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Want to scuba dive: Go Bangalore!If you\'re planning to head to the coral reefs for some scuba diving, it might be a good idea to stop by Bangalore on your way out. Planet Scuba India, a diving training school has now started India\'s first inland diving classes in the city.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 2:23 pm Hyderabad\'s religious cuisine gets costly due to inflationCome the holy month of Ramzaan, every nook and corner of Hyderabad bustles with makeshift stalls serving delicious Haleem. But, this year inflation had its bearing on Haleem as well. The largest Haleem maker, Pista House increased the prices by over 15%.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 2:00 pm West Bengal Governor, TMC fail to break Singur stalemateThe meeting between the West Bengal Governor and Trinamool Congress has ended. However, no solution was reached on the Singur issue. The next meeting will be held tomorrow at 11 am. Earlier in the day, West Bengal Governor has said that there is a need to facilitate an atmosphere conducive to dialogue.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 1:30 pm SC\'s redevelopment move may change Mumbai foreverThe Supreme Court has given the green light for the redevelopment of old residential buildings in Mumbai. The SCs move could change the face of Mumbai. With about 19,000 buildings to be redeveloped and a FSI of 2.5 and more, about 200 million square feet of residential space is expected to be created in Mumbai, over the next few years.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 1:22 pm Playwin targeting Rs 50 bn turnoverThe Essel Group-promoted gaming company Playwin Games is hopeful of generating a turnover of around Rs.50 billion ($1.16 billion) this fiscal, a top official said here on Saturday.Source: Daily News & Analysis: Money News | 6 Sep 2008 | 10:14 am India commodity trading ban may stay till prices ease - Reuters India
Source: Google News India - Business | 6 Sep 2008 | 10:05 am Bharti, Tata Comm come under DoT scannerThe Department of Telecom may impose a penalty on Bharti Airtel and Tata Communications (formerly VSNL) for allegedly violating long distance licence norms.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 10:00 am Hindalco sees tough times aheadHindalco Industries has forecast tough times ahead with significant rise in production costs of aluminium and poor copper concentrate availability.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 9:59 am India commodity trading ban may stay till prices easeMUMBAI (Reuters) - India's move to extend a trading ban in four commodity futures suggests that the government is still worried about inflation and may wait for further correction in prices, exchange and industry officials said.Source: Reuters: Money News | 6 Sep 2008 | 9:54 am Rlys reinvites bids for development of land in BandraWith an aim to make more funds available for rail projects in Mumbai and Maharashtra, Rail Land Development Authority (RLDA) has changed the bidding model and reinvited bids for commercial development on 45,371 sq metres of railway land in a prime location in Mumbais Western Express highway at Bandraeast.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 9:43 am Inadequate infrastructure the biggest hurdle in launching the Prius - Business Standard
Source: Google News India - Business | 6 Sep 2008 | 9:43 am Government allows export of 'Pusa 1121' riceIndia has allowed the export of the Pusa 1121 variety of rice from Oct 15 this year, according to a senior government official.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 9:33 am Equity markets end week with big lossesIndian equity markets had a poor week despite a good start, thanks to weak global markets.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 9:32 am Karnataka firm to set up 1,200 MW thermal plant in ChhattisgarhThe Chhattisgarh government said Saturday that it will sign an agreement with a Karnataka firm Monday to set up a 1,200 MW thermal power plant in the state's coal-abundant northern region.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 9:30 am Reddy says policy’d have been tighter were he left alone - Sify
Source: Google News India - Business | 6 Sep 2008 | 9:24 am Indian IT major may thrive on home market - Economic Times
Source: Google News India - Business | 6 Sep 2008 | 9:21 am Sensex falls 81pts in the week - Business Standard
Source: Google News India - Business | 6 Sep 2008 | 9:15 am Net, broadband fail to catch up with mobile growth - Economic Times
Source: Google News India - Business | 6 Sep 2008 | 8:58 am West Bengal Governor, TMC fail to break Singur stalemate - Moneycontrol.com
Source: Google News India - Business | 6 Sep 2008 | 8:52 am Rajyavardhan Rathore walks the rampIndian silver medallist at that 2004 Olympics, shooter Rajyavardhan Singh Rathore, couldn't repeat his performance at the Beijing Olympics this year; but he is still a favourite.Source: Daily News & Analysis: Money News | 6 Sep 2008 | 8:50 am MMTC says to import 7,000T of edible oilMUMBAI (Reuters) - MMTC Ltd has issued a tender to import 7,000 tonnes of edible oils to be shipped in September and October, the company said on its website. (www.mmtclimited.com)Source: Reuters: Money News | 6 Sep 2008 | 8:46 am Govt allows export of 'Pusa 1121' rice - Times of India
Source: Google News India - Business | 6 Sep 2008 | 8:29 am Nuclear suppliers hold up US-India deal, say diplomatsVienna: A US push to lift a global ban on nuclear trade with India stalled on Saturday when a revised proposal failed to win over nations because it did not bind India to refrain from more nuclear bomb tests, diplomats said. At stake is the survival of a controversial 2005 US-India nuclear cooperation deal, a major initiative of President George W. Bush’s administration which risks an uncertain fate if left to his successor, who will take office in January. To launch the deal, Washington and New Delhi need a one-off waiver of Nuclear Suppliers Group (NSG) rules against exports to India, an atomic weapons state outside the Non-Proliferation Treaty (NPT) which tested bombs in 1974 and 1998. If Washington cannot secure an NSG exemption within days, the US Congress may run out of time to ratify the deal before it adjourns at the end of September for November elections. Feverish US efforts to clinch consensus at a two-day NSG meeting on the waiver dragged proceedings well into Friday night but finally stumbled on the testing issue, forcing adjournment in Saturday’s early hours. “No decision is possible at this time. The meeting is to resume at 11 a.m. (0900 GMT) today,” one diplomat said. Many members of the nuclear cartel, which seeks to prevent the spread of proliferation-prone nuclear fuel and technology, welcomed an Indian pledge rejecting any nuclear arms race and reaffirming a voluntary moratorium on tests. “Momentum” Falls Short John Rood, acting US undersecretary of state for arms control and international security, said India’s gesture had added ”positive momentum” to efforts to agree an NSG waiver. But some in the exclusive nuclear club felt the commitment was not sufficiently binding on New Delhi. Six NSG nations had been demanding a clause stipulating an automatic cessation of the waiver if India tested another bomb. After India’s statement, the holdout group splintered as Norway, the Netherlands and Switzerland indicated they could accept more limited language, diplomats said. But Ireland, Austria and New Zealand rejected amended language presented to them individually by U.S. officials on Friday evening as inadequate, several diplomats told Reuters. They said the meeting broke down when China walked out in support of Ireland, Austria and New Zealand. “The Americans have bullied them, including with high-level phone calls to their capitals, but they held firm because the US has showed no flexibility on testing,” said one diplomat. “The (revised text as it stands) gives no clear consequences for India if it tests, only a special meeting if that happens and that does not commit the NSG to take action,” said another. Decisions by the nuclear export cartel must be unanimous. Washington says the nuclear cooperation deal with New Delhi would forge a strategic partnership with the world’s largest democracy, help India meet exploding energy demand in an environmentally friendly way and open a nuclear market worth billions of dollars for Western firms. NSG critics fear India could use access to nuclear material markets indirectly to boost its bomb programme and drive nuclear rival and fellow NPT outsider Pakistan into another arms race. Source: LatestNews-Home - Livemint.com | 6 Sep 2008 | 8:15 am Iran says more oil price falls would harm producersTEHRAN (Reuters) - Iran's oil minister said a continued fall in crude prices would harm producers, the Oil Ministry website Shana reported on Saturday, three days before OPEC ministers are due to meet in Vienna.Source: Reuters: Money News | 6 Sep 2008 | 7:59 am LIC has to cut >10% stakes prospectively: Irda - Sify
Source: Google News India - Business | 6 Sep 2008 | 7:49 am West Bengal governor resumes talks to end Singur impasseWest Bengal Governor Gopalkrishna Gandhi Saturday began a second round of mediatory talks to find a solution to the 28-month dispute over the acquisition of farmland for the Tata Motors' small car project at Singur, some 40 km from here.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 7:31 am Tata Steel to pay 20% annual bonus - Sify
Source: Google News India - Business | 6 Sep 2008 | 7:14 am High gas prices close most of India's tile-making unitsThe tile industry in Gujarat's Morbi town, which accounts for about 70 percent of all tiles made in India, is on the verge of collapse due to high fuel prices. About 80 percent of the 200-odd manufacturers have already downed shutters.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 4:31 am Kerala poverty alleviation programme spawns event management groupA poverty eradication programme in Kerala has spawned an event management group that manages no high profile functions but organises fairs to market products of self-help neighbourhood groups.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 4:30 am Rajyavardhan Singh Rathore walks the rampIndian silver medallist at that 2004 Olympics, shooter Rajyavardhan Singh Rathore, couldn't repeat his performance at the Beijing Olympics this year; but he is still a favourite when it comes to endorsing products, as he showed at the launch of diamonds and accessories from luxury brand Amaris Regalia.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 4:30 am Boeing machinists to strike, as contract talks failNEW YORK/EVERETT, Washington (Reuters) - Boeing Co's 27,000-strong machinists' union declared it will strike at midnight Pacific time on Friday, as the plane maker failed to improve its contract offer after two days of emergency talks.Source: Reuters: Money News | 6 Sep 2008 | 3:35 am ‘Managing inflation is foremost challenge’Mumbai, Sept. 5 Both mother nature and the Mumbai press ensured that Dr D. Subbarao, the new Governor of Reserve Bank of India, got a ‘thunderous’ welcome as he assumed charge today, signing the 60-year old ceremonial scroll at the ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am ‘India committed to non-proliferation, disarmament’New Delhi, Sept. 5 In a bid to allay apprehensions among members of the Nuclear Suppliers Group (NSG), India on Friday reiterated its commitment to strengthening of the non-proliferation regime and underlined its stated policy of no-first-use ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Barclays Capital sees more monetary tighteningNew Delhi, Sept. 5 A Government battling inflation will go in for “further substantial” tightening of monetary policy over the next six months, Barclays Capital has predicted in a research report on the Indian ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Bharti, Tata Comm come under DoT scannerFace penalty for violations of licence norms. New Delhi, Sept. 5 The Department of Telecom may impose a penalty on Bharti Airtel and Tata Communications (formerly VSNL) for allegedly violating long distance licence norms. ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am ‘More work needs to be done to reach NSG consensus’India assures cooperation in non-proliferation: Pranab. In a bid to allay apprehensions among members of the NSG, India on Friday reiterated its commitment to strengthening of the non-proliferation regime and underlined its stated policy of ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Report sees change in Finance MinisterBarclays Capital says in its research report that the current Finance Minister, Mr P. Chidambaram, will be replaced by Dr C. Rangarajan, the ex-chairman of the Economic Advisory Council to the Prime Minister, in the next few ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Markets this weekThe markets opened on Monday lower, tracking weakness in its Asian peers. Fresh buying was seen in bank stocks taking a cue from dip in inflation and falling oil prices, which helped the markets to recover most of its initial losses at close. ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Singur talks ‘positive’; to resume todayKolkata, Sept. 5 Talks to end the impasse over land acquisition at Singur for the Tata small car project remained inconclusive on Friday with all parties concerned agreeing to meet at 11 a.m. on Saturday to take the process ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Rlys reinvites bids for development of land in Bandra-eastNew Delhi, Sept. 5 With an aim to make more funds available for rail projects in Mumbai and Maharashtra, Rail Land Development Authority (RLDA) has changed the bidding model and re-invited bids for commercial development on 45,371 sq metres of ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Westerly system unsettles weather in NorthwestThiruvananthapuram, Sept. 5 Northwest India is set to receive welcome rains over the next three days as a causative trough embedded in an incoming westerly system made its presence felt across the border on Friday. ...Source: Business Line - Home Page | 6 Sep 2008 | 12:00 am Subbarao takes over as RBI Governor!Duvvuri Subbarao took over as Governor of the Reserve Bank of India (RBI) on Friday afternoon, succeeding YV Reddy whose term has come to an end.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm Indian firms top Asia`s 50 best performers list!Two domestic firms -- Siemens India and Unitech -- have made to the top of a list of Asia`s 50 best performing companies, compiled by international financial magazine BusinessWeek, which includes a total of 10 Indian companies such as DLF, TCS, Tech Mahindra and ITC.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm SEBI moots higher shareholding cap!Market regulator SEBI on Friday proposed raising the cap on shareholding in stock exchanges to 15 percent from 5 percent now, but sought to limit such a privilege to individual investors like bourses, depositories, banks, clearing corporations and insurance companies.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm Jobless rate at a 5-year high of 6.1% !The nation`s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm Cost of health insurance premium under UHIS reduced!Union Finance Minister P Chidambaram on Friday announced that the cost of health insurance premium under the Universal Health Insurance Scheme (UHIS) has been reduced from Friday to attract more number of people.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm Growth fears hit world stocks!A wave of risk aversion hit financial markets on Friday, pushing world stocks to their lowest in more than two years, and knocking European currencies and oil as fears about the slowing global economy intensified.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm North America`s wealth grew by a mere 3.8%: Report!Wealth grew at a slower pace in North America, Europe, and Japan last year, but wealth markets in general proved resilient, a new study said.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm ICICI, K`fisher top Asia-Pacific brands!Three Indian brands -- ICICI, Kingfisher and Taj -- have emerged as the most admired consumer brands across Asia-Pacific alongside global majors like LG, Sony, Cadbury, HP and Nokia in their respective segments.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm Rupee falls to lowest since Dec 2006!Rupee fell to its lowest since December 2006 on Friday, as a stock market slide triggered concerns of further foreign fund outflows.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm ONGC-Imperial deal to be concluded in 4-5 weeks: Deora!Oil and Natural Gas Corporation on Friday said it will consider listing its overseas arm OVL if it clinches a USD 10 billion acquisition deal even as Oil Minister Murli Deora hoped the firm may conclude the deal to acquire Imperial Energy in the next 4-5 weeks.Source: Zee News : Business | 5 Sep 2008 | 11:23 pm Decoding runaway home loan tenures"Well, in our country," said Alice, still panting a little, "you'd generally get to somewhere else - if you run very fast for a long time, as we've been doing."Source: Daily News & Analysis: Money News | 5 Sep 2008 | 11:07 pm Wall St Week Ahead - Battered stocks face another tough weekNEW YORK (Reuters) - The bears have been in firm control on Wall Street so far in September, and with anxiety about the health of the U.S. and world economies on the rise, they probably won't choose next week to go into hibernation.Source: Reuters: Money News | 5 Sep 2008 | 11:03 pm Half of HNIs looking to increase real estate exposureWealthy Indians are increasingly looking at land as a preferred investment avenue as volatile markets limit their options of asset classes.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:46 pm Fertiliser firms seek relief from distributionThe domestic fertiliser industry wants to be relieved of the responsibility of selling fertilisers to farmers as well.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:45 pm JCB India sees revenues flatJCB India, the country's biggest construction equipment manufacturer, sees flat revenues this calendar year due to a slackening of growth in realty and a spurt in input costs.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:43 pm Reddy says policy'd have been tighter were he left alone"If I had my way, it would have been tighter... as simple as that," said Yaga Venugopal Reddy about monetary policy, hours after demitting office of Reserve Bank of India governor.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:40 pm 'LIC has to cut >10% stakes prospectively'The Insurance Regulatory Development Authority (Irda) on Friday clarified that the stipulation of an insurance company would be with prospective, not retrospective, effect.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:38 pm Relevance of RBI currency report denuded by delayTo the present breed of economists and commentators on economic affairs, the inordinate delay in the issue of the Report on C&F may well be the case of much ado about nothing.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:38 pm 'Making a film is important, but making it successful is more so'Big Pictures, the Reliance Anil Dhirubhai Ambani Group company, with a presence in film entertainment, broadcasting and new media ventures, is busy exploring tie-ups.Source: Daily News & Analysis: Money News | 5 Sep 2008 | 10:33 pm Singur stalemate solution in sight, talks to continue SaturdayA solution to the 28-month dispute over the land allotted to Tata Motors' Nano project at Singur in West Bengal seemed to be in sight after the first round of mediatory talks initiated by Governor Gopalkrishna Gandhi here Friday.Source: IndiaeNews.com: Business News | 5 Sep 2008 | 9:31 pm BPO giants differ on Indian outsourcing opportunitiesWith the rupee playing spoilsport and US and Europe reeling under the subprime crisis, Indian BPO companies have taken a fresh look at tapping the domestic outsourcing opportunity. But the approaches taken by the companies to do so couldn\'t differ further.Source: Moneycontrol Top Headlines | 5 Sep 2008 | 8:58 pm No share in portability co: DoT to service providersThe Department of Telecommunications, or DoT, has said the bidding process norms for number portability is almost ready, reports CNBCTV18, quoting NewsWire18. It is unlikely to consent to service provider share in the portability company.Source: Moneycontrol Top Headlines | 5 Sep 2008 | 8:35 pm No end in sight for sound investment adviceA crucial move to bring all investment advisors under one unified regulatory certification mechanism appears to have hit hard rock. One year after the four regulators agreed to set up a committee under IRDA, or the Insurance Regulatory and Development Authority, little has moved.Source: Moneycontrol Top Headlines | 5 Sep 2008 | 8:33 pm Ex-Credit Suisse broker pleads not guilty to fraudNEW YORK (Reuters) - A former Credit Suisse broker pleaded not guilty on Friday to criminal charges of fraud in connection with allegedly unauthorized dealings of auction-rate debt.Source: Reuters: Money News | 5 Sep 2008 | 8:09 pm Bears with umbrellasIf there’s one thing flash gaming needs more, it’s bears with umbrellas, flying strawberries and the internal combustion engine. Of course, this is not to discount the plentiful raccoons, stick figures and zombies that populate the browser game universe — but the aforementioned combination is special. They’re the only three elements of Orisinal.com’s latest flash game, Sunny Day Sky, and yet, it is, quite possibly, one of the most addictive flash games in existence. Sunny Day Sky is flash gaming at its very best — simple addictive gameplay, an improbably surreal setting, and more pastel-coloured goodness than you can shake a box of crayons at.  Pastel playing: This addictive flash game is deceptively simple. Land on a vehicle and you’re safe, ready to jump again. Land on the road, and the game is over. Occasionally, a (pastel-coloured) bird will fly across the sky — contact with it instantly snaps the umbrella shut. The airborne strawberries are the game’s bonus pickup — they recharge the power meter, allowing you to stay airborne longer. That’s all there is to it but the brilliance of the gameplay is not just its simplicity, but how players slowly discover, through trial and error, the game’s mechanics. I spent the first half hour cautiously skimming over the cars and buses, making little hops of 8-10 cars per jump. I even wondered what purpose the birds and strawberries served since I umbrella-ed nowhere near them. Then, almost by accident, I discovered how to really fly, after which 50 car hops and frantic leaps of faith became commonplace as did screams of agony after narrowly missing a vehicle after a marathon flight. Orisinal is the personal playground of California-based designer Ferry Halim, who updates the site infrequently with little flash toys — all of which are pleasingly bizarre. Take The Crossing, where you help deer jump across a chasm, or Winterbells, the adventures of a rabbit jumping on levitating silver bells. Sunny Day Sky: www.ferryhalim.com/orisinal/g3/sunny.htm Type: Flash, in-browser. Elsewhere on the Internet: #A Murder of Scarecrows (www.mypetskeleton.com/blog/?p=30): latest game from MypetSkeleton.com features malevolent ravens, zombie scarecrows and the use of fruit as ammunition. # Totem Destroyer (armorgames.com/play/1871/totem-destroyer): A game of balance physics, golden idols and wanton demolition from the ever reliable ArmorGames. Tell us what games you want reviewed at krish.r@livemint.com Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 7:45 pm Suspend disbeliefAs this column winds down towards its announced end a few weeks from now, it’s important (at least in this columnist’s mind) to tie up some loose ends. One of these has to do with a comic-book series about which this writer has mixed feelings.  Promethea: A metafictional tale. Still, as the author of this series has said, there are thousands of books on the shelf and just this one on philosophy, so why should it bother anyone at all? The series we are referring to is Promethea, which ran intermittently between 1999 and 2005. There were 32 issues in all in the series which, unlike several others in the comics business, is complete. The books were republished as a five-volume trade paperback, which is available in several bookstores in India that rashly ordered a huge lot of graphic novels a few years ago and have been unable to find buyers for them. If the philosophy makes this one of this writer’s least favourite works, then there is adequate compensation. The storytelling and the visual presentation are revolutionary; the plot is metafictional; and the covers are pop art and pastiche (and sometimes imitations of the works of popular artists). Promethea is the story of a college girl, Sophie Bangs, who discovers that she is, er, a story named Promethea. Promethea is a metafictional character but there are things she can say and do in the real world, which takes the entire suspension of disbelief thing to another level. The first few books deal with Sophie’s transformation and her discovery of what Promethea can do. The next few books are a voyage of spiritual discovery (and Alan Moore’s own Kabbalah beliefs are evident here). The last book is about the end of it all, where an entire pantheon of characters created by Moore for his imprint America’s Best Comics change. Shorn of its postmodernist and metafictional references (and shorn of Moore’s carefully scattered devices such as billboards and a one-panel comic featuring a weeping gorilla with a different thought blurb each time) Promethea is simply a book about belief. And that, Dear Readers, made it imperative that it feature in CF. If you hadn’t already noticed, this writer believes in comics. Write to Sukumar at cultfiction@livemint.com Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 7:45 pm JuxtapositionsIt is as sure a sign of the monsoon’s wane as the dark clouds of June are of its arrival: Galleries in the Capital are gearing up for a new season of shows after a quiet summer. Delhi’s Nature Morte gallery begins the season with a show of new works by three artists, on till 27 September. The exhibition is an oddly disjointed start for the gallery—it lacks a central curatorial concept and, as a result, the juxtaposition of the artists feels incoherent—but the show manages to overcome its slightly awkward assembly with an ambitious set of installations and photos by Samit Das, an enigmatic piece by Susanto Mandal, both based in New Delhi, and paintings by Kolkata-based artist Jayanta Roy.  Tilted: A work by Susanto Mandal If there is a running thread through Das’ long artistic engagement with the Indian city, it is his avoidance of an easy cynicism. Here, the peculiarly Indian style of the New Bengal Hotel’s shabby but orderly operation has inspired the artist to recreate three of its interior spaces as sculptural ensembles of objects that evoke the layered experience of India’s urbanism, its accommodation of difference, its makeshift breathing spaces and careful hospitality. Mandal’s piece for the show is a frothing, bubbling shadow play he calls Bite 2. Mandal is an inspired tinkerer, with an emerging body of installations that rely on unsettling juxtapositions of high and low technology, soft and sharp materials, shadows and light, movement and stasis. Here, the artist uses an air pump and blower to churn bubbles from the absinthe-green liquid in an illuminated glass carboy. On the wall above, a complex little motor apparatus operates a pair of old-fashioned scissors. Hot halogen lamps catch the scissors from two sides, throwing out monstrous shadows. A video camera and LCD screen mounted nearby capture the resulting moment of evanescent contact: a shadow shearing through a bubble. He is trying, he says, “to make us see impossibility”. There is something Gothic about the piece as well, with its frightening sharp edges and tenebrous mists of froth. Roy’s paintings strike a different tone. Roy, whose work will be seen in Delhi for just the second time, uses acrylic paints and large canvases to create works with a pop bent. The artist has a sensibility that draws from graphic design, and he uses flat, sparse surfaces and snatches of photorealism and op art to deliver riffs on politics, the art scene and the postmodern visual landscape. At its best, this works like an unexpected insight, a quirky mot juste that changes the shape of a conversation. At its worst, this style of painting feels superficial and forgettable, like a one-liner you’ve heard before. Samit Das, Jayanta Roy, Susanto Mandal New Works at Nature Morte gallery, A-1 Neeti Bagh, New Delhi, till 27 September. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 7:27 pm Mick Fowler | The life of an ‘alpine’ heroOne of the foremost climbers in the world today, Mick Fowler, 52, was voted the Mountaineers’ Mountaineer by the British newspaper Observer in 1989. Author of Vertical Pleasure (1995) and On Thin Ice (2005), Fowler will give a talk in New Delhi on his expeditions to four mountains—Siguniang (6,250m), Kajaqiao (6,550m), Manamcho (6,264m) and the as yet unscaled Grosvenor (6,300m)—all situated in Tibet.  Scaling heights: Fowler on the north-western face of Mt Grosvenor in the Minya Konka area. Mick Fowler Is climbing in the Himalayas different from climbing elsewhere? The Himalayas hold a unique mix of cultural and mountaineering interest for me. For those of us who are interested in technical climbing on sub-8,000m peaks, there are endless possibilities for exploratory new climbs in areas little influenced by the outside world. Were the peaks of Kajaqiao and Manamcho in Tibet more challenging than, say, the legendary Matterhorn of Switzerland? Very much so. The Matterhorn is much ascended and usually climbed in a two-day round trip from Zermatt. Kajaqiao and Manamcho were difficult to reach. They involved a plethora of permits and a two-day drive from Lhasa and took over a week’s round trip from the base camp in completely unexplored terrain. Technically, it made for a far more difficult climb than the Matterhorn. Any highlights, dangerous or otherwise, while scaling these peaks? Probably the most memorable was on the Kajaqiao climb when we were hit by a snowslide in the night. I was fast asleep in a small tent and my partner Chris Watts was in a snow hole (an improvised shelter dug in the snow). I had found the snow hole too claustrophobic and so had opted for the tent. The snow slide separated us, turned the tent over and lowered the roof of the snow hole. I will long remember waking up as I was lifted into the air by the snow and then searching in the dark for the remains of the snow hole! How accessible is Tibet to mountaineers? The China Tibet Mountaineering Association seems much more efficient than they used to be and as far as I am aware all areas are accessible. On my trips I have had to simply agree on a price with them and then wait to see if they are able to secure all the necessary permits. But charges are relatively high for peaks in the 6,000-7,000m range and permits are liable to be withdrawn or not granted at the last minute. How would you compare the bureaucracy international mountaineers encounter in China, India, Nepal and Pakistan? China has become easier, particularly areas outside Tibet. I have not visited Pakistan or Nepal for some years, but I understand the situation in both countries (Pakistan, in particular) has eased as they try and encourage more foreign mountaineers to visit. India is still notorious for its often inscrutable bureaucracy and for the number of forms that need to be completed. It is also expensive to visit areas where local government fees are involved. What impels someone to scale a mountain, often putting his or her life at risk? Mountaineering is just about the only thing that gets me off my bum and keeps me fit and healthy. Obviously, there are risks and I try and minimize these by careful selection of objectives. Ultimately, though, there is little to compare with the sense of satisfaction and well-being derived from choosing a challenging objective, spending a long time preparing, overcoming numerous challenges and finally succeeding. Have technical advances and improved facilities made mountaineering too easy? It is true that man now has the equipment (oxygen, bolts, etc.) to overcome just about any mountaineering challenge. But to me such guaranteed-outcome mountaineering has no appeal whatsoever. I think this view is increasingly shared by others, as evidenced by the increasing number of high-grade, high-altitude climbs being ascended in alpine style. You were voted a Mountaineers’ Mountaineer. What sets you apart from most of your peers? I suppose it is largely because I have always been doing something a little different. For example, I have climbed first ascents on chalk cliffs in England using axes and crampons (spiked footwear) and tackled the spectacular unclimbed sea stacks in Scotland, approaching them with a small inflatable boat. When I started in the greater ranges, many climbing teams were using fixed ropes or siege tactics (involving a big support team and resources), but I simply tackled mountaineering as I had seen it practised in the Alps. This “alpine style” approach (two climbers, no fixed ropes and no support team) has gradually become the norm. Mick Fowler will deliver a talk organized by the Himalayan Club on Matterhorns of Tibet on 12 September, 7pm, Gulmohar Hall, India Habitat Centre, New Delhi Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 7:27 pm Jaisu Shipping may win Cochin port dealBangalore: Private dredging firm Jaisu Shipping Co. Pvt. Ltd is likely to deepen the shipping channel of state-owned Cochin Port Trust in Kerala at an estimated cost of Rs549 crore. The Kandla, Gujarat-based firm had bid to deepen the port’s channel to 16.5m from 13.8m in the first 17 months of signing a deal and maintain that depth for another 11 months, said a shipping ministry official, who didn’t want to be named. At this depth, big ships carrying 8,000 containers can call at the port. Jaisu Shipping’s price bid was the only one opened by the port, as the only other bid submitted by Backbone Projects Ltd was rejected on technical grounds, the official said. The Kewalramani family-owned Jaisu Shipping is also close to winning another deal worth Rs402 crore from Union government-owned Mumbai port to deepen its channel to 14m from 11m, to help operations at a container terminal being developed by Gammon Infrastructure Projects Ltd and Dragados SPL of Spain. Jaisu Shipping recently won a Rs192 crore deal from Kandla port to deepen its channel. The company declined to comment for the story. The Cochin port has to provide a depth of 16.5m in the channel by November 2009, as per a 30-year contract with DP World, the world’s fourth biggest container port operator, to develop and operate the new facility. Due to depth constraints, big ships cannot call at many of India’s ports that handle container cargo. Thus, a significant part of container cargo originating from, or bound for India is transhipped at ports in Colombo, Singapore, or Dubai. Colombo port, for instance, handles 3.3 million standard containers a year, about 60% of which originates at, or are bound for Indian ports. This is Cochin port’s second attempt in a year to award a dredging contract. The earlier attempt failed because the lone bid of Rs805 crore submitted by Belgian firm Dredging International NV was deemed too costly. Jaisu Shipping’s Rs549 bid is also higher than the Rs485 crore Cochin port had budgeted for the deepening, but the port is likely to accept it because the excess is 20% more than the budget, a range that falls within the parameters the shipping ministry has allowed for state-owned major ports. Source: Home - Livemint.com | 5 Sep 2008 | 7:13 pm Samir Kumar Barua | The student who became directorEven in the days before he became the director of the Indian Institute of Management, Ahmedabad in November 2007, Prof. Samir Kumar Barua stood out from other faculty members. For one, he was perhaps the only professor who always arrived for class impeccably dressed in a full-sleeved shirt and tie. He was also known for his even temperament. Barua was the chairperson of the flagship Post Graduate Programme in Management from 2002 to 2004—a job where he managed the academic needs of more than 400 MBA students and close to 100 talented, and often eccentric, faculty. In short, plenty of reasons to lose one’s cool. This writer graduated from IIM-A in 2005 and knows this first-hand. So when the “Diro”, as students call him on campus, ushered me into his bright, airy office in Wing 5 of the faculty block at IIM-A, I wasn’t surprised to be welcomed by the same infectious smile, crisp shirt and sober tie. For the office of one of the country’s most high-profile educational administrators, Barua’s room is sparse. There is a picture of IIM-A founder Vikram Sarabhai on the wall, and a few cups and trophies on the low shelf behind Barua’s chair. The desk is abuzz with papers and correspondence.  Always the professor: Barua continues to teach even after taking over as director. Jayachandran / Mint He routinely clocks 16- to 18-hour workdays and yet, when he goes home, he has the institute on his mind. “When I was chair of the Post Graduate Programme, I had these great ideas for the institute. And I got upset when my ideas didn’t get implemented. Now I know how difficult it can be to change things even when you are the director.” Still, there is no denying that Barua is amply qualified for the job; not to overlook the fact that he has been living on the campus for 36 years. “I signed up for my doctoral programme in 1976 and never left!” he says. Barua was born in Raipur and after the reorganization of states— when Barua was four—his father, a lecturer in English, moved the family to Nagpur. After a postgraduate degree in engineering, Barua joined the manufacturing company Crompton Greaves. But his life could have taken a different twist. Barua’s masters thesis guide asked him to move with him to a university in the US. “Of course, I was tempted to go. But I wanted to work for a while first,” Barua reminisces. Also, being the only son, Barua wanted to be with his family instead of going abroad. So he decided to stay back, turned down an offer from TCS—“To this day, I can’t even think of coding for a living”—and joined Crompton Greaves. The passionate engineer was fast disillusioned. “All romantic ideas of working as an engineer vanished. Industrial engineers are hated by everyone on the floor. On top of that, I had to change two trains to go to work and then, over time, the city of Mumbai itself began getting to me.” In 1976, he decided he needed to study more. “Back then, the institute (IIM-A) was not so well known. It was respected, but there was none of this frenzy to get in.” Barua aced the admission test without any of today’s elaborate coaching programmes and mock testing sessions. It’s a story that repeats itself to this day. Many engineers who sign up for business school do so after being disillusioned with their day job. I interrupt him for a second. Would he clear the dreaded Common Admission Test if he took it today? “Yes, yes,” he says nonchalantly, “I don’t think it would be a problem!” When applying to the institute, Barua had every intention of returning to industry after his doctorate. During his interview for the fellowship programme, Barua was asked what he intended to do after it. “I should have told them I wanted to be a faculty member. At the time, they wanted all the fellows to stay back and teach. But I gave them the absolutely wrong answer and told them I’d go back to work.” Bored of writing on finance, what Barua really wants to do now is to write a book on bringing up a pet “It was during that period that I developed an interest in finance,” Barua says. Finance would go on to become an area of lifelong interest for the very committed student and appreciated teacher. In a repeat of history, Barua was again offered a job abroad after his programme. And again he turned it down. “The offer was with Metal Box in Canada. It was a great job and there was a lot of money involved as well.” Barua was also approached by the institute to continue as faculty. There is a tinge of embarrassment on his face when Barua recounts why he decided to stay back. “There was family, of course. But also, this meant I didn’t have to vacate my room on campus. Everyone else was packing and running around to move. If I stayed back, I could avoid all that hassle!” Starting as an assistant professor in 1980, Barua climbed the ranks rapidly, developing both as a teacher and researcher. He also authored two books. “One was a textbook on portfolio management that my publisher is desperately trying to get me to update,” Barua adds. The other was a book on the Harshad Mehta scam, The Great Indian Scam: story of the missing Rs 4000 crore, that went on to become a best-seller. I ask if he has any other books in the works. “Well, I wanted to write one more on finance. But now I am bored of all that. What I really want to do is to write a book on bringing up a pet.” His golden labrador, Tito, is one of Barua’s sources of relaxation after a hectic day at work. “Fifteen minutes with him, and my worries disappear. Till I switch on my computer again.” I ask Barua what he hopes to achieve in his term as director. What does he want to leave behind as his legacy? “Three things. First, I want to see the institute financially independent. We can’t teach management in our classrooms and then be incapable of running a self-sufficient institution ourselves. Financially we must become stronger. Secondly, I want to give a major thrust to research and case writing. I want to put together unparalleled intellectual property . And finally, I want our students to see the reality of poverty in front of them. I am trying to develop a social internship system where students can go and work in villages, slums and places like that. Alumni must helps us with this.” If he can do these three things in his term, Barua says, he will have achieved his goals. CURRICULUM VITAE Samir Kumar Barua Born: 23 September 1951 Education: Mechanical engineering, VNIT Nagpur; MTech, IIT Kanpur; doctorate in business management, IIM Ahmedabad Current Designation: Director and professor Work Profile: Barua worked with Crompton Greaves for two years as an industrial engineer. Has been part of the IIM-A faculty since 1980 Favourite Sports: Football, cricket and bridge Parenting Mantra: Barua refused to send his son for any coaching classes or tuition right through school and college. His son eventually graduated from IIM Bangalore, and works for a consulting firm in New Delhi Digital Diversions: Barua has developed several games and instructional software, including a package that simulates the Bombay Stock Exchange environment over multiple days and helps students learn margin and forward trading Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 7:10 pm Not the right time to sell, say money managersMumbai: This year has been harsh for investors in the stock market, buffeted by worries over the impact of the US credit crisis, inflation that reached the highest in 16 years on the back of a surge in commodity prices, rising credit costs and slowing consumer demand.  Turbulent times: The Bombay Stock Exchange building. Overseas investors have pulled out $6.94 bn from Indian stocks so far this year. Madhu Kapparath / Mint However, this may not be the time to sell out, according to money managers who are advising investors to hang in there. The market is close to reaching bottom, from where it can only ascend, they say, as commodity prices start to decline. “Our advice to investors who have a reasonable allocation in equities is to stay invested,” says Sandip Sabharwal, chief investment officer (equity) at JM Financial Asset Management Pvt. Ltd. His picks: capital goods and engineering, financial services and technology. Investment in capital goods and engineering stocks is a play on India’s long-term growth prospects as is the financial sector, with interest rates set to peak, Sabharwal says. Technology stocks should benefit from the rupee’s depreciation, a slowdown in wage inflation and the global economic downturn that may prompt companies in the West to outsource more work to low-cost India. Also Read The sectors to avoid? “We are negative on commodity stocks like cement, oil and gas and steel since prices are going down,” says Sabharwal. And what should be the selling strategy? “The need for a selling strategy should be contingent on investors’ requirement for money,” Sabharwal says. “The longer the horizon (of holding on to stocks), the more is the compounding of equity. If you need money, you need to plan for it systematically.” Protect your money Shankar Sharma, vice-chairman and managing director of brokerage firm First Global Stockbroking Pvt. Ltd, who has predicted that the Sensex could hit the 10,000 levels, remains negative on equity markets globally, but favours some selected sectors. “It is not very easy to make money in this market. All you can do is to protect your money,” says Sharma, known to be the closest India has to a stock-market bear. “Right now, we would advise investors to put 70% of their money in fixed income securities,” he says. Sharma advises investors to opt for so-called fixed maturity plans, essentially debt schemes offered by mutual funds that invest the entire corpus in fixed-income securities. He picks drug makers and information technology firms as potential beneficiaries of a weaker rupee that should boost export revenue while banks would gain from a let-up in inflation and interest rates. Oil refiners such as Indian Oil Corp. Ltd, Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd will benefit from any decline in oil prices, which Sharma predicts will settle at near $80 a barrel after hitting a record $147 in July. “However, over the next year other events such as politics (general elections) will put an automatic cap to the markets,” Sharma says. “Even over the next one year, we would advise investors to put money in the equities side only to the extent of 30-40%. “ A clutch of state assembly elections before this year ends will precede parliamentary polls due to be held by May 2009. Long-term play Inflation is expected to slow to 7% around March as oil prices settle at lower levels, says Gopal Agrawal, equity head of Mirae Asset Global Investment Management (India) Pvt. Ltd Investors shouldn’t shy away from equities, Agrawal says. “Equity is an asset class that is bound to outperform all other assets class in a long run,” he says. For the risk-averse, he advises systematic investment plans that help people save regularly, limit losses and tide over market ups and downs. Agrawal recommends agri-themed stocks including sugar, rice, agrochemical and fertilizer companies, renewable sources of energy, banking and capital goods sectors. Those he would avoid are automobile firms and real-estate companies. Puneet Nanda, chief investment officer at ICICI Prudential Life Insurance Co. Ltd, sees the Sensex moving in a range between 13,000 and 16,000 in the near term on volatile inflows and outflows of funds in event-driven trading. In the long term, he says, the fundamentals will assert themselves. “With 7-8% gross domestic product growth and sound corporate earnings growth, markets are bound to do reasonably well on a long-term basis. An investor can look at an annualized return of 13-15% over a period of 5-10 years,” Nanda says. He advises investors not to time the market. “Markets can never be timed,” Nanda says. “So an investor should always keep some goal or horizon to sell out his stocks.” Investors should be clear about their goals and risk appetite and identify the right mix of debt and equity in their portfolio, buying and selling regularly to maintain balance. Nanda counsels investors to opt for diversified funds. “As it is difficult for a retail investor to pick a particular sector that is likely to do well consistently, investors should go for a diversified portfolio,” he says, declining to talk about specific sectors or stocks citing his company’s policy. C.J. George, founder chief executive officer of local brokerage Geojit Financial Services Ltd, which is now part of the French bank BNP Paribas, favours infrastructure stocks that are now available at a huge discount to their price early this year. “Once interest rates peak out and the global sentiments turn positive, these stocks will be the first to rally,” he says. ravi.k@livemint.com Nesil Staney contributed to this story. Source: Home - Livemint.com | 5 Sep 2008 | 7:06 pm Hope for Singur solution 'positive': TCAfter a delayed three-hour meeting between the West Bengal government and the opposition in the presence of Governor Gopal Gandhi, a breakthrough in the impasse over compensating land-losers whoSource: Business Standard | Front Page Headlines | 5 Sep 2008 | 7:03 pm LIC asks for easier investment normsLife Insurance Corporation of India (LIC) has asked the Insurance Regulatory & Development Authority (Irda) to allow it a shareholding of up to 20 per cent in a company.Source: Business Standard | Front Page Headlines | 5 Sep 2008 | 7:02 pm India,US sweat to keep nuclear deal aliveA meeting of the 45-member Nuclear Suppliers Group (NSG) to approve the Indo-US civil nuclear deal went on till late at night in Vienna, but consensus eluded the gathering principally becauseSource: Business Standard | Front Page Headlines | 5 Sep 2008 | 7:02 pm Sebi may relax owner limits in stock exchangesThe Securities and Exchange Board of India (Sebi) has floated a discussion paper on the possibility of allowing stock exchanges, depositories, clearing corporations, banks and insurance companies toSource: Business Standard | Front Page Headlines | 5 Sep 2008 | 7:00 pm JM to underwrite Tata Motors issueMumbai: Finance firm JM Financial Ltd will underwrite a little over a fourth of the rights issue of the country’s largest truck and bus maker Tata Motors Ltd which is raising Rs4,147 crore to fund its acquisition of Jaguar and Land Rover by selling shares to existing shareholders. At least two people familiar with the development who did not wish to be named, including a banker, said the Nimesh Kampani-promoted JM Financial will underwrite Rs1,200 crore to ensure that Tata Motors raises the entire amount. C. Ramakrishnan, the chief financial officer of Tata Motors, said, “We will not be able to offer any comments now. Once the regulatory formalities are completed, we will be able to share the details.” Also See RIGHTS ANNOUNCEMENTS (Graphic) Executives at JM Financial could not be reached for comment Friday evening. By underwriting an issue, bankers guarantee that the funds sought by the company will be raised, as they will subscribe to any shares not taken by the shareholders. Last month, five bankers agreed to underwrite all of Hindalco Industries Ltd’s$1.2 billion rights issue. In this case, JM Financial is underwriting just part of the issue. Mintcouldn’t immediately ascertain whether other bankers would underwrite the rest of the issue. It’s rare for all of a rights issue to be underwritten by bankers. Normally, the promoter group picks up the unsubscribed portion of a rights issue so it can raise its stake in the company. Tata Motors announced on 2 September that it would issue fresh shares in two tranches, starting the end of September this year, to raise money to repay part of a loan taken from a syndicate of banks to purchase the Jaguar and Land Rover businesses from Ford Motor Co. for $2.3 billion (Rs10,212 crore now). Tata Motors has guaranteed the loans taken by its wholly owned subsidiary TML Holdings Pte. Ltd, Singapore which bought Jaguar and Land Rover. Tata Motors, part of the Tata group of companies, will issue one ordinary share for every six owned by shareholders at Rs340 (face value of Rs10) to raise Rs2,186 crore. The company will also issue another set of so-called A shares, in the same ratio (one for every six shares held) at Rs305 a share (face value: Rs10) to raise Rs1,961 crore. A shareholder who subscribes to “A” shares will have differential rights with regard to voting and dividend. The shareholder will be entitled to one vote for every 10 “A” shares held but will get 5 percentage points more dividend than that declared, on each of these shares. On Friday, the company informed stock exchanges that the cut off date to issue shares has been fixed as 16 September. All those recognized as shareholders on the books of Tata Motors on that date will be entitled to subscribe to the rights issue. In a rights issue, promoters, banks and financial institutions subscribe to the issue as they get a chance to buy shares at a discount. Shares of Tata Motors closed at Rs419.95 each Friday on the Bombay Stock Exchange, down 2% on a day when the exchange’s benchmark index fell 2.8% to 14,483.83. Underwriting is generally a guarantee or safe-guard that ensures that the company raises the money even if individual shareholders choose not to participate in the offer. Such individual or retail shareholders own 11.9% of Tata Motors. Domestic banks and Indian financial institutions 17.5%, Foreign institutional investors, or FIIs, non-resident Indians, or NRIs, and overseas corporate bodies are together the largest shareholder group with a 37.2% stake. The promoter, Tata group, owns 33.4% of the company. Ratan Tata, chairman of Tata Motors, told the company’s shareholders at its 63 annual shareholders meet on 24 July, that apart from rights issues, the company was also planning to raise money through a global sale of shares. The company had to abandon an earlier plan to raise money that involved issuing equity and equity-linked instruments worth Rs9,800 crore. The company had said this would dilute its equity base by up to 35% in the current fiscal year and another 12% in three to five years, adding up to 51%. “This was when Tata Motors’ stock traded at Rs635. Ahead of the company’s review meeting on Wednesday, the stock had fallen by a third to Rs425. Mint’s calculations show that if the company had stuck to its original plan, the equity dilution would have been as high 77% in three to five years, with the majority equity issuance happening in the current fiscal year. An auto analyst with a foreign brokerage firm said it was this prospect of a very high dilution that led to the sharp fall in Tata Motors’ shares. The company’s announcement of the large equity issue in May has worked as a double-edged sword,” Mint’s Mark to Market column on 22 August said. At the shareholder meet on 24 July, Ratan Tata also said that the company should consider an equity dilution of 50% after its domestic and international share sale. Vaishali Jajoo, an analyst with Angel Stock Broking which downgraded Tata Motors to “neutral” from “buy“ after the Jaguar and Land Rover deal, said in a report that the company would continue to face cash-flow pressures going ahead on account of long-term capital investment plans on the domestic front and ambitions of becoming a global automobile maker. The report, released after the company announced its rights issue, said the Rs35,413 crore (by revenue) company’s net profit could fall to Rs1,921 crore in 2008-09, but recover to Rs2,116 crore in 2009-10. Tata Motors ended 2007-08 fiscal year with Rs2,053 crore in net profit. Source: Home - Livemint.com | 5 Sep 2008 | 6:54 pm Book Spy | Fame and posterityMystery in Delhi “All important communication takes place without language, or behind language, or in spite of language,” said Albert James, a polymath (anthropologist, social scientist and linguist), just before he died. In this genre-bending work by British author Tim Park, Albert’s death is announced to us in the very first sentence.  Dreams of Rivers and Seas: By Tim Parks, Harvill Secker, 431 pages, Rs495. Park, author of the acclaimed Europa (1999), Rapids (2005) and Adultery and Other Diversions (1999), uses the best ploys available to a mystery novelist in a novel that’s essentially good old human drama. Soon after Albert’s funeral (much to John’s surprise, a low-key affair solemnized in an old, quaint and filthy corner of Delhi), a journalist arrives at the James’ door to investigate the death. Can the mother and son change the course that Albert’s decisions set rolling? A disappointing climax notwithstanding, this is one of the best novels set in India in recent times. Through the novel, India sure is a land that holds the promise of “rivers and seas”, but not in a clichéd, exoticized way. You can’t imagine Helen and Albert, comfortable in their day-to-day British ways, anywhere else but in Delhi. Hollywood fix  Spotlight: The famous family. Martin Cleaver / AP Life With My Sister Madonna, by Christopher Ciccone—the singer-performer’s tour director, back-up dancer, personal assistant and younger brother—is a memoir of their relationship since their childhood in Michigan. It’s a gripping, juicy tell-all about Madonna’s life albeit from a biased perspective, which works well for the book. We’ve heard everything about Madonna’s life so far, except from the one who has been by her side through 40 years and who perhaps loves her as much as he hates her. Look for tidbits about Madonna’s early years in New York, her relationships with Hollywood’s famous women (Demi Moore, Kate Moss, Gwyneth Paltrow), and her marriage to Guy Ritchie which Ciccone is not kind about since his own relationship with his sister fell apart after this marriage. The second is also a tell-all— about the machinery that goes into making a Madonna, and the strategies that go into sustaining her fame.  Life With My Sister Madonna: By Christopher Ciccone, Simon Spotlight Entertainment, 352 pages, Rs995. He goes into the strategy rooms of the men who once made Marilyn Monroe pose wearing a potato sack and restrained Tom Cruise’s “sofa-bouncing tendencies”. Quite aptly perhaps, Borkowski resorted to a gimmicky launch of the book in the UK in July. He announced a campaign to find a talent that Borkowski would promote for 15 months, using the “Fame Formula” presented in the book as a template. sanjukta.s@livemint.com Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 6:53 pm Insider Alert | Nicora BlindsFor people who prefer the neater appearance of blinds to curtains, one challenge has always been finding blinds that blend with the rest of the apartment. With curtains, you can simply turn to your upholstery to get a match, but blinds have always presented a more challenging dilemma.  7/2, Walton Road (off Lavelle Road), Bangalore Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 6:53 pm Home away from homeFor Manju Kapur, much applauded for her acute understanding of the Indian family situation in novels such as Difficult Daughters and Home, this is a first. With The Immigrant, she steps away from the busy, cacophonous cocoon of the traditional middle-class household into the solitary, silent NRI marriage.  The Immigrant: Random House, 334 pages, Rs395. Like Nina, her primary protagonist, The Immigrants thrusts Kapur into the company of strangers who are far more comfortable with the background and moorings than she is. The immigrant Indian has been explored from multiple angles in the past, by writers as distinct as V.S. Naipaul and Chitra Banerjee Divakaruni, and perhaps most notably in recent times by Jhumpa Lahiri. That is not to say the subject has been exhausted, but its treatment now demands fresh insight, new nuance. That’s issue number one. Two, the milieu. Kapur’s basic premise in The Immigrant strips it of people, the characters, the speech and the buzz that made immediate identification possible with her previous works and gave them the kind of life that is just one step away from reality. It’s ironical then—or perhaps just a measure of Kapur’s immense talent and depth of observation—that one of the most compelling sections of the book deals with Nina’s lonely existence in her Halifax apartment. Her husband, familiar only through letters and a single pre-wedding visit, leaves for work while she’s still in bed, urging her to sleep late, insisting that in the West, it was the done thing for each one to help himself, be it making breakfast or carrying out house repairs. Nina divides her day between gorging on junk food, reading trashy supermarket novels and writing letters to friends and family in India. This is the 1970s, and international communication is limited to airmail and booked calls.  Double role: Kapur teaches English at Miranda House College, Delhi. Random House India Possibly more than in her previous work, here Kapur prefers to tell rather than show. There are some delicate passages, especially the exchanges about cinema and books between Ananda and Nina, that leave the obvious unsaid but, for the bulk of the book, the subtlety—if not quite of sledgehammer proportions—is of the woodpecker variety. Nina’s unstylish attire, Ananda’s erectile dysfunction, Masters and Johnson’s couple therapy, the dictatorship-democracy dance in India are dinned in with much insistence. The second part of the book, as Ananda secretly signs up for therapy and Nina joins library science classes in an effort to find her feet, resembles a series of distantly delivered lectures. The novel loses its way here and again towards the end, the growing distance between the couple echoing the reader’s disconnect with their story. The idiosyncratic grammar doesn’t help. For all its flaws, though, Kapur has a huge plus in her two protagonists. Through their trials and tribulations, not once does the author sit on judgement, even as they measure each other in their respective value systems. They just are two different persons thrown together by that great Indian institution, the arranged marriage (or arranged introduction, as Nina likes to explain it), and possibly, quite possibly, they would have worked in the intrusive society where it was founded. Nina and Ananda, with their insecurities, complexities, fears and needs, are people we could know—and they needn’t even be in North America. As Middle India moves towards employment hubs, identities are being re-forged, individualities asserted and relationships stretched. The loneliness of the 1970s immigrant wife, dressed in sari and overcoat, is now shared by the MNC spouse in her tee-shirt and capris. They both crave a child who will give shape to their lives, nurture long-suspected talents and seek to stand out in a sea of similarly positioned women. Perhaps that is the immigrant Kapur needed to have examined. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 6:53 pm When I was youngNovels can be a source of comfort and sustenance not only to their readers, but to their writers too. This idea seems especially true for writers working in an autobiographical mode, mining their own pasts, watching the spectres of people pass by, reliving the heady moments of youth, thinking about roads taken and others left behind.  The Idle Years: Peter Owen,224 pages, £11.95 (around Rs950). The unnamed narrator of the book is the son of a charismatic and authoritarian political agitator who is sent into exile with his family after falling foul of the Turkish regime. Brought up in a large house with many servants and all the comforts of life, the protagonist is suddenly pitchforked into an unsettling world in which the family is always on the move, money is scarce, and the father’s temper thunderous. He is forced to do menial jobs, and begins to keep the company of a set whom he had previously seen only from afar and with no consideration of their miseries: workers, vagabonds and prostitutes. He is constantly hungry, and when granted a good meal through luck, comradeship or charity, not only eats ravenously but also remembers every dish and every helping for days. He is often consumed by despair and by shame, and, most of all, loathes the heavy hand and bellowing voice of his father. This story more broadly follows the contours of Kemal’s own youth, and it might be seen as part of that current in literature in which writers mull over the weight placed on their lives, in both good and bad ways, by their fathers: the early novels and later autobiographical meditations of V.S. Naipaul, for instance, or even the essays of Kemal’s famous countryman Orhan Pamuk (who has written a short, admiring foreword for this book). Indeed, the first part of The Idle Years is called My Father’s House, and its closing movement is one in which the protagonist resolves to leave that house and returns from Beirut to his homeland to strike out on his own. In one of the novel’s best passages, the narrator returns to his hometown, Adana, hot with stories of his itinerant life to tell his childhood friends, only to find that nothing is as it used to be: The place that the mind thinks of as home is not as stable as it imagined it to be.  Old world: Much of what Kemal says about Turkey is relevant today. The book ends with a scene in which the protagonist, still impoverished, marries his beloved wearing a borrowed suit, shoes and tie. The newly-weds are excited by the beautiful gifts that they have been given, and begin to construct a castle of dreams upon them, only to find that the groom’s grandmother borrowed them all from family and friends to make the wedding look good, and that the goods must now all be returned. This episode is symbolic of the whole story, in which hope and yearning are trying to break free of the chains of reality, and disappointment is quickly forgotten. The last line of the novel—“So we carried on with our lives, appreciating all that we had”—seems both an observation of fact and a piece of friendly advice to the reader. Respond to this review at lounge@livemint.com Source: LatestNews-Home - Livemint.com | 5 Sep 2008 | 6:53 pm Markets factor in drop in coking coal prices The company has said it will invest between $400-450 million (Rs1,776-1,998 crore) on these mines, adding that demand in India for coking coal from the steel industry continues to grow at a phenomenal rate. Shares of rival firm Austral Coke and Projects Ltd also fell by about 10% on Friday, after an impressive debut the previous day. On Thursday, Austral’s shares had listed at a 15% premium to its IPO price of Rs196. The weakness in these firms’ shares can be attributed to concerns about a drop in prices of coke and coking coal. One of the world’s biggest coal producers, US-based Massey Energy Co., negatively surprised the Street by warning investors that average prices and production may be lower than expected this year. According to an analyst report, the lukewarm guidance could be because of lower shipments of metallurgical coke, which is what GNCL’s Australian mines produce. The sell-off in shares of coal firms suggests investors are preferring to play safe rather than be sorry The concern now is how long coke and coking coal prices may remain firm, especially given the likelihood that a slowdown in the global economy may result in a drop in demand from the steel industry. But note that while Massey Energy provided a lukewarm guidance, industry giant Peabody Energy told investors gathered at a Lehman Brothers conference on Thursday that world coal demand continues to exceed supply and prices remain strong and are rising. But that hasn’t stopped the firm’s shares from dropping by more than 20% in the past week, almost in line with the fall in Massey’s shares. The sell-off in shares of coal companies both in the US and Indian markets suggests that investors are preferring to play it safe rather than be sorry. A new method to compute bank efficiency The Reserve Bank of India’s latest report on currency and finance arrives at the rather startling conclusion that the State Bank of India group performed better than foreign banks as well as so-called new private sector banks in 2006-07 on all efficiency yardsticks—cost, technical and allocative. Both the State Bank group and other nationalized banks were more efficient than foreign banks. The central bank used a technique called data envelopment analysis to arrive at these counter-intuitive conclusions. More traditional measures of efficiency, however, paint a different picture. For instance, the cost-to-income ratio of nationalized banks was 49.36% in 2006-07, that of the State Bank group 52.80%, new private banks 52.59% and foreign banks a low 44.64%. It’s interesting to note how the cost-to-income ratio of the new private sector banks has deteriorated significantly in recent years. Perhaps, most importantly, return on assets was 1.65% for foreign banks, far above 0.92% for new private banks, 0.83% for nationalized banks and 0.82% for the State Bank group. Companies depending more on retained profits for funding Among the many tables tucked away in the Reserve Bank of India’s report on currency and finance is one that shows how the source of funds for Indian firms has changed over the years. Interestingly, the data shows that internal sources of funds, which means retained profits, have become increasingly important. While internal sources accounted for 31.3% of the total funding needs of Indian corporate entities in the 1992-97 period, that share went up to 56.1% in 2001-06. Also See Looking Within (Graphic) One would have expected that with the development of the country’s capital markets and with the opening up of the economy, companies would increase their share of funding from outside sources. But that doesn’t seem to have happened. Instead, the share of equity in corporate funding has declined from 20.6% during 1992-97 to 10.9% during 2001-06. Borrowing from banks has, however, increased. Perhaps, the picture will change once the data for the period 2006-2008 is available, as companies greatly increased their reliance on external commercial borrowings, and as domestic credit growth increases. Nevertheless, the fact that companies are relying more on internal sources could be a sign of prudent financial management and could cushion balance sheets during the current downturn. Write to us at marktomarket@livemint.com Source: Home - Livemint.com | 5 Sep 2008 | 6:43 pm Soya bean oil, rubber futures may returnMumbai: India, the world’s second largest buyer of vegetable oils, may resume futures trading in soya bean oil, rubber, potatoes and chickpeas as falling commodity prices reduce pressure on the government to extend a four-month ban. “We haven’t recommended an extension,” Yashwant Bhave, the top official at the consumer affairs department, which oversees the commodity markets regulator, said in a phone interview from New Delhi. The ban is scheduled to end on Saturday, according to National Commodity and Derivatives Exchange Ltd. Prime Minister Manmohan Singh’s Congress party imposed the ban in an attempt to rein in inflation before nationwide elections due in May. A slump in crude oil has paced declines in prices of staples including wheat, rice and soya beans, making essential foods more affordable for India’s 1.2 billion people. “The decline in oil prices may help control inflation,” Kishore Narne, head of research at Anand Rathi Commodities Ltd, said in Mumbai. “The government may allow the order to lapse.” Inflation unexpectedly declined for a second week in the seven days to 23 August, government figures showed on Thursday. Prices rose 12.34%, easing from a peak of 12.63%in the week ending 9 August. Crude oil has declined 27% from its record price in July and wheat is down 44% from its peak in February. Rice has tumbled 24% from its all-time high in April and soya beans are 26% below their July peak. The Congress party-led coalition has banned exports of rice, corn, wheat and cooking oils to tame inflation that reached a 16-year high in August. Source: Home - Livemint.com | 5 Sep 2008 | 6:43 pm High oil prices may lead to an unstable worldOil prices are sinking towards $100 (Rs4,440) a barrel. But robust global demand suggests the price may not decline much more. Even at $100, the black stuff is still much more expensive than in 2007 and above the realistic long-term equilibrium price. That’s unhealthy for the global economy.  Click here for breakingviews.com In the first half of 2008, oil production outside the Organization of the Petroleum Exporting Countries (Opec) declined by 330,000 barrels per day (bpd), while demand increased by more than one million bpd owing to fast global growth and low interest rates. Helped along by speculation, benchmark oil prices spiked to more than $140 per barrel in early July. Since then, oil market supply conditions have eased, with Opec production up by 350,000 bpd and non-Opec producers adding 550,000 bpd. With global economic growth also looking less robust, oil prices have slumped. But even as they near $100, the cost of oil remains 50% above the 2007 average. As a result, demand can be expected to remain subdued. In the US, the 35% petrol price increase between the summers of 2007 and 2008 accompanied a demand decline of 4.35%. That suggests a price elasticity of demand approaching 15%. Price elasticity in poorer countries should be higher. On the other hand, price controls in several countries and high flat-rate taxes in Europe and Japan reduce the sensitivity of demand to underlying oil prices. Overall, this dynamic should prevent oil prices remaining much above $100 for a prolonged period. But continued economic growth, particularly in China, should absorb the modest supply increases expected in the next year or so, preventing the price from dropping much further, either, for the time being. For the world economy, this is bad news. The long-term equilibrium price of oil is probably around $60 per barrel, at which deep-sea exploration and extraction from tar sands remain very profitable. A price well above that level increases costs in non-oil producing countries while providing windfall profits to oil producers. Such windfalls may benefit oil producing nations’ citizens, but they are also used by countries such as Iran, Russia and Venezuela to back up aggressive and potentially destabilizing foreign policies. As a result, oil priced well above its long-term equilibrium level leaves the world as a whole both worse off and less stable. Source: Home - Livemint.com | 5 Sep 2008 | 6:42 pm Singur talks yield little, to continueKolkata: Talks between the West Bengal government and protesters aimed at rescuing the Tata Motors Ltd’s factory slated to make the Tata Nano, the world’s cheapest car, ended Friday evening without a breakthrough, an official said. But more discussions were scheduled for Saturday and the regional opposition Trinamool Congress, which had spearheaded opposition to the plant, said it remains hopeful of a solution. The discussions came after Tata Motors announced this week it was scouting for new sites to build the Nano after violent protests forced it to suspend construction on the nearly built factory at Singur, close to the state capital Kolkata. “We are heading toward a solution,” said Partha Chatterjee, a senior leader of the Trinamool Congress. He made the comment after the end of the talks on Friday, which lasted three hours and involved members of the Marxist state government, Trinamool Congress and other protest leaders. “There was no resolution but talks will be resumed tomorrow (Saturday),” said Dhruba Basu, spokesman for state governor Gopalkrishna Gandhi, who chaired the meeting. The talks were aimed at appeasing the protesters, who claim farmers were forcibly evicted to make way for the ultra-cheap car plant. The government had no immediate comment on the talks. Before the discussions, the governor, a grandson of Mahatma Gandhi, appealed to “all sides to try to maintain and encourage calm... andtake steps to build a mutual confidence.” Tata group chairman Ratan Tata warned last month he would move the plant out of West Bengal if the demonstrations continued, even though Tata Motors has already invested $350 million (about Rs1,500 crore) in the project. The plant in Singur, out of which the first Nano was due to roll out next month, is 90% complete. A Tata Motors spokesman said earlier this week there was “no way this plant could operate efficiently unless the environment became congenial and supportive of the project.” Tata Motors has said it still aims to launch the Nano in October. It can produce the car at other plants but mass production could be set back by a year if it has to build a new factory elsewhere, analysts say. The car is priced at Rs100,000. Trinamool Congress leader Mamata Banerjee, who has been strident in her opposition to the plant, sounded a conciliatory note Thursday after meeting with the governor. “We want Tata Motors to roll out the world’s cheapest car from Singur factory,” she said, downplaying a demand that the state government return 400 acres of land taken from farmers. The stand-off reflects a wider dispute between farmers and industry over land rights across the nation. On one side are many farmers who say they will starve without their land, while business and government say India must industrialise swiftly to create jobs to employ the army of young people joining the work force. Business leaders have warned the hostile reception could hurt India’s image asa viable investment destination. Source: Home - Livemint.com | 5 Sep 2008 | 6:32 pm Govt hikes support price for cotton; textile lobby upsetNew Delhi / Chandigarh: In a move that appears more populist than pragmatic, the government dramatically raised the minimum support price (MSP) for cotton by up to 46%, potentially benefiting some 4.5 million farmers. But the government-run Cotton Corp. of India, which is the main agency entrusted to buy cotton from farmers, may not be able to absorb what the country produces. And a lobby group for the textiles industry, citing falling global demand for its products and rising input costs, immediately criticized the move. “It (the price hike) has come as a rude shock to the (textile) industry in the throes of a crisis,” said P.D. Patodia, chairman of the Confederation of Indian Textile Industry, in a statement on Thursday. “Domestic prices are already 15% higher than international prices. This would trigger another price spiral which the industry will not be able to afford.” Also See BUMPER CROP (Graphic) With the introduction of Bt cotton seeds, a genetically modified variety developed by US biotechnology company Monsanto Co., India has been witnessing a bumper crop since 2004—after a decade of stagnant production—and has become a net exporter. In 2008-09, production is expected to be 33 million bales (one bale is equal to Rs170 kg), according to data from the Cotton Association of India. Cotton yield has increased from 300kg per hectare five years ago to 560kg last year. The “farmer will benefit from the move but, normally, a minimum support price is introduced when prices are dropping heavily,” says Sridhar Chandrasekhar, headof research at rating agency Crisil Ltd. India is the world’s second largest cotton grower after China, with a production of 31.5 million bales. The Cotton Corp. can procure only some 2.5-3.5 million bales, a government official who closely monitors cotton trading, said on condition of anonymity. The corporation will collect an additional subsidy of Rs1,000 crore to support the new rates, he said. The National Agricultural Cooperative Marketing Federation of India, the farmer’s cooperative that stocks cotton for commercial sale but has not acquired stock for the government in the last five years, also has the infrastructure to handle 150,000 bales, he said. J.N. Singh, joint secretary in the ministry of textiles, however, said on Friday that “the load (of Cotton Corp.) can be increased according to need. It will depend on whether there is a requirement or not”. Support price of long staple cotton of 30mm length, which is used in making superfine fabric, has been raised to Rs3,000 per quintal. Last year, the MSP was Rs2,050 per quintal. Prices of medium staple cotton, used for manufacturing denim and coarser material, have been raised from Rs1,800-1,850 per quintal to Rs2,500 per quintal. This has been the sharpest increase yet for cotton, whose support prices have been rising 10-15% for several years to provide relief to farmers facing mounting debt and a spate of suicides in certain pockets of the country. There are some concerns whether India can afford to hike prices when it depends on exports to clear excess stock On Friday, domestic spot prices of the S6 cotton variety, which is grown primarily in Gujarat and is the most popular export item, was $0.83 (Rs36.85) per pound (about 0.45kg) against an equivalent quality African cotton selling at $0.82, including cost and freight, at an Indian port. In July, the government removed import duty on cotton and scrapped export incentives to raise supply. Politicians whose constituencies are based in the cotton belt, however, welcome the move. Madhusudan Mistry, a Congress party member of Parliament from Sabarkantha in Gujarat, the country’s biggest producer at 10.5 million bales each year, said local farmers have shifted to cotton farming due to good demand. Maharashtra, Andhra Pradesh, Madhya Pradesh, Punjab, Haryana and Rajasthan are other key cotton producing states. But concerns have been raised whether India, which has a surplus production of more than 10 million bales after domestic consumption, can afford to gamble with prices when it has to depend on exports to offload excess supply. “The question is who is going to buy Indian cotton if international prices are lower. The domestic industry needs only 22 million bales,” said a government official asking not to be named. “The government will be forced to procure huge quantities, since the mills will not be able to purchase cotton at the increased prices. The procured cotton will have to be disposed of at huge loss to the exchequer,” said Patodia. maitreyee.h@livemint.com Source: Home - Livemint.com | 5 Sep 2008 | 6:32 pm The farce at NSGCan the reiteration of a 10-year-old policy change India’s fortunes at the Nuclear Suppliers Group (NSG) meeting in Vienna? Maybe it can. It also demonstrates the farcical depths to which proceedings at NSG have sunk. On Friday, external affairs minister Pranab Mukherjee said India remained committed to a voluntary, unilateral moratorium on nuclear testing. Reports from Vienna said the statement was praised at NSG and may have gone some way in assuaging countries opposed to a waiver on nuclear commerce with India. Indian attempts to seek a waiver at NSG comes after it signed a civilian nuclear deal with the US and agreed to inspections of its civil nuclear reactors by the International Atomic Energy Agency. These steps entail serious controls to ensure that India won’t be able to divert nuclear materials for military purposes. This seems to be insufficient to convince these countries of Indian intentions. Things may or may not swing India’s way, but these events demonstrate that these countries want India to sign the nuclear non-proliferation treaty irrespective of the country’s impeccable nuclear record. Source: Home - Livemint.com | 5 Sep 2008 | 6:32 pm Govt allows immediate exports of premium rice gradeNEW DELHI (Reuters) - The governmenton Friday allowed immediate exports of a premium grade of rice, the government said, a day after it decided to allow overseas sales of the variety only from Oct. 15.Source: Reuters: Money News | 5 Sep 2008 | 5:55 pm Indiabulls’ retail push unravels amid big lossesMumbai: Indiabulls Retail Services Ltd, known as Piramyd Retail before it was acquired eight months ago by the financial services group, is drastically downsizing operations in the face of mounting losses. The firm, which is the retail arm of Indiabulls Financial Services Ltd, has shut four of its nine Indiabulls Mega Stores, each with a floor space of about 50,000 sq. ft, and fired several employees, including senior executives, working at these stores. Each mega store employs about 75-100 employees.  Fuelling instability: An oil platform in the Gulf of Mexico. Windfall profits are used by oil producing nations such as Iran, Russia and Venezuela to back up potentially destabilizing foreign policies. AFP Sameer Gehlaut, one of the three founders of the Indiabulls Group, had resigned as a director in the retail venture in late August. The enterprise value of Pyramid Retail was pegged at Rs208 crore when it was acquired by Indiabulls in January. Back then, the business had losses of about Rs55 crore. And, since the acquisition, India’s nascent branded retail industry has taken a beating from high real estate prices, rising interest rates and slowing store traffic. Of the four mega stores that have been closed, two were in Delhi and two in Ahmedabad. The five mega stores still functioning are holding on to old merchandise, according to an ex-employee, who had been fired. Mint could not independently ascertain this. The mega stores that are still open are in Jaipur, Nagpur and Ludhiana, and two in Pune. In addition to the mega stores, Indiabulls Retail owns smaller stores called Trumarts and two warehouses in Wagholi, Maharashtra and Badarpur, near Delhi. According to former employees familiar with the situation, who didn’t want to be identified, the company plans to shut both warehouses and could also close some of its small-format stores. Indiabulls officials did not say if they are closing the warehouses, but Banga said the company plans to launch more small-format stores in Maharashtra and Ludhiana. “After the acquisition, Indiabulls has added eight Trumart stores,” he pointed out. Indiabulls Retail’s CEO Ikroop Singh Kehal recently resigned, adding to the chain’s woes, and was replaced by the wholesale unit’s chief operating officer Udesh Jha. At the annual meeting with shareholders on Friday, however, both Kehal and Jha were appointed directors of Indiabulls Retail. Some of the company’s vendors say they have also become wary after the retail company delayed payments. “The company is having issues with some of the vendors, but not with us,” said one of Indiabulls Retail’s larger vendors, on condition of anonymity. “It is closing down its loss-making units, but at the same time it has conveyed plans to expand its operations.” Most Indian branded retail chains are losing money, especially those that have been on a huge store-opening spree, in an industry known for razor-thin profit margins. Source: Home - Livemint.com | 5 Sep 2008 | 5:55 pm Asia's forex intervention may be a losing gameNEW YORK (Reuters) - Asian central banks have sold U.S. dollars in recent sessions in an attempt to rescue their battered currencies, but their efforts may prove futile against a resurgent greenback that has caught fire after a seven-year decline.Source: Reuters: Money News | 5 Sep 2008 | 4:45 pm India,Colombia sign agreement in hydrocarbon sectorIndia and Colombia Friday signed an agreement for cooperation in the hydrocarbon sector, expanding India's presence in the distant oil-rich country.Source: IndiaeNews.com: Business News | 5 Sep 2008 | 4:30 pm Voluntary car fuel economy ratings won't work: NGOThe auto industry's recent proposal of voluntary fuel economy labeling will not work, the Centre for Science and Environment (CSE) said here Friday, a day after the Society of Indian Automobile Manufacturers (SIAM) announced the measure.Source: IndiaeNews.com: Business News | 5 Sep 2008 | 3:32 pm New RBI chief says inflation first priorityMUMBAI (Reuters) - New Reserve Bank of India (RBI) governor D. Subbarao said checking inflation, which is running above 12 percent annually, was his immediate priority, signalling he was set to maintain the firm anti-inflation stance of his predecessor.Source: Reuters: Money News | 5 Sep 2008 | 3:00 pm Nano car deadlock shows holes in India land policyNEW DELHI (Reuters) - A colonial-era law for land acquisitions in India has helped trip up several industrial projects, including Tata Motors' plans for the Nano, adding to calls for reforms to keep investors attracted.Source: Reuters: Money News | 5 Sep 2008 | 12:35 pm Russia’s MTS to sell Apple iPhoneMoscow: Russia’s number one cell operator MTS said on 5 September it has signed a deal with Apple Inc. to sell the iPhone in Russia. MTS, which becomes the last of the country’s “big three” providers to announce a distribution agreement for the handsets, did not provide immediate details of the deal. The announcement was made less than a week after MTS’s major rivals Vimpelcom and MegaFon said they have reached similar deals with Apple. Both MegaFon and VimpelCom said they will be offering iPhone 3G. MTS was not able to specify which model it will be selling. iPhones have not gone on sale officially in Russia, but are available on the “gray market” for some $1,000, several times the current retail price in the United States. An estimated 500,000 iPhones are in use in Russia, which makes it one of the biggest markets for iPhones outside the United States. Analysts say Apple decided to sign deals with the “big three” because it wanted to get a good exposure on the local market where buyers can be put off by being able to use a handset on only one network. Analyst Anna Lepetukhina, of Troika Dialog, said that iPhones will probably be available on different networks and operators will not be subsidizing the handsets, although details of the deals are not available yet. Lepetukhina said the official retail price in Russia, which she estimated at between $600 and $700, will draw iPhone users to buy more. Source: Tech News - Livemint.com | 5 Sep 2008 | 11:37 am
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