picks up the promoter's stakeSource: Daily News & Analysis: Money News | 4 Sep 2008 | 9:16 am Doomsday predicted for British entrepreneursThe end of the era of entrepreneurs in England and Wales is near, a new business study by Barclays has warned.Source: Daily News & Analysis: Money News | 4 Sep 2008 | 9:16 am Google's Chrome browser has Windows in its sightsGoogle released its first ever Internet browser in a long-awaited move that increased pressure on MicrosoftSource: Daily News & Analysis: Money News | 4 Sep 2008 | 9:15 am Asia leads mobile growth, but lags on InternetBANGKOK (Reuters) - Asia will continue to deliver strong growth in the mobile phone market due to sustained demand from China and India, the world's two biggest markets of such services, industry officials said.Source: Reuters: Money News | 4 Sep 2008 | 9:00 am Sun Pharma extends Taro open offer - Hindu
Source: Google News India - Business | 4 Sep 2008 | 8:40 am Dishman Pharma may set up 2 SEZs for Rs 900 crDishman Pharmaceuticals is going the SEZ way and it\'s looking to private equity funds to finance its plans. Not one, but two special economic zones that\'s what bulk and contract drug manufacturer Dishman Pharma plans to build in Gujarat, for a total of Rs 900 crore.Source: Moneycontrol Top Headlines | 4 Sep 2008 | 8:31 am ONGC says no to OVL listing, can afford Imperial buyNew Delhi: Oil and Natural Gas Corporation today said it has no plans to list its overseas subsidiary ONGC Videsh Ltd (OVL) and has ‘ready cash´to meet fund acquisition of UK-listed Imperial Energy. “It is absolutely nonsense. We have no plans to list OVL,” ONGC Chairman and Managing Director R S Sharma said while commenting on reports that ONGC may list OVL to fund the $2.58 billion acquisition of Imperial Energy. OVL had last month won approval of Imperial board for its 1,250 pence a share bid (1.42 billion pounds) and it now awaits approval of Kremlin to takeover the company which has assets in Tomsk region of the western Siberia in Russia. “Where is the question of going to public when parent ONGC has ready cash to fund the acquisition? There is absolutely no need (for OVL listing). Funding is in place for Imperial buy,” said Sharma who is also OVL’s Chairman. China’s Sinopec was initially interested in Imperial and had made an offer even before it completed due diligence of the company. But after OVL’s offer was accepted by Imperial board, Sinopec announced that it was not considering making a counter offer, putting to rest talks of an Indian-Chinese contest for control of the company. Petroleum Minister Murli Deora has already spoken to Russian President Dmitry Medvedev about Imperial acquisition and New Delhi is confident that Kremlin will approve the deal. If Kremlin approves, Imperial would be biggest overseas acquisition for OVL. It had paid $1.7 billion to buy a stake in Exxon Mobil Corp’s Sakhalin-I field in Russia and $785 million for a stake in the Greater Nile project in Sudan, both in 2003. The board of Imperial had last month recommended OVL’s 1,250 pence a share bid, but it has to win approval of Russian authorities to materialise. The Kremlin may want the Indian firm to sell part of the Imperial stake to a Russian state oil group such as Rosneft, which OVL is open for doing so. Kremlin has in recent years increased its control of the Russian oil. State-backed firms managed majority stakes in big, formerly privatised energy assets. In 2006, Sinopec bought Udmurtneft, a 120,000 barrels per day crude production unit from BP’s Russian unit TNK-BP for about $3.5 billion but later sold a 51% stake to Rosneft. Officials said they were hopeful of Russian support for OVL which must quickly for Sinopec may make a counter bid. “We have good relations with the Russian government and we hope we will get clearance soon,” OVL Managing Director R S Butola had said on Tuesday. Imperial Energy will give OVL, which already has a 20% stake in Sakhalin-1 project in Far East Russia, access to Siberia, an area believed to hold huge hydrocarbon deposits. Source: Home - Livemint.com | 4 Sep 2008 | 5:26 am Maruti plans to launch A-star in OctNEW DELHI (Reuters) - Maruti Suzuki India Ltd, plans to launch A-star model in the local market as scheduled in October and start exports from December or January, a senior company official said on Thursday.Source: Reuters: Money News | 4 Sep 2008 | 5:22 am Maruti rules out price cut to compete with NanoNew Delhi: Country’s largest car maker Maruti Suzuki India today said it has no plans to cut the price of Maruti 800 to compete with Tata Motors’ Nano. The company will be launching its new compact car A-Star by October this year followed by Splash next year. “We are not in a position to get into that segment (Nano)... And we have no plans to cut the price of M 800 (Maruti 800) to compete with Nano,” Maruti Suzuki India Managing Director Shinzo Nakanishi said on the sidelines of the SIAM Annual Convention 2008 here. He said the company will be launching its new global compact car A-Star in India by October this year and will start exports of the same by December-January. “We will launch Splash in India next year,” Nakanishi said. He said the company is hopeful of good sales during the festive season, but added that margins are under pressure due to rising input costs. Source: LatestNews-Home - Livemint.com | 4 Sep 2008 | 4:55 am Markets slip on weak global cuesLivemint.com New Delhi: The markets opened weak with the BSE benchmark index slipping over 200 points in early trade on selling by funds in heavy-weight stocks led by banking and reality sectors. The 30-share index, which had gained 551.35 points on Tuesday, tumbled by 202 points to 14,848 levels. Similarly, the wide-based National Stock Exchange’s index Nifty lost 61points to 4,443. Stock brokers said reports of subdued trends in global markets dampened the trading sentiments. “Ongoing weakness in the Asian indices and mixed US markets at overnight trades is expected to dampen the investors’ sentiment,” said a technical analyst with Sharekhan. “The Nifty has a stiff resistance at 4,550 and the downside cap at 4,450 levels, while the Sensex could test higher levels of 15,130 and has a likely support at 14,900,” he added. Meanwhile, Hong Kong’s benchmark Hang Seng index moved down by 0.91%. (with PTI inputs) Source: Home - Livemint.com | 4 Sep 2008 | 4:43 am Singur row, a test for India’s industrial driveNew Delhi: As evicted farmers square off against giant Tata Motors over land seized to build the Nano, the world’s cheapest car, India’s industrialisation strategy has come under the spotlight. Work at the nearly completed plant was suspended this week when Tata declared the site in Marxist-ruled West Bengal too risky for staff because of violent protests by farmers who say they were forcibly evicted. Tata Motors is now seeking new sites to build its $2,260-dollar mini-car, billed as the world’s cheapest. The decision is seen as a grave blow to India’s effort to attract investors. “If the House of Tatas can face such resistance, the much-needed fresh wave of industrialisation in the country could suffer,” commented Sunil Mittal, chairman of India’s largest mobile phone company Bharti Airtel. Industrialisation has been long championed by economists as a way to pull tens of millions out of poverty. But across India, land for factories have turned into battleground. There has also been violence in Orissa state over South Korean steel giant POSCO’s plans for $12 billion steel plant, and clashes over plans for other Special Economic Zones, a part of the big push for industrial expansion. The fight at Tata’s $350 million Singur plants is now being projected as a test case for India’s industrialisation. Critics like Kanchan Chopra, head of India’s Institute of Economic Growth, say there needs to be a major change in the way land acquisition is carried out by government and industry. Part of the solution could involve treating “people with ownership, shareholding or user rights to land” as “stakeholders” in development and giving them alternative jobs or annual returns from projects, she suggested. Plan gone wrong In places like China where the government wields absolute power, “displacement of people from their traditional occupations could take place easily,” noted Economic Times columnist TK Arun. But “things are different in India” where the democratic right to dissent is celebrated, he said. The challenge to balancing industrial growth with the needs of farmers is in giving displaced farmers new skills and sources of revenue, economists say. The Marxist state government in West Begal, which in the past had opposed industrialisation, wooed the Tatas to set up the plant to create jobs in the desperately poor state. Tata Motors, in turn, “came to West Bengal hoping we could add value, prosperity and create job opportunities in the communities in the state,” a Tata spokesman said. Tata Motors has said it could have built the Nano plant in other parts of India with better infrastructure, but wanted to develop under-industrialised West Bengal “as our gift.” “We’ve not come to exploit the people,” Tata Group chairman Ratan Tata told reporters in Kolkata two weeks ago, his voice shaking. The Singur battle has been complicated by politics - the party spearheading the protests is the regional Trinamool Congress which hopes to break the Marxists’ 31-year rule over the state by winning over the rural vote. Whatever the outcome of the Singur battle, industry groups say India desperately needs fast industrialisation to create more jobs for its population of more than 1.1 billion. Source: LatestNews-Home - Livemint.com | 4 Sep 2008 | 4:32 am Indian rupee weakens in Asian marketsMumbai: The Indian rupee weakened in early trade on Thursday, as weak cues from Asian stock markets and a widening trade deficit hurt sentiment, but traders were wary of central bank intervention. At 9:30 am the partially convertible rupee was at Rs44.49/50 per dollar, from its previous close of Rs44.38/39. Asian shares fell to new two-year lows on Thursday as further signs of a slowing global economy - from the euro zone to Japan - hit sectors, such as technology that rely on exports. Source: Home - Livemint.com | 4 Sep 2008 | 4:11 am Oil holds at $109 on demand concerns, storm threatsReuters Singapore: Oil prices were little changed near $109 a barrel on Thursday as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the U.S. oil sector. Prices have tumbled by more than $6 since Friday after Hurricane Gustav, which swept through the major oil-producing Gulf of Mexico and made landfall near New Orleans on Monday, turned out to be less destructive than feared. U.S. crude slipped 18 cents to $109.17 a barrel by 0225 GMT while London Brent crude slipped 16 cents to $107.90, a sixth consecutive day of losses. Signs of slowing oil demand in the United States and other consumer nations have helped drag oil prices well below their peak near $150 hit in July, but many traders remain anxious that new storms may not spare oil facilities. “There are still concerns over supply issues. A lot of the Gulf of Mexico capacity was shut down and some refineries are still closed. We don’t know how long they’ll remain offline,” said Gerard Rigby, an analyst at Fuel First Consulting in Sydney. Companies closed 14 refineries and shut in all of the 1.3 million barrels per day of oil production in the Gulf at the peak of Gustav’s impact on Monday. By Wednesday, some refineries and offshore production were coming back online, but other facilities remained paralysed by a lack of reliable power. Forecasters expect a total of 14 to 18 tropical storms during this year’s season, which runs through November, above the historical average of 10. “We’re still in the hurricane season after all. Gustav sort of disappeared, but there are more hurricanes to come,” said Rigby. On Thursday, Hurricane Ike strengthened into an “extremely dangerous” Category 4 hurricane in the Atlantic, although it is too early to tell which land areas it will hit, the U.S. National Hurricane Center said. Tropical Storm Hanna intensified to a slighter degree as it swirled over the Bahamas toward the southeast U.S. Coast. Recent gains in the U.S. dollar also weighed on prices. The dollar dipped against the euro on Thursday after having hit an eight-month high a day ago, as investors trimmed positions ahead of interest rate decisions by the European Central Bank and Bank of England, which are expected to leave rates unchanged. A rush of cash from investors buying commodities as a hedge against inflation and the weak U.S. dollar had helped send oil up sevenfold at its peak in a six-year rally, underpinned by surging oil demand in emerging economies such as China and India. But the volatile commodities market has hurt some investors as the dollar’s recovery drives commodities sharply lower. Ospraie Management LLC said on Tuesday it would close a flagship fund, a move which traders said could have added to losses on commodity markets this week, although they did not expect the impact to continue. Any disruption caused by Gustav will not be fully reflected in data until next week. The set of data is due a day later than usual because of a public holiday in the United States on Monday. Source: Home - Livemint.com | 4 Sep 2008 | 4:10 am Aditya Birla Aug cement shipments down 5.4%!Cement shipments by India`s Aditya Birla Group in August fell 5.4 percent from a year earlier to 2.19 million tonnes, the firm said late on Tuesday.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Ambanis among most powerful people!After making their way into the league of richest persons, India`s warring billionaire brothers, Mukesh and Anil Ambani, have been named together among the world`s 100 most influential and powerful people by British fashion magazine Vanity Fair.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm GM India launches Chevrolet Tavera Neo-2!Automobile major General Motors on Wednesday launched Chevrolet Tavera Neo-2, priced at Rs 9.54 lakh (ex-showroom, Delhi), as it looks to consolidate its position in the Indian multi-utility vehicles segment.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm DGCA, Customs dept join hands over aircraft import scam!In the wake of alleged duty evasion by corporate houses while importing aircraft, the Customs department and Directorate General of Civil Aviation have joined hands to end the illegal practice which resulted in loss of crores of rupees to the exchequer.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Coca-Cola eyes Huiyuan in $2.5bn deal!The Coca-Cola Co moved to expand its operations in the fast-growing Chinese market with a USD 2.5 billion bid for major juicemaker China Huiyuan Juice Group Ltd.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm RIL became dishonest after gas prices soared: RNRL!Anil Ambani Group company RNRL today alleged in the Bombay High Court that Reliance Industries "became dishonest" when the prices of natural gas and crude oil rose sharply towards the beginning of 2006, a charge objected by Mukesh Ambani-led RIL.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Govt allows export of PUSA-1121!Partially easing the ban on export of non-basmati rice, government today allowed shipments of PUSA-1121 variety of the grain, subject to a few restrictions.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Direct tax collections up 38.3 pc in first 5 months of FY`09 !Belying fears of an economic slowdown, direct tax collections have gone up by 38.3 per cent in the first five months of the current fiscal at Rs 84,409 crore, compared to Rs 61,030 crore in a year-ago period.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Kingfisher Airlines goes global!India`s Kingfisher Airlines has gone global with the inaugural flight from Bangalore to London reaching the Heathrow airport here on Wednesday.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Oil prices plunge to below $110!Oil fell below USD 110 a barrel on Tuesday for the first time since April as traders bet the US oil industry would recover quickly from Hurricane Gustav.Source: Zee News : Business | 3 Sep 2008 | 11:30 pm Incentive-based pay set to debut with science & tech departmentNew Delhi: The Union government will soon offer an incentive-based salary package for employees of some departments and allow recruitment from the private sector on contract, in line with the recommendations of the Sixth Pay Commission aimed at reforming the bureaucracy. The department of science and technology, or DST, has already moved to put in place an incentive-based system, said a senior finance ministry official, who didn’t wish to be identified. “Once DST implements it, we expect there will be pressure on other government departments to follow suit,” this official added. The government on 14 August accepted the Pay Commission’s recommendations, offering 5 million employees an average raise of about 21%. Any govt dept can put in place incentive-linked system, provided it is budget-neutral The Sixth Pay Commission carried out a study through the Indian Institute of Management, Ahmedabad, on a performance-based incentive system. The study was aimed at working out a model whereby a base salary is attached to each post based on skills and responsibility; simultaneously, a second component would be payable over and above the salary on the basis of the productivity and performance of employees, either individually or as a group. The study recommended an annual bonus of up to 20% to employees whose achievements exceed certain targets; this has been accepted by the cabinet. The government has also given in-principle approval to contractual postings in government departments of employees hired from private sector. Their pay scales and other emoluments will be decided later. According to the official, the impact had been partially mitigated since the allowances, which are a key part of the emoluments structure, are to come into effect only from 1 September. The full impact would be realised only in the next fiscal; the official declined to share the estimates and Mint could not independently confirm the same. For women government employees, there are some sweetners. Women employees will now receive 180 days of maternity leave as against 135 days previously. This can now be extended to two years, made up of accumulated leave; earlier this had been capped at one year. “Another two-year childcare leave has also been granted which can be taken in parts till children reach the age limit of 18 years,” the official said. According to the official, this was the first time such a facility was being extended in government and had been modelled on what has already been adopted in Japan. The government is also working out details to pay special allowances to paramilitary forces in line with the Rs6,000 per month allowance given to military personnel. Asked whether allowances for the paramilitary forces will be at par with the armed forces, the official said, “We would like to give an edge to the defence forces.” The official also denied news reports that government has decided to tax 100% arrears that will be paid to government staff. The official said that as government employees will receive only 40% of arrears during the current financial year, they have to pay tax on only this amount. Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 9:10 pm Barc keen to collaborate with industry for nuke spinoff techBangalore: Fifty-one years after it was set up to spearhead India’s nuclear programme, the Bhabha Atomic Research Centre, or Barc, wants to work more closely with industry and is setting up an incubation centre to find commercial applications for its nuclear spin-off technologies. “So far our technology transfer has merely entailed a document transfer with little care for return on investment, but now we want to partner with the industry in developing our technologies for the market,” said A.M. Patankar, head, technology transfer and collaboration division, Barc. A set of low-tech as well as high-end technologies are ready to be commercialized, he added. Till date, Barc has transferred at least 100 technologies to 200 organizations. Barc claims that some of these have had a huge societal impact, like a range of low-cost water purifiers. Now, the nuclear tech pioneer wants commercial success. Some of “the earliest computers, television sets, copiers and other electronics were developed here (at Barc-affiliated Electronics Corporation of India Ltd.) but none of them survived because the industry did not come forward to develop it further”, said Srikumar Banerjee, director of Barc, in an interview in June. With the incubation centre the centre wants to allay any inhibition, if at all, the industry might have in approaching Barc for commercializing its technologies, said Banerjee, admitting that this would also propel scientists to “take one step further” in innovation.  For a cause: Till date, Barc has transferred at least 100 technologies to 200 organizations. “The fault lies not with our research and development but with the industry which has lacked the confidence to develop technologies on its own,” said P.K. Iyengar, former chairman of the Atomic Energy Commission and director of Barc. Indian industry, he added, has relied more on “copying designs or licensing technology from overseas”, rather than investing in local technology development. “The government hasn’t pushed the industry (to do this) either,” insisted Iyengar, narrating how promising ultrasound technology research was conducted at Visakhapatnam in the 1930s but failed to reach the market, which eventually was flooded with imported machines. As a result, Barc has begun to do more with companies than just transfer technology. Having transferred the technology for a cobalt therapy (radiation) machine for cancer treatment to a Bangalore-based start-up, Panacea Medical Technologies Pvt Ltd. in late 2005, the agency has worked with the company to build the machine, called Bhabhatron. At Rs1.5 crore a piece, half the price of its Canadian competitor, Bhabhatron is now installed at 12 hospitals and clinics in India and has been used to treat more than 6,000 patients. “We are shipping one machine to Vietnam; three more will be shipped later, including one to Sri Lanka,” said G.V. Subramanyam, managing director of Panacea. He claims Bhabhatron is not only cheaper, allowing even smaller hospitals to offer cancer treatment, but has advanced features that its competitor lacks. “Bhabhatron has a unique radiation safety feature called ‘collimator closure’ which ensures that a patient or a technician doesn’t get any unwanted radiation,” said Subramanyam, whose eight-year-old company is set to break-even in 2009. Though Barc has a range of innovations, it believes its low-cost fluoride detection, electron beam welding and electromagnetic forming (a metal forming process) technologies are close to the product stage. The latter has applications in aeronautics, defence, automotive, and electrical industries, said Patankar. Long under the belief that the heavy campus security has deterred industry, Barc doesn’t want the incubation centre to suffer the same fate. It has allocated at least 4,000 sq. m in its adjoining 8-acre campus and has a separate entrance. “This will help our scientists to move back and forth between the two campuses,” said Patankar. He, however, is unclear how Barc will work out the details of intellectual property or IP benefits accrual to the innovators. Still, with many IP sharing models in use, Barc just needs to make a choice. “After all, a stage has come where if India has to prosper uniformly, it must develop and use its own technology,” said Iyengar. Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 9:10 pm Game plansThe spectacle of the 2008 Summer Games surpassed most expectations. Kaleidoscopic illumination over the Beijing National Stadium, better known as the Bird’s Nest, revealed an instant architectural icon, canonized even on the new 10 yuan currency notes. The Swiss firm of Herzog and de Meuron—also winners of the Pritzker Prize (widely considered the equivalent of the Nobel Prize in architecture)—won an international competition in 2003 for the design of the new stadium. Capitalizing on the opportunity presented by the Olympics, China has ushered in an architectural revolution of sorts.  Global aspirations One noteworthy aspect of China’s building boom has been singularly dramatic for local architects, engineers and contractors: their sudden exposure to cutting-edge standards of design and construction. Chinese building professionals are getting invaluable lessons in upgrading their expertise with new materials and innovative building technologies. In pursuing collaborations with leading architects and engineers from around the globe, the knowledge base for local professionals continues to expand rapidly. How well they adapt these lessons and synthesize them in the post-Olympic era and future projects remains to be seen. It is clear that the bar has been set high. While Beijing city officials may not have had to contend with widespread public opposition to the large-scale demolitions and relocations necessary for such dramatic urban transformation, other contemporary cities have few opportunities for such massive change. Infrastructural catalysts  Scaling up: Jawaharlal Nehru Stadium, slated for an upgrade. Rajeev Dabral / Mint New flyovers constructed in an attempt to streamline vehicular flow became a short-lived but welcome refuge from tedious traffic jams. Residential units, designed and built for the accommodation of athletes in the Asian Games Village, were auctioned to both public sector units and private owners. Even today, with its broad tree-lined avenues and sequence of parks and pedestrian walkways, the Asiad Village represents a rare model of a planned residential community within the heart of the capital city. Beyond spectacle Of course, no single event, irrespective of its scale, can possibly remedy all the inadequacies of a city. Not even the Olympics would, for example, necessitate the construction of a citywide network of public libraries, or necessarily result in the creation of new museums for art and sculpture, or new venues for performances of theatre or music or dance. A sequence of pedestrian-friendly paths and new public plazas might make the cut; after all, we do have a historical legacy of festive and sporty uses for both the ‘gali’ (alley) and the ‘maidan’ (field). How would other equally vital cities with no immediate plans for mega-spectacle events, fulfil these basic aspirations for revitalization and growth? While the surging Chinese national pride was evident in their debut as hosts of the Olympics, not every city can boast of an architectural makeover in the manner of Beijing, or even Francois Mitterand’s Paris and post-reunification Berlin. That would require an enlightened political leadership with a visionary commitment to urban development, working in tandem with the brightest young professionals. It would perhaps impose many more burdens on ordinary individuals already struggling to avoid the detritus of yet another street excavation. But in just such a vision—planned, sequenced and executed with integrity—we may well find life in our much-maligned metros worthy of another millennia. City building is a fundamentally collective enterprise—one that empowers citizens to articulate and comprehend the ecological, infrastructural and cultural systems capable of nourishing civic life. The distinction of hosting the Games might simply be surpassed by the honour accorded to each citizen of a well-developed urban environment. Pankaj Vir Gupta and Christine Mueller are partners in the firm vir.mueller architects and are currently based in New Delhi. Write to us at citynotes@livemint.com Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 8:35 pm The mall and the cityThe mall is a relatively new addition to the places that shape the Indian city. Being a closed box, it goes against every tradition of urbanism, especially of marketplaces in India. And even though we know it would have been out of place in life as we knew it till a few years ago, few can resist the charms of the big air-conditioned cocoon that complements the air-conditioned ensemble of bedroom, car, office, hotel and bank. We love (and often unknowingly hate) the way it puts us out of touch with the city—any city around us. Is there a choice?  A city street merges seamlessly into mall space. Charles Correa Associates The details Appropriately, it is the little things that crop up most frequently as he discusses the Salt Lake City Centre, completed in 2004. Like the decision—taken in the face of serious scepticism from the client—not to put a gate at the entrance or build a compound wall. Or the effort to ensure that a strategically located shop within the mall was sold only to a restaurant. Small things such as this reinforce the overall spirit of generous urbanism underlying the design concept. A Bengal Ambuja project, this mixed development is spread over 6.5 acres, with a built-up area of 550,000 sq. ft. The design concept includes a residential block of 60 units behind the sprawling shopping centre and office complex. The new marketplace  The courtyards mimic the social experience of a marketplace. Charles Correa Associates Correa was among the early modern Indian architects to derive inspiration from the sociable local architecture of traditional towns, houses and streets. At the City Centre he disaggregates the mall into an arrangement of commercial blocks (with shopping below, office and other spaces on upper floors) that form different kinds of “streets” and courtyards in the interstitial spaces of the complex. Shops open out to these pedestrian spaces that are wide enough to accommodate a crowd but not so wide as to snip the subtle bonds of community with others sharing it—a tension that animates every traditional marketplace.  ‘Streets’ inside lead up to higher levels. Charles Correa Associates A sense of inclusion The agenda of a mall is essentially an exclusive one. It is a space in which the chaos of the city is kept at bay and a manicured space created so that the business of consumption may be conducted in complete, if illusory, comfort. While that core agenda could not be entirely subverted in a commercial project, Correa chose to approach it from the other end. “I said let us make an enjoyable public space leading up from the street to the air-conditioned shopping areas,” he says.  City centre at night. Charles Correa Associates Interactive space Correa’s felicity with theatricality is central to the success of the public space. The architecture itself thrives on fundamental contrasts expressed subtly. The building seems to advance and recede alternately in a beguiling rhythm. Largely a backdrop to the terraced open space by the street, it suddenly grabs attention with a big, bold cut-out in the wall, high up in one corner. But it is again the small things that make the space truly engaging. Like the tramcar in the open that has been converted into a gift shop. Or the fact that people look good in the large open space. Whether they are sitting alone, as couples or as groups, they look as if they were meant to be there; their presence seems to enhance the design. The way the space receives their presence, with grace and generosity, is finally what secures the success of the mall in becoming as public a space as possible. Write to us at businessoflife@livemint.com Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 8:34 pm Cabinet to discuss potential restrictions on opinion pollsNew Delhi: India’s cabinet is expected to discuss on Thursday ways to restrict and regulate opinion and exit polls during elections slated for several state assemblies later this year as well as national elections likely in early-to-mid 2009. The law ministry had moved a proposal to restrict publication and dissemination of opinion polls because the government believes such results can influence voters who are yet to vote. Elections in India are usually spread out over several days, even weeks. Mint couldn’t immediately ascertain the exact nature of the restrictions that are being considered on voter polls. In the US, for instance, television networks typically wait for a state’s polls to close before they disclose predictions from so-called exit polls that are conducted as people come out of polling booths. Two well-regarded psephologist—opinion poll specialists—concede that polls can have the ability to influence voters in multi-stage elections but differ on whether the government should place restrictions on such surveys. N. Bhaskara Rao of the Centre for Media Studies, who pioneered opinion polls in India back in the early 1970s, says that some control over the publication of such polls would be in the interests of democracy. “The opinion polls are being misused now,” he said. “There is no transparency, often misleading voters using it as a campaign instrument and vitiating the campaign. They do not reveal who funds them, how it was done.” G.V.L. Narasimha Rao, head of Development and Research Services, a research firm that also does voter polls, says he is against any restrictions on opinion polls. “It is not reasonable to say that in multiple-phase national elections, you have to wait for all phases to be completed to publish the exit poll results of states that went to polls in the first phase,” he said. “In our country, trends vary from state to state and the outcome of one state doesn’t impact the voters of another.” Narasimha Rao writes the Monday Bottom Line column in Mint. Ravi Shankar Prasad, a leader of the Bharatiya Janata Party, saw hidden motives in government’s proposal. “I would like to say that the timing of such a legislation—if it is there—indicates that the UPA (United Progressive Alliance) government knows that it is going to lose the election,” he claimed. In 2004, India’s Election Commission suggested some restrictions on opinion polls. The move was then supported by all political parties but widely criticised by the media and legal experts. Soli J. Sorabjee, attorney general then, refused to support a law banning opinion and exit polls because he said doing this would violate the freedom of speech and expression, a fundamental right laid down by the Constitution. Sruthijith K.K. contributed to this story. Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 8:30 pm DPS Society ex-president seeks equality, transparency for allNew Delhi: Is one branch of Delhi Public School equal to another? Parents across the country have grappled with this question for decades as they scoured admission options at the prestigious school chain for their children, pulling out connections and credentials to snag elusive seats. Click here to listen to what Staff Writer Aparna Kalra has to say on the elite school chain Now, the society in charge of the school, better known by its acronym DPS, is being forced to answer the same question. The DPS Society runs a network of 115 schools in India and 13 abroad. In a letter to all owners of the schools, former president of the society, Congress party member and Supreme Court lawyer Salman Khurshid said a system where only 11 of those schools—owned and run by the society—have voting rights on its governing board is not fair to the franchise owners, who pay a fee for the right to use the DPS name and logo. At the very least, Khurshid said, schools should have a right to vote for their governing body’s chairman and review the society’s finances.  Discordant note: Salman Khurshid. Rajeev Dabral / Mint “I am saying, no taxation without representation”, said Khurshid, asking the schools to stand united behind him. “I cannot accept you as mere agents of DPS. Neither does our charter permit such a thing and what is more important is that public morality does not allow this. There cannot be ‘greater’ and ‘lesser’ DPS schools,” Khurshid—a DPS alumnus, member of the society since 1984 and its president for 12 years—wrote in his 16 August letter. Thrown out After the letter, the society, headed by chairman and retired bureaucrat Ashok Chandra, voted to throw Khurshid out. One member said the dispute stems from Khurshid’s desire to be president of the society again, a role that is now not filled by anyone. “Our rules and regulations say a member can be asked to withdraw on a month’s notice,” said Chandra of Khurshid’s dismissal. He said the notice asking Khurshid to withdraw from the society went out on 1 September. Chandra declined to comment on any of Khurshid’s other allegations. Intertwined in the fight between Khurshid and the society are issues ranging from the use of influence to secure admissions to expensive junkets enjoyed by society members at the expense of the schools. The society’s members include Planning Commission deputy chairman and DPS alumnus Montek Singh Ahluwalia, author Khushwant Singh and governor of Haryana A.R. Kidwai, along with retired bureaucrats and judges. Its other members include principals of the 11 DPS schools owned by the society, including DPS R.K. Puram principal Shyama Chona, a well-known face in education circles. Chona declined to comment. The DPS network, which started with DPS Mathura Road two years after India’s independence, has expanded swiftly in the last two decades to put its schools in nearly all major cities in the country, through a system by which DPS Society allows independent entrepreneurs to run schools using the DPS brand name and logo. The society also nominates five members to the management board of each school. ‘Internal matter’ Schools, whose empowerment Khurshid is advocating, are keeping a low profile in this fight for fear of losing the society’s membership. “We have no role to play. It is 100% an internal matter,” said Sunil Agarwal, owner of the Agra School Society, which runs DPS Agra. Agarwal’s main business is running a microfinance company, SE Investments Ltd. Meenakshi Singh, owner of DPS Sushant Lok and daughter of former bureaucrat and current member of Parliament N.K. Singh, said, “We have benefited from DPS (Society), but DPS has also benefited from us.” She said that four DPS schools—hers, DPS Agra, DPS Vadodara and DPS Panipat—had set up a forum, but declined comment on what it was for. Khurshid said he was aware of the existence of this forum and that it was for pressing for DPS schools’ demands such as opposition to a hike in royalty. In a four-hour interview in his office last week, Khurshid accused the society of spending crores on the unnecessary wining and dining of its own members. The power that the members enjoy extends to each school, and several of them, barring busy ones such as Ahluwalia and Khushwant Singh, average two visits a week to DPS schools scattered all over the country. The hospitality that members expect, said Khurshid, includes stays in 5-star hotels and business-class travel on airlines. Power struggle While society chairman Chandra refused to respond to these charges, S.L. Dhawan, who enjoys life membership of the society, and was principal of DPS Mathura Road when Khurshid was the head boy, was more than willing to take on his former pupil in what he described as a power struggle. “He wanted to be president (of the society) again,” said Dhawan, referring to Khurshid. “Ask him was he travelling in economy class?” Khurshid could not be reached for comment late Wednesday to discuss what perks came with his DPS Society membership and presidency. Dhawan pointed out that he has visited many schools where he stayed in a small guest house; indeed, some members have no option as the brand name grows into a coveted one in smaller towns and cities. The DPS Society largely seems unwilling to involve the franchisee schools in greater decision-making, as suggested by Khurshid. “They have no business having voting rights because there are people (here), who have given their blood,” said Dhawan. Membership to the society not only comes with travel perks—but also influence. As parents nationwide jockey for ever-more-competitive admissions, knowing a society member can pave their path to admissions in the DPS schools. Khurshid, along with his wife Louise, said he maintains a massive record dating back to 1991 of people who have referred parents to him and who he has helped gain seats. The names on his list include railway minister Lalu Prasad, whose son gained admission to a DPS school with Khurshid’s help, and Subrata Roy, owner of the Sahara group, whose two sons gained seats in DPS Mathura Road. Mint could not independently verify if these claims were true. Prasad’s media consultant declined comment, saying only that the statement must be true if Khurshid made it. A Sahara group spokesman did not reply to an email sent earlier in the week for comment. “I am a public figure. People do ask me to help them with admissions and I do help them. But a record is kept of every single admission,” said Khurshid. “I have had prime ministers call me.” Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 8:27 pm India to be key R centre for Airbus A350 XWBIndia will be one of the key centres for design and development of the A350 aircraft, European aircraft manufacturer Airbus answer to the Boeing 787 Dreamliner.Source: Business Standard | Front Page Headlines | 3 Sep 2008 | 8:22 pm Stanchart, Calyon renege on loan of $250 million to IIFCLThe governments showcase Indian Infrastructure Finance Company Ltd (IIFCL) has run into trouble with two leading global banks Standard Chartered Bank and Calyon Credit AgricoleSource: Business Standard | Front Page Headlines | 3 Sep 2008 | 8:18 pm Singur peace process moves into first gearGovernor Gandhi to hold first meeting today.Source: Business Standard | Front Page Headlines | 3 Sep 2008 | 8:16 pm ONGC mulls 2009 listing for OVLTo raise funds for Imperial buy, create 'acquisition currency'.Source: Business Standard | Front Page Headlines | 3 Sep 2008 | 8:14 pm CERC cap on price of power may lead to grid instabilityNew Delhi: Private power producers may be able to find a way around a proposal by the Central Electricity Regulatory Commission, or CERC, to put a price cap on the short-term sales of power generated by hydroelectric and coal-fired plants. Electricity producers could take recourse to a route called the unscheduled interchange, or UI, the difference between the actual generation and the scheduled generation from a power project for a particular period of time.  Current situation: About 7-8% of the total power produced in the country is traded in short term. Rajeev Dabral / Mint To bypass the cap, private power producers, including captive and merchant power projects, or MPPs, that generate electricity to sell on the open market, would not supply power on a short-termbasis. Instead, they would produce unscheduled power, channel it to the national grid and earn Rs10 per unit of UI that has been fixed by the regulator. The catch is that unscheduled electricity generated and fed into the national grid could promote the tendency of state electricity boards to draw extra power and expose the grid to the risk of collapse. “Why will there be any short-term sale if the tariff is capped at Rs5 per unit? It makes more sense for a developer to sell that power through the UI route as there is always a shortage of power. It is already happening and by doing this there will be a surge of UI power,” said the head of a power trading firm who didn’t want to be named. While earlier there was a huge difference between the volume of short-term power sales and UI sales, the volumes have narrowed and have become comparable at around 25 billion units per annum each. It is for the so-called regional load dispatch centres, or RLDCs, to collect UI charges from states and make payments to generation firms. RLDCs are also responsible for maintaining grid discipline and supervising optimum scheduling and dispatch of electricity in their region. At present, there are five regional grids in India—northern, southern, eastern, north-eastern and western. Even the regulator is aware of this route being exploited and has mentioned in a paper that, “The distribution utilities may be tempted to avoid bilateral trading or sale through power exchange and prefer to sell power under UI mechanism through withdrawal. This would defeat the purpose of price ceiling. Increased unscheduled flows could pose problem of grid security.” The paper also says that, “the sellers in the bilateral market may resort to discriminatory methods in selecting buyers.” The volume of electricity traded in short term, through power exchange and through UI mechanism, is in the range of 7-8% of the total electricity generation. Though India has total installed capacity of 143,000MW, the actual generation is around 100,000MW. “This implication has been highlighted in the staff paper. However, grid codes put restrictions on overdrawing and underdrawing. Even then this concern, to some extent, is valid. There may be some requirement of tightening of overdraw limits under UI,” said a senior CERC official, who didn’t want to be named. Due to the scarcity of power supply, overdrawal of power by states has become a cause of concern. As a result, CERC had recently increased theUI rate from Rs7.45 per kWhto Rs10 per kWh when the grid frequency goes below theleast permissible value of 49Hz. It is this rule that the developers could exploit to their benefit. “This will affect all projects selling in the power market including MPPs and the captives. It is an extremely retrograde step and will send wrong signals, seriously affecting price formation in the power market,” said Anish De, chief executive of Mercados Asia, an energy consulting firm. “It may also lead to consequences such as high unscheduled interchange trading which beyond a point can lead to compromising of the grid security,” De added. So-called grid frequency is a critical aspect of power system operations. Global standards require that grid frequency be kept as close to 50Hz as possible, but power-short India has had a history of frequency fluctuating from below 48Hz to above 52Hz, leading to innumerable grid collapses in the 1980s and 1990s. Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 8:01 pm Bollywood hits have Pakistan distributors screaming for moreKarachi: With the successful screening of Singh is Kinng and Kismet Konnection in Pakistan, distributors, who have been laughing all the way to the bank, now want more Bollywood films to be shown in the country. The two latest Bollywood releases, whose screening rights for Pakistan were purchased at nominal rates, have proved to be big hits, setting off moves by distributor-exhibitors to start lobbying for direct imports from India. “The success of some of these films has shown that people are willing to come to the theatres to watch good entertainment,” Nadeem Mandviwalla, a leading exhibitor, said. Mandviwalla’s famous Nishat cinema on the busy MA Jinnah Road in Karachi has been screening Bollywood films for the last few months and has done good business with Goal,Welcome, Race and now Singh is Kinng. “These films have set our cash registers ringing and after a long time, we are doing good business with clean and family entertainment films. I think government should think about allowing direct imports from India instead of allowing only Indian films shot on foreign locations,” he said. He said Pakistani distribution rights for Singh is Kinng were bought for around $200,000 (Rs88.6 lakh) or approximately 1.5 crore Pakistani rupees, and the film is expected to make distributors and exhibitors richer by around Rs8 crore. While Kismet Konnection was sold in the country for less than the price sought for Singh is Kinng, it has already made its distributors and exhibitors happy with returns. Both films are running to full houses, prompting cineplex owners to increase ticket prices to a steep Rs300. Source: LatestNews-Home - Livemint.com | 3 Sep 2008 | 7:31 pm Sovereign, not secretThe world has a love-hate relationship with sovereign wealth funds (SWFs), set up by countries that have large foreign exchange reserves and want to earn better returns on them. The love swells up as these funds sit on a corpus of around $3 trillion (Rs133 trillion) and have, of late, been used to keep several Western banks solvent. But it’s only a drop in a $100 trillion global financial ocean. The fear is that authoritarian countries such as Russia and China could use their stash to buy firms in strategic areas and further their political power. So, the new preliminary pact for transparency in investments and accounting, cobbled by the world’s largest SWFs under the watchful eye of the International Monetary Fund, is welcome. There are two advantages here. One, India has its own SWF concerns and the move will hopefully reduce some of those. Two, we hope this model serves as a starting point for a similar deal with another secretive pool of capital—hedge funds. Source: Home - Livemint.com | 3 Sep 2008 | 7:22 pm We are not that fixated on our market share by 2010New Delhi: For General Motors Corp. (GM), the world’s largest carmaker, the short-term outlook remains bleak with no easing of the market challenge faced by the US auto industry. The company sees vehicle sales declining to 14 million in 2008 from 16 million last year. GM, however, is bullish on emerging markets such as India, where sales will be driven by small cars. In an interview, visiting GM president and chief operating officer Frederick Henderson talks about his company's priorities and plans for the Indian market. Edited excerpts: You have set a plan to capture a 10% market share in India by 2010... With the new facility in Talegaon (Maharashtra) going on stream, we now have a capacity to do it. We are more focused on building the brands and getting the products right.  Small is big: Frederick Henderson, General Motors’ president, says the company’s focus in the near term would be on small and mini cars as 90% of the Indian car market is dominated by that segment. Rajanish Kakade / AP We are not that fixated by what would be our market share by 2010. We are building up step by step in India. Currently, our market share here would be a little over 3%. We would be pleased if we can build from here. You said you intend to bring all the products in your global portfolio to the Indian market. Can you elaborate? Yes, we could be bringing products from the global portfolio to India. Having said that, it is all about focusing efforts and priorities. As 90% of the Indian car market is for small and mini cars, that's going to be our focus in the near term. How do you plan to populate the segment? The next car we plan to launch in India is a small car. I cannot comment on its exact positioning and other details now. When do you see the India operations breaking even? We don't comment on profitability by country, we do it by region. If we look at the Indian market financially, we have made substantial investments. The Asia-Pacific region has played an important role in the design and engineering of your upcoming model, the Chevrolet Cruze. Any plans of launching it in India? It's a large car for the Indian market, but considering that it's a very fuel-efficient car, we may consider it in the future. However, as cars in that segment account only for 10%, we would rather focus on the 90%, which is dominated by small cars. There are reports that a few Indian companies have evinced interest in the Hummer brand. How soon do you plan to finalize the sale plans? We are looking at taking a decision on the Hummer expeditiously. It would not be appropriate to talk about the bidders at this stage. Source: Home - Livemint.com | 3 Sep 2008 | 7:17 pm Sony is back in business with array of new digital offeringsBerlin: When Howard Stringer became chief executive of Sony Corp. three years ago, the Japanese company was in crisis. The consumer electronics business that had produced the transistor radio, the Trinitron television and the Walkman was losing money. Sony had been overtaken by Samsung Electronics of South Korea, which had correctly anticipated consumer demand for flat-panel TVs. By January 2006, Sony had so few new products to brag about that Stringer had to call the actor Tom Hanks on stage during his keynote speech to the Consumer Electronics Show in Las Vegas to help him buy time as he promoted the Sony Reader, a hand-held digital book reader.  Dazzling display: Visitors watch a 29 August video presentation by Sony at the IFA consumer electronics fair in Berlin. Sony showed off its new products, including the ZX1, the thinnest LCD TV in the world. Fabrizio Bensch / Reuters Almost three years later, Sony’s distress appears to be a thing of the past. At the IFA, which ends on Wednesday, Sony showed off an array of products defined by superlatives: the EX1, the first high-definition wireless home entertainment system; the ZX1, the thinnest LCD TV in the world; and the Z4500 line of LCD TVs that process screens four times as fast as a conventional LCD television. “We have spent a lot of time over the last three years adjusting our business for the digital age,” Stringer said. “We are now making more money than we have ever made before. Our core businesses are working for us.” Samsung remains a formidable competitor, with 22.8% of the television market by revenue compared with Sony’s 12.5%. The company will stay atop the TV business by expanding its line of larger, expensive LCDs—going head to head with Sony in its strongest segment, said JongWoo Park, the president of Samsung’s digital media business, which includes televisions. “I am well aware Sony is aggressively trying to build market share,” Park said during an interview at the IFA. “But we are going to stay on top because we can use the power of our market share.” Sony faces other challenges. In mobile phones, Sony Ericsson, the 50-50 joint venture, remained a distant fifth with an 8.2% market share in the second quarter, according to Strategy Analytics. In video games, Sony lost the equivalent of $1.14 billion (Rs5,050 crore) during its last fiscal year, but the business has since become profitable, Stringer said, as sales of PlayStation3 games offset losses on the hardware. Under Stringer, an affable, Welsh-born former president of CBS in the US with dual US and British citizenship, Sony has invested heavily in software development, as consumer electronics and computing merge. In the year through March, Sony added 17,500 employees, many of them software engineers in Eastern Europe, India, California and Asia, according to Fujio Nishida, president of Sony Europe. Since 2005, Sony has cut 10,000 employees and closed 11 old-generation TV factories. “Howard was evangelizing internally within Sony for a stronger emphasis on software, how software adds value to devices,” a former Sony US executive, who did not want to be named because he was uncomfortable commenting on a former employer, said. “In every meeting I was in, he was trying to change some of the hardware culture.” Most importantly, Stringer has reduced the insular mentality that had balkanized Sony’s electronics, movie, games, music and mobile businesses, said a former senior Sony Europe executive, who also did not want to comment publicly on his former employer. “I used to have to force people to sit down and talk with each other,” the former manager said. Stringer, one industry expert said, is seeking to deliver on the reform goals set by his mentor and predecessor, Nobuyuki Idei, who in the 1990s initiated the push into software and promoted Stringer to head Sony’s US operations. “Sony over the past few years has been investing significantly in software and raising the user experience, working to tie together its broad family of products,” said Ross Rubin, an analyst at NPD Group Inc., a research company in Port Washington, New York. “Sony’s brand trust still remains far ahead of Samsung as a purchase motivator, but Samsung has certainly been very aggressive about building its brands,” Rubin said. Stringer’s cross-marketing initiatives will be seen in the upcoming James Bond film, Quantum of Solace, scheduled for release in November. Sony Pictures shot the film in high-definition, with scenes showcasing new Sony electronics. Joint marketing campaigns are being timed at Sony sales outlets and electronics product introductions. In February, Sony also won the battle to define the high-definition TV standard when a consortium backed by Toshiba Corp. abandoned the HD-DVD format, leaving the Sony Blu-Ray disc as sole survivor. The string of victories has brightened the mood at Sony, Nishida said. “By the end of 2010, our goal is to be the market leader in TVs,” Nishida said. Some of Stringer’s changes have been more radical. Sony now makes LCD TV panels in a 50-50 joint venture with Samsung in Tangjeong, South Korea. A second LCD factory near Osaka, Japan, a joint venture with Sharp Corp. in which Sony will own 34%, is to open by the end of 2009. The turnaround is also evident in the company’s financial results after three years of cost cutting, layoffs and restructuring under Stringer. In the year that ended 31 March, Sony’s profit tripled to ¥369.4 billion, or about Rs15,000 crore, on a 6.9% increase in revenue, to ¥8.87 trillion. In consumer electronics, which make up about two-thirds of Sony’s sales, operating income more than doubled to ¥356 billion. © 2008/INTERNATIONAL HERALD TRIBUNE Source: Tech News - Livemint.com | 3 Sep 2008 | 7:17 pm Sony is back in business with array of new digital offeringsBerlin: When Howard Stringer became chief executive of Sony Corp. three years ago, the Japanese company was in crisis. The consumer electronics business that had produced the transistor radio, the Trinitron television and the Walkman was losing money. Sony had been overtaken by Samsung Electronics of South Korea, which had correctly anticipated consumer demand for flat-panel TVs. By January 2006, Sony had so few new products to brag about that Stringer had to call the actor Tom Hanks on stage during his keynote speech to the Consumer Electronics Show in Las Vegas to help him buy time as he promoted the Sony Reader, a hand-held digital book reader. Dazzling display: Visitors watch a 29 August video presentation by Sony at the IFA consumer electronics fair in Berlin. Sony showed off its new products, including the ZX1, the thinnest LCD TV in the world. Fabrizio Bensch / Reuters Almost three years later, Sony’s distress appears to be a thing of the past. At the IFA, which ends on Wednesday, Sony showed off an array of products defined by superlatives: the EX1, the first high-definition wireless home entertainment system; the ZX1, the thinnest LCD TV in the world; and the Z4500 line of LCD TVs that process screens four times as fast as a conventional LCD television. “We have spent a lot of time over the last three years adjusting our business for the digital age,” Stringer said. “We are now making more money than we have ever made before. Our core businesses are working for us.” Samsung remains a formidable competitor, with 22.8% of the television market by revenue compared with Sony’s 12.5%. The company will stay atop the TV business by expanding its line of larger, expensive LCDs—going head to head with Sony in its strongest segment, said JongWoo Park, the president of Samsung’s digital media business, which includes televisions. “I am well aware Sony is aggressively trying to build market share,” Park said during an interview at the IFA. “But we are going to stay on top because we can use the power of our market share.” Sony faces other challenges. In mobile phones, Sony Ericsson, the 50-50 joint venture, remained a distant fifth with an 8.2% market share in the second quarter, according to Strategy Analytics. In video games, Sony lost the equivalent of $1.14 billion (Rs5,050 crore) during its last fiscal year, but the business has since become profitable, Stringer said, as sales of PlayStation3 games offset losses on the hardware. Under Stringer, an affable, Welsh-born former president of CBS in the US with dual US and British citizenship, Sony has invested heavily in software development, as consumer electronics and computing merge. In the year through March, Sony added 17,500 employees, many of them software engineers in Eastern Europe, India, California and Asia, according to Fujio Nishida, president of Sony Europe. Since 2005, Sony has cut 10,000 employees and closed 11 old-generation TV factories. “Howard was evangelizing internally within Sony for a stronger emphasis on software, how software adds value to devices,” a former Sony US executive, who did not want to be named because he was uncomfortable commenting on a former employer, said. “In every meeting I was in, he was trying to change some of the hardware culture.” Most importantly, Stringer has reduced the insular mentality that had balkanized Sony’s electronics, movie, games, music and mobile businesses, said a former senior Sony Europe executive, who also did not want to comment publicly on his former employer. “I used to have to force people to sit down and talk with each other,” the former manager said. Stringer, one industry expert said, is seeking to deliver on the reform goals set by his mentor and predecessor, Nobuyuki Idei, who in the 1990s initiated the push into software and promoted Stringer to head Sony’s US operations. “Sony over the past few years has been investing significantly in software and raising the user experience, working to tie together its broad family of products,” said Ross Rubin, an analyst at NPD Group Inc., a research company in Port Washington, New York. “Sony’s brand trust still remains far ahead of Samsung as a purchase motivator, but Samsung has certainly been very aggressive about building its brands,” Rubin said. Stringer’s cross-marketing initiatives will be seen in the upcoming James Bond film, Quantum of Solace, scheduled for release in November. Sony Pictures shot the film in high-definition, with scenes showcasing new Sony electronics. Joint marketing campaigns are being timed at Sony sales outlets and electronics product introductions. In February, Sony also won the battle to define the high-definition TV standard when a consortium backed by Toshiba Corp. abandoned the HD-DVD format, leaving the Sony Blu-Ray disc as sole survivor. The string of victories has brightened the mood at Sony, Nishida said. “By the end of 2010, our goal is to be the market leader in TVs,” Nishida said. Some of Stringer’s changes have been more radical. Sony now makes LCD TV panels in a 50-50 joint venture with Samsung in Tangjeong, South Korea. A second LCD factory near Osaka, Japan, a joint venture with Sharp Corp. in which Sony will own 34%, is to open by the end of 2009. The turnaround is also evident in the company’s financial results after three years of cost cutting, layoffs and restructuring under Stringer. In the year that ended 31 March, Sony’s profit tripled to ¥369.4 billion, or about Rs15,000 crore, on a 6.9% increase in revenue, to ¥8.87 trillion. In consumer electronics, which make up about two-thirds of Sony’s sales, operating income more than doubled to ¥356 billion. © 2008/INTERNATIONAL HERALD TRIBUNE Source: World Business - Livemint.com | 3 Sep 2008 | 7:17 pm We are not that fixated on our market share by 2010New Delhi: For General Motors Corp. (GM), the world’s largest carmaker, the short-term outlook remains bleak with no easing of the market challenge faced by the US auto industry. The company sees vehicle sales declining to 14 million in 2008 from 16 million last year. GM, however, is bullish on emerging markets such as India, where sales will be driven by small cars. In an interview, visiting GM president and chief operating officer Frederick Henderson talks about his company's priorities and plans for the Indian market. Edited excerpts: You have set a plan to capture a 10% market share in India by 2010... With the new facility in Talegaon (Maharashtra) going on stream, we now have a capacity to do it. We are more focused on building the brands and getting the products right. Small is big: Frederick Henderson, General Motors’ president, says the company’s focus in the near term would be on small and mini cars as 90% of the Indian car market is dominated by that segment. Rajanish Kakade / AP We are not that fixated by what would be our market share by 2010. We are building up step by step in India. Currently, our market share here would be a little over 3%. We would be pleased if we can build from here. You said you intend to bring all the products in your global portfolio to the Indian market. Can you elaborate? Yes, we could be bringing products from the global portfolio to India. Having said that, it is all about focusing efforts and priorities. As 90% of the Indian car market is for small and mini cars, that's going to be our focus in the near term. How do you plan to populate the segment? The next car we plan to launch in India is a small car. I cannot comment on its exact positioning and other details now. When do you see the India operations breaking even? We don't comment on profitability by country, we do it by region. If we look at the Indian market financially, we have made substantial investments. The Asia-Pacific region has played an important role in the design and engineering of your upcoming model, the Chevrolet Cruze. Any plans of launching it in India? It's a large car for the Indian market, but considering that it's a very fuel-efficient car, we may consider it in the future. However, as cars in that segment account only for 10%, we would rather focus on the 90%, which is dominated by small cars. There are reports that a few Indian companies have evinced interest in the Hummer brand. How soon do you plan to finalize the sale plans? We are looking at taking a decision on the Hummer expeditiously. It would not be appropriate to talk about the bidders at this stage. Source: World Business - Livemint.com | 3 Sep 2008 | 7:17 pm Proposal to increase fees at Mumbai, Delhi turned downNew Delhi: The civil aviation ministry has rejected a proposal by the country’s two largest airports at Mumbai and Delhi to increase airport charges such as landing, parking and passenger fees by 10%, which would have increased costs for airline firms. The GVK Power and Infrastructure Ltd-led Mumbai International Airport Pvt. Ltd (Mial), which took over the airport in 2006, sought to increase airport charges as per the terms agreed upon with the government then. The airport operator is allowed to increase airport charges after two years, provided it has completed a specified schedule of work mandated in the first phase of expansion ending March 2010. Late last month, civil aviation minister Praful Patel had confirmed airport operators at Mumbai and Delhi were seeking an increase in fee structure and the proposals were being examined. Airports such as Mumbai typically charge about Rs31,000 as route navigation facility charges, terminal navigation landing charges, and landing and parking charges for an Airbus SAS-made A320 plane, besides a Rs225 airport usage fee per passenger. “It is being put on hold,” said an aviation ministry official of the requests from Mial and Delhi International Airport Pvt. Ltd to raise airport charges, adding that the firms will be advised to wait until the Airports Economic Regulatory Authority (Aera) meant to screen and allow such charges is in place. The official did not want to be named. In recent months, the new airports at Bangalore and Hyderabad have been allowed to levy a so-called user development fee from departing international passengers of Rs1,070 and Rs1,000, respectively; domestic passengers in Hyderabad are levied Rs375 each. Representatives from National Aviation Co. of India Ltd, which runs Air India; Jet Airways (India) Ltd; Deccan Aviation Ltd into which Kingfisher Airlines Ltd is merging; SpiceJet Ltd; and InterGlobe Aviation Pvt. Ltd-run IndiGo met ministry officials last month to discuss implications of such an increase at Mumbai and Delhi. “What we said was that while these charges are fine, the issue is the timing of the charges,” said Samyukth Sridharan, chief commercial officer at low-fare airline SpiceJet, adding that any hike in airport charges would be passed on to the consumers and it was not in the interest of the industry facing twin pressures of cost increases and slowing passenger demand to do so. “I think we will have to wait till the next calendar year till (aviation fuel) prices cool off,” he said. The long delayed Aera Bill is likely to be introduced in the forthcoming session of Parliament, but experts predict the regulator will not be in place before early next year. Source: Home - Livemint.com | 3 Sep 2008 | 7:16 pm Farmers say Tata’s exit will cost jobsSingur: Ashok Ruidas was happy to sell his family’s rice fields for a Tata Motors Ltd factory to build the world’s cheapest car. Now, he’s facing ruin as the plant may not open. Tata Motors, India’s biggest truck maker, said on Tuesday it was considering moving the factory in Singur, West Bengal, because of a 10-day blockade by the Trinamool Congress. “If Tata doesn’t remain in Singur, then we won’t get food,” said Ruidas, as he surveyed the blue and white factory 500m across a rice field. Sushen Santra, 65, an out-of-work farmer who sold a third of an acre to the government for the small-car project, killed himself on Wednesday. Santra’s son Subhas said his father was shocked to hear the news of Tata Motors suspending work at the site. More than 80% of the 13,103 farmers ousted from their land took government compensation and many say they do not support the blockade led by the Trinamool Congress, the biggest opposition party in West Bengal. Tata Motors suspended construction of the factory that’s spread across a 1,000-acre site because of “continued confrontation and agitation”, according to a statement on Tuesday. The auto maker is preparing a detailed plan to relocate the plant and machinery, jeopardizing the Rs1,500 crore invested so far in the factory that can produce 250,000 Nanos annually. The Union government said it was prepared to intercede in the dispute. “Definitely, we will intervene if approached,” heavy industries minister Santosh Mohan Dev told reporters in New Delhi on Wednesday. While the chief of the Trinamool Congress, Mamata Banerjee, says Tata can keep 600 acres of land used by the plant, she’s demanding that 400 acres earmarked for component suppliers is restored to rice and jute fields. Mina Vul, a 45-year-old illiterate woman who supports Banerjee, said the 0.05 hectare of land where her family used to cultivate potatoes and rice for more than 50 years was forcibly taken over by the government. Meanwhile, angered by Tata Motor’s decision to suspend work and angry with Banerjee for her role, building materials suppliers and labourers clashed with Trinamool Congress workers. The Trinamool Congress has agreed to meet with representatives of the state government to discuss the issue at the governor’s residence on Friday. It wasn’t immediately clear if the governor, Gopalkrishna Gandhi, will mediate. Gandhi met former chief justice of Bombay high court Chittatosh Mukherjee to obtain his advice on the situation. Mukherjee later said he had agreed to attend the meeting and offer legal advice, but would not act as the mediator. Banerjee said she was hopeful that a solution would be found at Friday’s meeting. Mint’s Aveek Datta and Romita Datta contributed to this story. Source: Home - Livemint.com | 3 Sep 2008 | 6:59 pm Govt plans to get tough on corporate dataNew Delhi: The government may soon arm itself with powers to search companies for data, with executives at companies that fail to submit required data—typically on production, price and capacity—in a timely manner potentially ending up in jail. All this is part of India’s efforts to make its statistical indices more accurate and timely and the next session of Parliament, slated to begin on 17 October, is likely to see the introduction of a Bill which, if it becomes law, would give the government the power to extract such data physically, if need be. Also see:Empowering govt “We are hopeful that the Bill will be passed in the upcoming session of Parliament,” says Pronab Sen, chief statistician of India and secretary, ministry of statistics and programme implementation. The proposed legislation, the Collection of Statistics Bill, 2007, was introduced in Rajya Sabha, or the Upper House of Parliament, last year and then sent to a parliamentary standing committee, a group of parliamentarians who discuss policies. Industry lobby groups, such as the Confederation of Indian Industry (CII), have said they were worried about some provisions of the Bill. Meanwhile, Sen says that some changes have been made to the Bill, making it tougher. “The penalty provision now includes imprisonment in case of default.” The version of the Bill introduced last year only listed fines of between Rs1,000 and Rs10,000. The Bill will replace the existing Collection of Statistics Act of 1953, and Sen says it will increase the data collection ability of the government. “This is an empowering legislation. At present, data collected for the Index of Industrial Production and the Wholesale Price Index are on a voluntary basis. The new legislation will allow various arms of the government to issue notices in the event of a default.” The idea of a powerful data police appeals to economists, who have for long bemoaned the scarcity and unreliability of data available in the country and the constant need to revise numbers, including those on inflation as well as economic and industrial growth. Abheek Barua, chief economist at HDFC Bank Ltd, says the quality of government data currently available is “abysmal”. The private sector, Barua notes, has no incentive to share data. “Hence, there has to be some kind of penalty, which is reasonably strong”. But some companies say they worry about sensitive business data ending up in the hands of their competitors via the government and also worry, though not publicly, that this could lead to better data sharing between government departments, such as those involved in collecting taxes. “Collection of statistics is important for planning purposes and understanding the trends. However, in today’s world, data are very confidential…the powers sought under the Bill to enter premises and take possession are wide ranging. These things cause concern...,” says Harsh Pati Singhania, managing director of JK Paper Ltd, a paper product maker. Even Barua says the government should “plug...any scope for a systemic leak (of data). The data so collected should also be used only for generating aggregate indices. Such data should not be used by regulators for harassing companies.” One of the issues raised by CII, in a note submitted to the parliamentary standing committee attached to the ministry of statistics, had to do with the outsourcing of data collection by the government to other agencies without adequate safeguards, or the responsibilities of these agencies in the event of a misuse of data, or breach of confidentiality. The standing committee has asked the ministry to prescribe general principles governing outsourcing the collection of data. Source: Home - Livemint.com | 3 Sep 2008 | 6:46 pm US will pull plug on deal if India tests nuclear bombWashington/Vienna: The US and India sought to play down the fallout of a US government document released on the eve of the meeting of the Nuclear Suppliers Group (NSG) that says the country will stop supplies of nuclear fuel to India if it tests a nuclear weapon. This is at odds with India’s own understanding of its civilian nuclear agreement with the US. The controversial disclosure could delay, or even prevent India’s entry into the exclusive and highly restricted market for nuclear fuel and technology, and make things difficult at home for a government that is battling inflation, floods in Bihar, and sectarian violence in Orissa. “I have read the (US) statement, but I will not comment,” said Union external affairs minister Pranab Mukherjee. US ambassador to IndiaDavid C. Mulford said the letter “contains no new conditions and there is no data in this letter which has not already been shared in an open and transparent way with members of the (US) Congress and with the Government of India”. NSG, a group of countries with nuclear fuel and technology, meets in Vienna on Thursday to ratify the Indo-US Civilian Nuclear Deal. A clearance from the group will allow India to source nuclear fuel and technology from its member countries. The document was released by Howard Berman, an opponent of the Indo-US deal and chairman of the house foreign affairs committee. The document contains responses made to 45 questions on the deal posed by Berman’s predecessor Tom Lantos in October 2007. The answers were given on 16 January, but the document containing them was kept under wraps at the request of the state department. The communist parties and the main Opposition Bharatiya Janata Party slammed the Congress-led United Progressive Alliance (UPA) government after the disclosure, accusing it of “misleading the nation”. “The government should suspend all further moves to operationalize the anti-national nuclear deal,” said a statement from the Communist Party of India (Marxist), which is part of the four-party Left Front that withdrew support to the UPA government over the nuclear deal. Subsequently, the government won a trust vote in Parliament on 22 July. The Congress party chose to play down the disclosures on the deal as “internal communication” between the US administration and the country’s legislature. NSG members such as Ireland and New Zealand, which have a strong anti-proliferation agenda, could approve the Indo-US deal with similar conditions linking supplies of fuel and technology to India not testing a nuclear weapon. In its response to Lantos, the state department said the US assurances are intended to guard against disruptions of fuel supply to India that might occur through a trade war, market disruptions, or the failure of a company to fulfil a fuel supply contract. “The fuel supply assurances are not, however, meant to insulate India against the consequences of a nuclear explosive test, or a violation of non-proliferation commitments,” the state department said. Source: Home - Livemint.com | 3 Sep 2008 | 6:46 pm Fast Retailing sets sights on Russia, IndiaTokyo: The Japanese clothing firm behind the Uniqlo brand unveiled plans on Wednesday for new stores in Russia and India, with the aim to triple overseas sales over two years. Fast Retailing Co. Ltd said it hoped to open a store in Russia as soon as possible as part of a global expansion that will also see it open the doors to the first Uniqlo outlet in Singapore in the first half of 2009. The company plans to venture into India while expanding in Vietnam and is setting up an office in Bangladesh to oversee production there. Founder and president Tadashi Yanai said the balance of power in the global economy was shifting to fast growing economies such as China and India. “No one can change this major global trend,” he told a news conference. “You cannot achieve a global expansion without having production bases in countries like Bangladesh, Vietnam and India.” Source: World Business - Livemint.com | 3 Sep 2008 | 6:19 pm ArcelorMittal invests $432.5 mn in Kalagadi ManganeseLondon: ArcelorMittal today said it has invested $432.5 million to buy a 50% stake in South Africa-based Kalagadi Manganese to develop the deposits jointly with Kalahari Resources and Industrial Development Corporation Ltd. “The parties have today announced that all conditions precedent to the transaction have been satisfied and the transaction implemented. ArcelorMittal has effected payment of its subscription amount to subscribe for a 50% interest in Kalagadi Manganese,” ArcelorMittal said in a statement here today. Kalagadi Manganese is engaged in exploration of manganese in the Kalahari Basin, in which until recently Kalahari Resources held 80% stake and Industrial Development Corporation had a 20% share holding. As per the implementation of the transaction, Kalagadi Manganese would be 50% owned by ArcelorMittal, 40% by Kalahari Resources, while remaining 10% would be with IDC, the South African state-owned financier, the statement said, adding an operating company would be formed to undertake the Kalagadi Manganese project. The tripartite joint venture would undertake development of a manganese mine, beneficiation plant and sinter complex in the Northern Cape Province, and a smelter complex in Coega, Eastern Cape Province. “The project, which is due to come on-line in 2010, overlies the Kalagadi Manganese Basin, a world renowned source of manganese ore containing 80% of the world’s known manganese resources,” it said. Source: World Business - Livemint.com | 3 Sep 2008 | 11:35 am
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