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Pepsico\'s product range now stronger: Indra NooyiNooyi now says that the market for pepsico\'s product range has gotten stronger with households across the world cutting back on spending on luxuries like eating out. She\'s betting big on growth from the Asian markets and was in China to inaugurate a plant there.Source: Moneycontrol Top Headlines | 4 Jul 2009 | 2:45 pm RNRL asks SC to restrain RIL from inking gas pactsReliance Industries said, the company filed special leave petition (SLP) against Bombay High Court (HC) Judgement in Supreme Court. Reliance Natural Resources (RNRL) said, the company asked Supreme Court (SC) to restrain Reliance Industries (RIL) from supplying 40 mmscmd to others and from signing contracts for 40mmscmd.Source: Moneycontrol Top Headlines | 4 Jul 2009 | 2:16 pm RIL moves SC challenging Bombay HC order on gas pricing!Mukesh Ambani-run Reliance Industries on Saturday moved the Supreme Court challenging the Bombay High Court judgement that asked it to supply gas to Anil Ambani Group`s firm RNRL at a price of USD 2.34 per mmbtu.Source: Zee News : Business | 4 Jul 2009 | 1:10 pm Nigeria, Algeria, Niger seal $10 bn gas pipeline deal!Three African countries on Friday signed an accord to build a USD 10-billion trans-Saharan gas pipeline linking vast reserves in Nigeria to Europe.Source: Zee News : Business | 4 Jul 2009 | 1:10 pm Mountain of Debt: Rising US debt may be next crisis!The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It`s the national debt.Source: Zee News : Business | 4 Jul 2009 | 1:10 pm Major nations should back dollar as key currency: Japan!Major countries should support the dollar as the key international currency, although emerging nations may discuss a new global reserve currency on the sidelines of the G8 summit next week, a Japanese official said on Friday.Source: Zee News : Business | 4 Jul 2009 | 1:10 pm British Airways says will slash spending!Troubled British Airways said Friday that it would slash capital expenditure by one fifth in the current financial year after posting another sharp drop in monthly passenger numbers.Source: Zee News : Business | 4 Jul 2009 | 1:10 pm EPF interest rate stands unchanged at 8.5 per cent - Economic Times
Source: Business - Google News | 4 Jul 2009 | 12:47 pm Gold eases further, silver recovers marginallyGold prices eased further for the second straight day on the bullion market due to persistent stockists offerings inspite of higher London advices.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 12:15 pm North Korea test-fires 7 missiles off east coast: South KoreaSeoul (South Korea): North Korea fired seven ballistic missiles off its eastern coast on Saturday, South Korea said, a violation of UN resolutions and an apparent message of defiance to the United States on its Independence Day. The launches, which came two days after North Korea fired what were believed to be four short-range cruise missiles, will likely further escalate tensions in the region as the US tries to muster support for tough enforcement of the latest UN Security Council resolution imposed on the communist regime for its May nuclear test. South Korea’s joint chiefs of staff said three missiles were fired early Saturday, a fourth around noon and three more in the afternoon. The Defense Ministry said that the missiles were ballistic and are believed to have flown more than 250 miles (400 kilometers). “Our military is fully ready to counter any North Korean threats and provocations based on strong South Korea-US combined defense posture,” the joint chiefs of staff said in a statement. South Korea’s Yonhap news agency quoted military officials as saying the missiles appeared to be a type of Scud missile. North Korea’s Scuds are considered short-range, the South’s military said. But Yonhap also said it is possible they could have been longer-range Rodong missiles fired a shorter distance. Scud missiles have a range of up to 300 miles (500 kilometers), which could hit most of South Korea. The Rodong has a range of up to 800 miles (1,300 kilometers), putting most parts of Japan within striking distance. North Korea is not allowed to fire Scuds, medium-range missiles or long-range missiles. They are banned under UN resolutions, including Resolution 1874 passed after North Korea’s May 25 nuclear test, that prohibit any launch using ballistic missile technology. Thursday’s launches, on the other hand, did not violate the resolution, according to South Korea’s foreign ministry. Kim Tae-woo, vice president of the Korea Institute for Defense Analyses, said it was believed North Korea launched cruise missiles on Thursday. Ballistic missiles are guided during their ascent out of the atmosphere but fall freely when they descend. Cruise missiles fly low and straight to their target. The North has a record of timing missile tests for the US national day, which fell on Saturday. “The missiles were seen as part of military exercises, but North Korea also appeared to have sent a message to the US through the missile launches,” a senior official in South Korea’s presidential office said, without elaborating. The official told The Associated Press that North Korea could fire more missiles in coming days, but said there was little possibility it could fire an intercontinental ballistic missile, as it threatened in April. He spoke on condition of anonymity because he was not authorized to speak to media. Daniel Pinkston, a Seoul-based analyst for the International Crisis Group think tank, said both political and military reasons were behind the launches. “I think it’s a demonstration of their defiance and rejection of the UN Security Council Resolution 1874, for one thing, and to demonstrate their military power capabilities to any potential adversaries,” Pinkston said. He also pointed out that 4 July is not only US Independence Day but also the anniversary of a 1972 joint communique in which the two Koreas agreed to work toward peacefully reunifying their divided peninsula. During the US Independence Day holiday in 2006, Pyongyang fired a barrage of missiles, including a long-range Taepodong-2 that broke apart and fell into the ocean less than a minute after liftoff. Those launches, which occurred on 5 July in North Korea, also came amid tensions with the US over North Korea’s nuclear program. North Korea’s state news agency carried no reports on the launches. But the North had warned ships to stay away from its east coast through 10 July for military exercises, an indication it was planning launches. The chief of US Naval operations, adm. Gary Roughead, said on Saturday the American military was ready for any North Korean missile tests. “Our ships and forces here are prepared for the tracking of the missiles and observing the activities that are going on,” Roughead said after meeting Japanese military officials in Tokyo before news of the launches. South Korea and Japan, which are within easy range of North Korean missiles, condemned the launches as a “provocative” act that violates the UN resolution. South Korea “expressed deep regret over the North’s continuous behavior that escalates tensions in Northeast Asia by repeatedly defying” the resolution, the Foreign Ministry said in a statement. In Tokyo, chief cabinet secretary Takeo Kawamura said in a statement that the launch of missiles “is a serious act of provocation against the security of neighboring countries, including Japan, and is against the resolution of the UN Security Council.” In Beijing, a Foreign Ministry spokesman said he had no immediate comment. China is the North’s closest ally. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 11:58 am British Telecom offers staff a year at home for 75% pay cutLondon: British Telecom (BT), seeking to slash costs in the face of Britain’s worst recession in years, is offering employees a year at home in return for a 75% pay cut, the telecom operator said on Saturday. Staff have also been offered a one-off payment of $1,633 if they agree to go part-time, a BT spokesman said. In addition, parents are being given the option of no longer having to work during school holidays in return for less pay. “Being one of the largest employers in the United Kingdom, I think this is an extremely progressive way of managing costs during a recessions, rather than making redundancies,” the spokesman said. BT said in May that it was cutting 15,000 jobs after slashing an identical number of positions in 2008-09 and sustaining a net loss of $125 million in the year to March. Its latest move comes after British Airways convinced some of its staff to work for free. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 11:56 am British Telecom offers staff a year at home for 75% pay cutLondon: British Telecom (BT), seeking to slash costs in the face of Britain’s worst recession in years, is offering employees a year at home in return for a 75% pay cut, the telecom operator said on Saturday. Staff have also been offered a one-off payment of $1,633 if they agree to go part-time, a BT spokesman said. In addition, parents are being given the option of no longer having to work during school holidays in return for less pay. “Being one of the largest employers in the United Kingdom, I think this is an extremely progressive way of managing costs during a recessions, rather than making redundancies,” the spokesman said. BT said in May that it was cutting 15,000 jobs after slashing an identical number of positions in 2008-09 and sustaining a net loss of $125 million in the year to March. Its latest move comes after British Airways convinced some of its staff to work for free. Source: World Business - Livemint.com | 4 Jul 2009 | 11:56 am Bank unions defer July 6 strike over SBI mergerBank unions have deferred their nation-wide strike called to protest the proposed merger of State Bank of Indore with State Bank of India.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 11:50 am Stocks gain 1% this week on budget hopesMumbai: The stock markets remained bullish past week as the Bombay Stock Exchange 30-share benchmark, the Sensex, and National Stock Exchange 50-share index, the Nifty, gained 1% each amid high expectations about sops to the industry and economic reforms in the Union Budget 2009-10 to be presented on Monday. During the week, the Economic Survey has recommended sweeping tax reforms and asked the government to revitalize disinvestment programme and plan to generate at least Rs25,000 crore per year while the Railway Budget 2009-10 left freight raters and passenger fares unchanged with a focus on upgrade of rail infrastructure. Analysts, however, visualized heavy built up of positions if the government announce industry-friendly budget with its thrust on infrastructure sector and economic reforms to boost growth amid disappointing US jobs data indicating to obstacles in any economic revival. In the week ended 3 July, the Sensex fluctuated widely between 14,955.55 and 14,355.52 before ending the week at 14,913.05, netting a rise of 148.41 points or 1.01% over last weekend’s close. Similarly, the NSE Nifty gained 48.75 points or 1.11% to conclude the week at 4,424.25 from its previous weekend’s close. A hike in petrol and diesel prices and lower global crude prices helped oil PSUs surge strongly over the week. Source: Home - Livemint.com | 4 Jul 2009 | 11:37 am ArcelorMittal to restart Gent furnace as stocks fallBRUSSELS (Reuters) - ArcelorMittal, the world's largest steelmaker, will restart its second blast furnace in Gent, Belgium, by mid-August as inventories dwindle and demand edges up, it said in a statement.Source: Reuters: Money News | 4 Jul 2009 | 11:16 am Gold remains weak on subdued demand, silver recoversNew Delhi: Gold prices on Saturday lost another Rs40 to close at Rs14,650 per ten gram in the bullion market here on sustained selling by stockists against restricted buying due to off marriage and festival season. However, silver found buying support at lower levels recovered by Rs50 to Rs21,750 per kg. The white metal had lost Rs400 in previous day’s trading. Marketmen said subdued demand due to off marriage and festival seasons mainly led to fall in gold prices. They said a volatile trading in overseas markets, which normally set price trend in domestic markets here, further fuelled the down-trend. Standard gold and ornaments fell by Rs40 each to Rs14,650 and Rs14,500 per ten gram respectively while sovereign remained flat at Rs12,300 per piece of eight gram in restricted activity. On the other hand, silver ready attracted some level buying from stockists and industrial units and recovered by Rs50 to Rs21,750 per kg and weekly-based delivery by Rs20 to Rs21,600 per kg. However, silver coins continued to be asked around previous levels of Rs28,800 for buying and Rs28,900 for selling of 100 pieces. Source: Home - Livemint.com | 4 Jul 2009 | 11:12 am Jaiprakash Hydro to raise Rs1,500 cr via securities issueMumbai: Jaiprakash Hydro Power on Saturday said it will raise up to Rs1,500 crore through issue of securities in the domestic and international markets and merge Jaiprakash Power Ventures with itself. In a filing to the Bombay Stock Exchange, the Jaiprakash Hydro said the board has approved the raising of funds by way of qualified institutional placement (QIP) of shares and issuance of foreign currency convertible bonds (FCCBs) and depository receipts in the international market. Besides, the board of the company has approved the amalgamation of Jaiprakash Power Ventures with Jaiprakash Hydro Power, with effect from 1 April 2009. Under the merger agreement, the shareholders of Jaiprakash Power Ventures would get three shares in Jaiprakash Hydro Power for every share held, the filing said. The two power companies are subsidiaries of diversified conglomerate Jaiprakash Associates. As of March quarter, Jaiprakash Associates holds 63% in Jaiprakash Hydro. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 11:03 am Bank unions defer July 6 strike over merger of SBI associate - Hindu
Source: Business - Google News | 4 Jul 2009 | 10:43 am Rail budget has ignored northeast, says Tripura's ruling LeftThe Left Front government in Tripura Saturday voiced its unhappiness over the railway budget, saying Railways Minister Mamata Banerjee had ignored the northeast by announcing no new schemes or projects for the region.Source: IndiaeNews.com: Business News | 4 Jul 2009 | 9:31 am Activists want Goa to emulate Russia's casino banActivists in Goa have urged the government to ban offshore and onshore casinos in the state - like Russia which outlawed gambling houses Wednesday.Source: IndiaeNews.com: Business News | 4 Jul 2009 | 9:30 am India allows limited wheat export, no subsidyNEW DELHI (Reuters) - India has allowed the export of 900,000 tonnes of wheat by state-run firms and 650,000 tonnes of wheat products by private trade as monsoon rains revived after a dry spell.Source: Reuters: Money News | 4 Jul 2009 | 9:10 am HPCL Visakha refinery to produce Eurocompliant productsThe Visakha refinery of Hindustan Petroleum Corporation Ltd (HPCL) is gearing up to offer EuroIII and EuroIV compliant products by April 2010, according to Mr P.A.B. Raju, Executive Director.Source: Moneycontrol Top Headlines | 4 Jul 2009 | 8:46 am Orissa power situation continues to be grimThe power situation in Orissa is grim as the state is receiving less electricity than it requires, says state Energy Minister Atanu Sabyasachi.Source: IndiaeNews.com: Business News | 4 Jul 2009 | 8:30 am Indian markets crawl as investors await budget - Hindu
Source: Business - Google News | 4 Jul 2009 | 8:21 am EPFO decides 8.5% interest on provident fund for 2009-10New Delhi: The Employees’ Provident Fund Organization (EPFO) on Saturday decided to give 8.5% interest on provident fund deposits of 4.5 crore subscribers. The decision to recommend 8.5% interest rate, the same as the last fiscal, to the Finance Ministry was taken by EPFO’s Central Board of Trustees (CBT). The CBT, the apex policy making body of EPFO, decided to retain the interest rate at the existing level at a meeting which was chaired by union labour minister M Mallikarjun Kharge. Payment of 8.5% interest rate on provident fund deposits, which are of the order of Rs1.82 crore, is expected to leave a surplus of Rs6.4 crore during the current fiscal. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 8:18 am Black money, maoists threat impede electoral process: QuraishiNew Delhi: Role of black money in elections, threat to voters from maoists, mushroom growth of political parties and casual approach of urban voters impede the electoral process in the country, election commissioner SY Quraishi has said. “Role of black money is the biggest problem. We admit that we have failed to curb it. In the 30 days’ of the election process we cannot contain black money,” he said last night at a seminar on ‘Indian Elections 2009 - Trends and Perspectives´. Quraishi also spoke of the fire power of the maoists, deterring voters from exercising their franchise. He expressed concern over mushroom growth of political parties in the country and pointed out that at present there were some 1,200 small parties. “Some of these even run from betel shops,” he said in a lighter vein. Quraishi said the causal approach of urban voters towards elections was “a dangerous trend”. “Voters do not have the right to criticise a government if they do not play a part in its formation”, he said. He expressed satisfaction over less violence during the recent Lok Sabha polls and said booth capturing has become a thing of the past, thanks to the strict measures adopted by the Commission. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 7:53 am EPFO decides 8.5% interest rate on provident fund for 2009-10The Employees' Provident Fund Organisation on Saturday decided to give 8.5% interest on provident fund deposits of 4.5 crore subscribers.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 7:51 am RIL moves SC against Bombay HC order on gas pricingReliance Industries moved the SC challenging the Bombay HC judgement that asked it to supply gas to RNRL at a price of $2.34 per mmbtu.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 7:42 am Sensex, Nifty gain one per cent each in bullish marketThe stock markets remained bullish past week as the key indices Sensex and Nifty gained one per cent each amid high expectations about sops to the industry and economic reforms in the Union Budget to be presented on Monday.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 7:27 am RIL agrees to abide by PSC, seeks to avoid petro min penal action - Economic Times
Source: Business - Google News | 4 Jul 2009 | 7:26 am Jaiprakash Hydro to raise upto $314 mlnMUMBAI (Reuters) - Utility Jaiprakash Hydropwer Ltd said on Saturday its board had approved raising up to 15 billion rupees ($314 million) through the sale of shares, depositary receipts or bonds.Source: Reuters: Money News | 4 Jul 2009 | 7:09 am Indian markets crawl as investors await budgetIndian equities markets went up and down in volatile trading last week, but ended close to where they were a week ago, as investors waited anxiously for the budget to be unveiled Monday. A key index moved up from its previous weekly close, but only 1.01 percent.Source: IndiaeNews.com: Business News | 4 Jul 2009 | 7:00 am It's a growth-oriented Budget - Business Standard
Source: Business - Google News | 4 Jul 2009 | 6:39 am Kambakkht Ishq | King of bad trashIf you really are a film lover, you know the difference between trash and art—and in both you find joy. Something in a stupid, empty film can force a chuckle out of you, even a sigh-inducing uplift, and transport you for a moment from the dull funk of life. If you submit, and suspend disbelief, you can be surprised.  Bad trash: Kambakkht Ishq is another failure of producer Sajid Nadiadwala. We, Bollywood lovers, go a step further with this ‘suspension of disbelief’ idea. Not only do we know the difference between trash and art, but unfortunately also between trash and bad trash. Your examples in all these categories might be different from mine, but just so you know exactly what I’m talking about, trash is Kunal Kohli’s Fanaa, art is Ram Gopal Varma’s Satya, bad trash is Anees Bazmee’s No Entry. All three kinds work at the box office, there is no formula. Bollywood bad trash is difficult to digest even on days you’re bored and lonely, when there are no possibilities anywhere else. But when bad trash is soaked in lush cinematography, set in the best cities in the world, but riddled with the worst kind of stereotypes and the most sordid brand of humour, you want to run. I didn’t walk out of the theatre after watching Kambakkht Ishq last night, I ran. My evening needed desperate mending. Sajid Nadiadwala, the producer of Kambakkht Ishq, is known for many bad trash movies that have worked well at the box office: Mujhse Shaadi Karogi, Jaan-E-Man, Hey Babyy, etc. The buzz around this one has been building up since last year, with news of Sylvester Stallone playing a cameo (Incidentally, in the title sequence, Pooja Batra gets the credit of “securing Hollywood talent”; and the entire film looks at Hollywood with imbecile awe and wonder). Its budget is more than Rs50 crore. After all the talk of it being the blockbuster of the year, Kambakkht Ishq is without doubt the most asinine and offensive film of the year. It will perhaps make the money considering this is just the second big release of the year after New York and because a Kareena-Akshay film is bound to ooze star appeal. Akshay Kumar was a rumbustious sardar in Singh is Kingg, his trump card of 2008; then there was Chandni Chowk to China where he was a stuntman, and which bombed at the box office. He needs this hit. But even though this does become one, what really can it do for Akshay? I think not much. Comic timing and physical stunts don’t make a real star, Akshay needs some desperate measures. Kareena, a fine actress when she wants to be (as in Omkara), must have done the role of Simrita in Kambakkht Ishq for the money alone. This has to be one of the most puerile, and offensive female characters ever written. Viraj Shergill (Akshay Kumar) is a Hollywood stuntman always surrounded by skinny, pouty white women. He treats them like human gadgets—leaving one behind in a bath tub by mistake, running over one while driving a convertible, and making promises of “golden babies” to one (Denise Richards playing herself). He is also a misogynist, brainwashing his brother and sidekick played by Aftab Shivadasani into teaching his wife (Amrita Arora, either screechy or whiny) a lesson about chauvinism. In one of the very first scenes of the film, the couple’s wedding party, a farcical comedy of situations erupts, where women are slapped, dragged and leered at by an ugly man on viagra. You cringe, fume, vomit. Viraj lives in a plush villa in Hollywood and later wins an award for his work as a stuntman presented to him by Sylvester Stallone. Simrita (Kareena Kapoor), a medical student training to be a surgeon, can pay for her education because she is a model. She hates men and is the best friend of the whiny wife. In the first half hour itself, the battle of the sexes begin, and then snowballs into bizarre situations, absurd dialogues and a ridiculous climax. I doubt if the most seasoned trash aficionado will be amused by this film. The stereotyping is cruel and doesn’t justify any attempt at humour. For some reason, throughout the film, Sim (Simrita) hates stuntmen and her litany against them—“low class, fake, secondhand”—are emphasized by loud, uneven dialogue delivery. Director Shabbir Khan obviously has no control over any of the performances. All men or women of colour are either oversized monsters or street goons or tramps. In one of the most outrageous scenes of the film, Viraj is thrashed around by an oversized black woman after he is suspected of being a drug peddler. Give Kambakkht Ishq a miss. When it’s raining hard and you’ve just survived a pay cut, this is not the movie you go to watch—you’ll be insulted and crudely affronted. Kambakkht Ishq released in theatres on 3 July. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 6:38 am Pakistan’s nuke weapons face threat from insiders: ex-CIA officialWashington: Pakistan’s atomic weapons face the threat from insiders in the nuclear establishment colluding with outsiders, as authorities there have “a dismal track record” in thwarting such dangers, a former top American intelligence official has warned. “The greatest threat of a loose nuke scenario stems from insiders in the nuclear establishment working with outsiders, people seeking a bomb or material to make a bomb”, said Rolf Mowatt-Larssen, who served as a CIA officer for 23 years. “Nowhere in the world is this threat greater than in Pakistan. Pakistani authorities have a dismal track record in thwarting insider threats,” Mowatt-Larssen said in the July/August issue of Arms Control Today, published by the Arms Control Association. He underlined that the network run by the father of the Pakistani bomb, Abdul Qadeer Khan, channeled sensitive nuclear technologies to Iran, Libya, and North Korea for years under the noses of the establishment before it was taken down in 2003, to the best of our knowledge. The Umma-Tameer-e-Nau (UTN), founded by Pakistani nuclear scientists with close ties to al Qaeda and the Taliban, was headed by Sultan Bashiruddin Mahmood, who had been in charge of Pakistan’s Khushab reactor. “It is stunning to consider that two of the founding fathers of Pakistan’s weapons programme embarked independently on clandestine efforts to organize networks to sell their country’s most precious secrets for profit,” Mowatt-Larssen stressed. The former CIA official said there are troubling indications that these insider threats are not anomalies. “In the Khan and UTN cases, the rogue senior officers and their cohorts in the nuclear establishment were not caught by Pakistan’s security establishment. It would be foolhardy to assume that such lapses could not happen again,” writes Mowatt-Larssen, a senior fellow at Harvard University’s Belfer Centre for Science and International Affairs, who until January 2009 headed the US Department of Energy’s intelligence and counterintelligence office. He warned, “it would be foolhardy to assume that such lapses could not happen again”. “The Pakistani military, intelligence, and nuclear establishments are not immune to rising levels of extremism in the country”. “There is a lethal proximity between terrorists, extremists, and nuclear weapons insiders,” Mowatt-Larssen warned. He said Pakistan’s expanding nuclear programme and the insider threat that accompanies it “is taking place in the context of the broader trend of increasing instability in the country”. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 5:50 am China cenbank chief warns of risks in stimulus pushBEIJING (Reuters) - China's massive economic stimulus plan has launched some projects that are wasteful, possibly making it hard for investors involved to repay bank loans, China's central bank chief said on Saturday.Source: Reuters: Money News | 4 Jul 2009 | 5:33 am Stores for your stylingMumbai * Export surplus stores such as Clothes Rack (Breach Candy, Cuffe Parade, Chembur, Khar, Matunga and Ville Parle) Cotton On (Bandra Reclamation), Apparel Store (Kemp’s Corner) * Colaba Causeway—besides the roadside stalls, try stores such as Kalapi and Pax * Fashion Street, Metro * Lokhandwala market, Andheri * Hill Road, Waterfield Road and Linking Road in Bandra for street shopping as well as small boutiques selling stylish clothes ******************** New Delhi * Cottons, N-Block market, Greater Kailash 1, for jhola bags, lycra churidars, short and long kurtas, dupattas and scarves * Dilli Haat for bags and ethnic footwear * Skin Style at Cafe Style, Sector 18, Noida, for custom-tailored plaid trousers, shorts, shirts and stylized Converse shoes with buttons and sequins * Muah, Khan Market, for dresses and jumpsuits * Sarojini Nagar Market for skirts, ganjis, dresses and shirts * Street stalls at M-block Greater Kailash I market for slip-ons and ballet shoes * Khan Market, central lane for sequined flip-flops, jewellery * Janpath street market for beads, oxidized jewellery, skirts, ethnic footwear * Playclan, Select Citywalk, Saket for quirky T-shirts * Taniya O’ Connor at 9811353977 for dresses ******************** Kolkata * Forum Mall, Elgin Road * Vardaan Market, Camac Street * New Market * South City, Prince Anwar Shah Road, Tollygunj ******************** Bangalore * Down Town The Fashion Boutique, Feet Road, Indira Nagar * Handloom sales and exhibitions at the Chitrakala Parishad for ethnic clothes ALSO TRY: High street brands such as Chemistry, Mango, Promod, FCUK and Forever New for clothes, Charles & Keith, Aldo, Puma, Nike, Reebok and Adidas for shoes and bags, and Levi’s, Lee and Lee Cooper for jeans. Compiled by Parizaad Khan Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 4:57 am Govt allows wheat export as rains revive; no subsidyNew Delhi: The Union government has allowed the export of 900,000 tonnes of wheat by state-run firms and 650,000 tonnes of wheat products by private trade as monsoon rains revived after a dry spell. The government rejected demands of an export subsidy, making shipments viable only to neighbouring Bangaldesh, traders said. The Directorate General of Foreign Trade, an arm of the commerce ministry, said late on Friday that export of the grain has been allowed up to March next year through MMTC Ltd, STC Ltd and PEC Ltd. One trader with an international firm said Indian wheat would cost more than $240 a tonne in Southeast Asia and the Middle East, or $20-$30 more than Black Sea and US wheat. “The price does not favour exports without subsidy. Export is possible only to neighbouring Bangladesh, not beyond,” said a Mumbai-based trader working with an international company. An official of the Roller Flour Millers Federation of India said the export of wheat products was viable but the government had to give details of how it would monitor exports. Analysts said the move had been anticipated by the market as a panel of federal ministers decided early this year to allow exports of two million tonnes of wheat and wheat products. India has accumulated a huge surplus of wheat after banning exports two years ago. Soaring stocks after a bumper harvest encouraged the government to say earlier this year that exports would eventually be allowed. Last month, farm secretary T. Nanda Kumar said export curbs could be lifted after evaluating the progress of monsoon rains, which are forecast to be 93% of the long-period average this year. Source: LatestNews-Home - Livemint.com | 4 Jul 2009 | 4:51 am AI crisis threatens to snowballAir India financial crisis could soon reach a flashpoint with lower-rung employees striking work for two hours to protest against delayed payment of salaries and the management threatening action against them.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 12:22 am Budget guess swings between aam aadmi and growthKolkata, July 3 Key market players have been speculating about the Budget’s possible policy thrusts, but are unable to fathom how the Finance Minister would balance reforms measures with the element of inclusiveness.Source: Business Line - Home Page | 4 Jul 2009 | 12:00 am Mamata-Lalu battle livens up presentationNew Delhi, July 3 It was reality television at its best, reminiscent of the Saurav Ganguly-Greg Chappell spat. While the new Minister of Railways, Ms Mamata Banerjee, was presenting the budget, a game of one-upmanship was going on in theSource: Business Line - Home Page | 4 Jul 2009 | 12:00 am 8 banks face NPAs of Rs 1,300 cr on PSU arm’s scrap woesChennai, July 3 Five public sector banks and three of the private sector are in danger of losing about Rs 1,300 crore, as a loan account of a public sector undertaking, STCL Ltd, has turnedSource: Business Line - Home Page | 4 Jul 2009 | 12:00 am NBFCs lower auto loan rates in race with public sector banksNew Delhi, July 3 Faced with stiff competition from public sector banks, Non-Banking Finance Companies (NBFCs) have been forced to lower their rates on vehicle finance. In the past month or so, NBFCs have brought down interest rates by 100-200Source: Business Line - Home Page | 4 Jul 2009 | 12:00 am Railways ropes in Pitroda to head cable network panelNew Delhi, July 3 The man who is widely believed to have kick-started the telecom revolution in India — Mr Sam Pitroda — will now help the Railways better use its optical fibre network across the country.Source: Business Line - Home Page | 4 Jul 2009 | 12:00 am Monsoon, rail budget give stocks a boostMumbai, July 3 The domestic stock indices moved up sharply by 1.7 per cent each on Friday, the last trading session before the presentation of the Budget onSource: Business Line - Home Page | 4 Jul 2009 | 12:00 am Analysts see Friday’s populism on Monday tooMumbai, July 3 Marketmen welcomed the Railway Budget of Friday saying that the “populist” Budget has given slight hints of what the General Budget on Monday could hold.Source: Business Line - Home Page | 4 Jul 2009 | 12:00 am Mamata leaves passenger fares, freight rates untouchedNew Delhi, July 3 Transparently honest. That’s what Ms Mamata Banerjee’s Rail Budget for 2009-10 would seem to be.Source: Business Line - Home Page | 4 Jul 2009 | 12:00 am Is Mamata plan more realistic than Lalu’s?New Delhi, July 3 Ms Mamata Banerjee, at one level, seems to be a more realistic Railway Minister compared to her predecessor, Mr Lalu Prasad.Source: Business Line - Home Page | 4 Jul 2009 | 12:00 am Salaried need tax breatherThere are a lot of expectations from the forthcoming Budget. The manifesto of the Congress party pointed out that the focus of the new measures will be to stimulate demand in the domestic economy and augment the purchasing power of the people. GivenSource: Business Line - Home Page | 4 Jul 2009 | 12:00 am Coal linkages of 25 power plants cancelled - Hindu
Source: Business - Google News | 3 Jul 2009 | 10:28 pm Citi to go underground, literallyIn a bid to get around the tight regulations on opening new branches by foreign banks, Citibank India has decided to go underground, to expand its network.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 9:53 pm Strike will send a wrong message: Patel - Hindu
Source: Business - Google News | 3 Jul 2009 | 9:45 pm Satyam set to fire another 800With little resistance coming for the laying off process, Mahindra Satyam is now gearing up for yet another round of lay-offs.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 9:21 pm E-bike maker Kabirdass files for IPOElectric scooters-maker Kabirdass Motors, seeking clearance from Sebi for an initial public offering in August, plans a pan-India presence post the fund-raising.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 9:08 pm Nuclear power a $40 bn opportunityThe Indian nuclear power market is estimated to touch $40 billion or Rs 20,000 crore by 2020, according to a study by an online research portal.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 9:07 pm Govt's modernisation and capacity addition plans need a fillipThe global economy has entered a period of recession and is expected to contract for the first time since World War II.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 9:04 pm RNRL moves SC against RIL on gas supply rowAnil Ambani group company RNRL on Friday filed a petition in the Supreme Court (SC) against Mukesh Ambani promoted RIL to get the Bombay High Court's June 15 judgment on gas supply implemented.Source: India Business News | Business News - Times of India | 3 Jul 2009 | 8:23 pm Employee gain: Fringe tax likely to be removedThe Union Budget on Monday could bring some cheer for corporate taxpayer, as it is likely to remove fringe benefit tax (FBT).Source: India Business News | Business News - Times of India | 3 Jul 2009 | 8:21 pm SBI offers Bharti $1bn loan for MTNState Bank of India has offered a loan of up to $1 billion to Bharti Airtel to partly fund the Indian telecom firm's planned stake buy in South Africa's MTN, two sources said.Source: India Business News | Business News - Times of India | 3 Jul 2009 | 8:19 pm Market cap far from last Budget-eve highsDalal Street investors are still out of the money, having lost nearly Rs 11 lakh crore since the last full-fledged Budget 16 months ago.Source: India Business News | Business News - Times of India | 3 Jul 2009 | 8:18 pm Patni wants to take a byte of cloudPatni Computer Systems, the Mumbai based IT services provider, is looking at capitalising on big opportunities.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 8:09 pm Voluntary disclosure of income scheme: A workable idea?As part of his dream budget back in 1997, then Finance Minister P Chidambaram introduced the voluntary disclosure of income scheme (VDIS) go bring tax evaders into the net boost the governments revenue. 12 years later there is growing buzz that is similar amnesty scheme could be in the work,this time to generate fund to spend on infrastructure.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 8:00 pm Cement prices headed for a correction in JulyAnd with the monsoons finally setting in, cement prices are expected to see a correction across the country starting this month.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 8:00 pm GE Aviation plots India sourcingGE Aviation, one of the world's leading manufacturer of jet engines for both commercial and military aircrafts, is looking at sourcing $100 million of aero parts from India.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 7:58 pm Mamata plans grand schemes on a shaky trackPassenger fares, freight rates unchanged, West Bengal gets bonanza.Source: Business Standard | Front Page Headlines | 3 Jul 2009 | 7:24 pm Tata Cap, Mizuho to raise $500m in JapanTata Capital, a subsidiary of Tata Sons, has tied up with Japanese securities firm Mizuho Securities to raise a private equity fund in Japan.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 7:22 pm ITC frozen foods foray on iceITC Foods has put its entry into the domestic frozen ready-to-eat foods on the backburner after facing supply chain and distribution hurdles.Source: Daily News & Analysis: Money News | 3 Jul 2009 | 7:11 pm Soft on reforms, Mamata signals return to socialismNew Delhi: The Railway Budget for 2009-10 had a fair share of populist and reformist measures, but it was actually less about populism or reforms and more about a complete disregard for the finances of India’s largest carrier. Presenting what was her first rail budget as part of the United Progressive Alliance (UPA) and her third overall, Mamata Banerjee, projected a sharp deterioration in the state of the railways’ finances—wherein it will now spend Rs92.50 to earn Rs100—back to levels last seen in 2000-01. Nor has she done anything to reverse the erosion of the department’s reserves. Also See Ample Giveaways ( Graphics) The budget has come smack in the middle of what is a critical phase for the Indian economy as it recovers from the global macroeconomic shocks that sharply reversed growth trends in the last one year. Indian Railways’ freight business reflects this recovery.  Mamata Banerjee. Ramesh Pathania / Mint The rail budget was expected to do its bit for the recovery. Instead, it has paid more attention to the “inclusive” credentials of the UPA and Banerjee herself, chief of the Trinamool Congress. Also Read Budget 2009 The minister made her intentions clear in the first lines of her budget speech, with a rhetorical question on whether railway projects were to be measured “only on the scale of economic viability” or whether there was a need “to look at their social viability”. To be fair to the combative minister, the slowdown in the economy and the legacy of her inheritance crimped her ability to increase expenditure. Banerjee, who has promised a white paper to review the tenure of her predecessor Lalu Prasad, an erstwhile member of the earlier UPA regime, said the drop in the rate of growth of earnings, coupled with the growth in expenses in the years 2007-08 to 2009-10, have deeply affected the railways’ ability to generate investable surplus—which dropped from Rs19,972 crore in 2007-08 to Rs12,560 crore in 2008-09, and is projected to drop to Rs8,631 crore in 2009-10. Also See Mamata’s vision: short on ideas (Graphics) The minister has sought to revive the optic fibre cable network project Ironically, while Banerjee was unabashed in her commitment to socialist ideals, her plans for future expansion are presaged on the ability to leverage private investment through the now fashionable public-private partnership (PPP) model. Her model to get private sector firms to participate in such projects is similar to Prasad’s: Rs1 trillion of the Rs2.5 trillion spending planned in the five years beginning 2008-09 is to accrue from PPP projects. Banerjee’s budget has envisaged private investment in manufacture of coaches, the creation of nursing colleges, building cold-storage facilities, logistic parks and passenger amenities. Also See On the PPP Track (PDF) In addition, her budget seeks to provide private companies access to freight terminals and railway sidings, used by the railways for loading and unloading vehicles, which will help the railways generate more business through the transport of non-bulk commodities. In a significant move, Banerjee said the Indian Railways would set up a power plant in association with NTPC Ltd, India’s largest power generation utility. This will assure supply of cheap power to the railways, which is the largest consumer of captive power (or power generated by itself) in the country. In a bid to create an alternative revenue source, the minister also sought to revive the optic fibre cable network project she had proposed in her first railway budget in 2000-01. It was proposed that the railway network should be used as a backbone to create an optic fibre network that can be commercially exploited. Taking a cue from her predecessor, Banerjee renewed the railways’ commitment to monetize vast land banks to generate resources for the railways and put in place 50 world-class stations, including those at the top metros, which will now host multiplexes. Conspicuous by their absence in the speech, though, were some large projects proposed by Prasad, such as the two locomotive factories and two coach component factories in Bihar, as well as a coach factory in Kerala. A railway official, who did not want to be named, said the locomotive projects were likely to be put on the backburner, while pushing for new facilities. Railway Board chairman S.S. Khurana, however, said a decision on the locomotive projects had not been taken yet. However, some other board officials acknowledged that the new rail infrastructure corridor could potentially assemble locomotives in the future. Graphics by Sandeep Bhatnagar / Mint Asit Ranjan Mishra, K.P. Narayana Kumar and PTI contributed to this story. Source: Home - Livemint.com | 3 Jul 2009 | 7:03 pm The Italian conquest of IndiaThe Mughal emperors ruled India by the sword—Persian was our chief administrative language till the 1800s—and then became us. The Brits ruled India with cannon and cunning, inadvertently gave us our modern identity—and English—and let us be. With the end of the empire, India’s messy, dynastic democracy took over, full of absurdities, spectacle, family—and food.  The infusion: Pour in the vodka when the tomatoes begin to collapse, and stir the purée on a low flame before adding chilli flakes. Samar Halarnkar Who else but an Italian could adapt to modern India? We are, of course, substantially worse off than them economically, but like us, Italians are garrulous, disorganized and make a virtue of chaos. Little wonder that Indians who marry Italians report great compatibility. The supermodel Madhu Sapre, for instance, the Maharashtrian mulgi (girl) who made a smooth transition to domesticity somewhere near Milan. My wife’s cousin is married to an Italian and the similarities are astonishing. Like us, they are accepting of guests and tend to shrug if things don’t turn out as they are supposed to. Like us, they love their food and have a long, proud culinary tradition. Little wonder that pasta has become so beloved in urban India. My main problem with Indian-restaurant pasta (with some honourable exceptions) is that (a) it’s way too oily and (b) we love to overcook it (al dente? What’s that?) Here’s the easy solution: Get a pasta packet and make the sauce at home. There’s nothing quite like it. Every kirana (grocery) store seems to stock pasta and a growing number of store owners can guide you through—at least—spaghetti, penne and farfalle (though there are as many types of pasta as there are alphabets). Now, I’m sure many of you do this, but let me share my limited experience. I stick to two types of sauces: pesto and arrabiata, both suitably Indianized. I overcome my culinary limitations by simply adding some booze to the sauces: vodka to arrabiata; white wine to pesto. I’m keeping the recipes vegetarian, so I am not again accused of ignoring my brethren who, I am sure, live as fulfilling a life as I do and dream the same dreams (I’m not so sure about the dreams, though—do vegetarians have long, involved dreams of marinating and then roasting a pork chop?). Vodka arrabiata masala Ingredients 12 big, juicy tomatoes 10-11 large garlic cloves, peeled 1 tbsp olive oil ½ cup vodka 1 tsp of red chilli flakes ½ glass red-wine vinegar or red wine Basil leaves Parmesan cheese Method Chop the tomatoes into quarters or smaller pieces. Arrange the tomatoes and garlic in a baking dish and roast them in an oven till you get the wonderful, nutty smell of roasting garlic. Crush the garlic. Heat olive oil in a non-stick pan (don’t smoke the oil), throw in the garlic. When the garlic starts to brown, throw in the tomatoes. Reduce the flame and keep stirring till the tomatoes start to collapse. Keep stirring—this time with some vodka (I used about half a cup at least, though I am not sure since I was drinking it too). Stir in red chilli flakes (you don’t have to; I do, sometimes). For good measure, pour in some red-wine vinegar, or red wine. Half a goblet. Roughly tear and add a big handful of basil leaves. Make the pasta (see The pasta). Toss the pasta with the sauce. Grate some fresh Parmesan cheese over the pasta (if you don’t, that’s fine too). Pesto power plus The key to pesto is fresh basil. I mean really fresh, green leaves (and no, you cannot substitute it with tulsi, even though tulsi is called sweet basil). Basil wilts easily, and if the leaves are blackening around the edges, it’s not in the best shape it could be. Basil also blackens quickly when washed and kept out of the fridge, so only wash it just before you make the pesto. Ingredients 2 handfuls of basil leaves (either plucked or with stalks; I do either, depending on how keen I am to pluck) ½ a handful of pine nuts (chilgoza) or/and a few walnuts or almonds 3-4 big flakes of garlic (roast them first if you want a nutty flavour) 1-2 chillies Salt to taste 2 tbsp olive oil (extra virgin is best) A dash of white wine (I was drinking Gewurztraminer when I made this particular pesto) Grated Parmesan cheese or Pecorino cheese (I prefer to grate the cheese directly over the pasta). Method Bung the whole lot in a mixie and whir it. Add extra basil or olive oil or wine to get a smooth, chutney consistency. Or if you prefer it coarse, cut back on the oil. Pour the pesto over the pasta and toss well. Grate some fresh Parmesan, and grind some fresh pepper, if you wish. If you want to change this to a non-vegetarian version, let me suggest the following additions to the pasta: grilled fish, grilled chicken, roast pork or shredded lamb. I also use pesto as a marinade for grilled fish or chicken. This week, I also marinated a small pomfret with pesto after sticking a kaffir lime leaf into its belly. It was delicious. The pasta If using spaghetti, you can snap it in two, though I don’t. Place the pasta in a big pot of boiling, salted water, then stir until al dente, meaning slightly underdone, which is how I like it (most Indians don’t). It takes about 20 minutes. Drain the water, run the pasta under cool water for about 15 seconds, then drizzle and toss with a teaspoon of olive oil. This is a column on easy, inventive cooking from a male perspective. Samar Halarnkar writes a blog, Our Daily Bread, at Htblogs.com. He is the managing editor of the Hindustan Times. Write to Samar at ourdailybread@livemint.com Source: LatestNews-Home - Livemint.com | 3 Jul 2009 | 7:00 pm Proposals signal reliance on private investmentNew Delhi: The aspirations of railway minister Mamata Banerjee have made certain the entry of private capital into the ministry’s new initiatives as internal resources are inadequate to support her plans. Click here to watch video Banerjee announced a number of capital-intensive proposals in her budget speech that includes starting a power plant and providing cold-storage facilities. In most cases, these plans would be executed in partnership with private companies, she said while presenting the Railway Budget for the fiscal year to March 2010 in Parliament on Friday. “The rapid expansion has to be done with private capital,” said a member of the Railway Board, the railways’ top decision making body. Private investors have already shown interest, the member said on condition of anonymity. The private sector is happy with the tenor of Banerjee’s speech, having seen viable business opportunities. “This budget is unique in the way inclusivity and overall development has been the focus without losing focus on safety, technology adoption and commercialization, while providing opportunities for industry through its capacity expansion programme and setting up infrastructure through PPP (private-public partnership) mode,” Chandrajit Banerjee, director general of industry lobby group Confederation of Indian Industry, said in a statement. Although the private sector sounded upbeat about investment prospects, the track record of the railways has not been good in this regard. Banerjee’s predecessor Lalu Prasad also planned to use such partnerships to finance some of the Indian Railways’ new initiatives. It has, however, not been able to successfully bring to a closure a big initiative with the help of private capital, the board member said. The ministry has appointed an expert group to draw up a business plan for negotiations with pvt sector Soon after the minister’s speech in Parliament, Rakesh Chopra, Railway Board member, engineering, said the current economic slowdown was responsible for many commitments that were made not being carried through by private investors. The railways has appointed an expert group that would draw up a business plan to help the ministry do better in future negotiations for private investment. “We would be much more wiser and go ahead with it,” Chopra said. Among the new initiatives that are likely to be supported by private capital are the development of 50 stations with “international-level facilities”. Banerjee also promised to “develop new innovative ideas for land and air space utilization for commercial purposes through the PPP mode”. Source: Home - Livemint.com | 3 Jul 2009 | 6:53 pm Fiscal constraints fail to curb populist ambitionsNew Delhi: Taking a cue from her predecessor Lalu Prasad, and in tune with the ruling United Progressive Alliance’s inclusive approach, railway minister Mamata Banerjee has opted for populism in her budget for 2009-10. Click here to watch video Banerjee took it up from where she left off during the election campaign for the 15th Lok Sabha and revived her evocative slogan—maa, maati, manush (mother, land, people)—to underline the socialist underpinnings of the Railway Budget. Prasad had introduced air-conditioned trains called Garib Rath (literally, poor man’s chariot) aimed at migrating labourers in the 2005-06 rail budget. Banerjee, in turn, has announced Yuva trains—air-conditioned trains for the youth. “The new low-priced, fast trains service will be started to connect youth in rural hinterlands to major cities. The trains will provide air-conditioned, seated accommodation,” Banerjee told Parliament while presenting the Railway Budget for the fiscal year to March 2010. These trains will run distances between 1,000km and 2,500km. Fares will range between Rs299 and Rs399, she said. Banerjee also announced suburban trains that would ferry only women during peak commuting hours in Delhi, Chennai and Kolkata. Prasad in the last year’s budget had raised the discount for senior women citizens to 50% from 30%. Banerjee also announced 57 new train routes, compared with Prasad launching 53.  Reforms agenda: Rail minister Mamata Banerjee announced 57 new train routes in her budget for 2009-10. Raj Kumar / Mint The railway minister said suburban trains with journey duration exceeding 2 hours would now have washrooms. Prasad last year had announced introducing discharge-free toilets on long-haul routes. Banerjee also introduced mobile ticketing vans and ticket counters in 5,000 post offices. The railway minister has fulfilled her pre-budget promise of making it a pro-people budget, said Kuljit Singh, partner, infrastructure, real estate and government, at consultancy firm Ernst and Young. “Significant emphasis has been laid on providing better social facilities for the aam aadmi (common man),” Singh said. “And in a recessionary environment, both passenger and freight fares have been left unaltered.” For the poor, Banerjee announced a new scheme named Izzat (dignity), under which concessional monthly tickets will be sold to people with a monthly income of up to Rs1,500 in the unorganized sector at a subsidized rate of Rs25 for travel up to 100km. “I wish to present the gift of travel with dignity to even the poorest of the poor,” she said. In another populist move, she extended a students’ concession to those studying in madrasas, or muslim seminaries. Banerjee also revised the railways’ tatkal scheme for last- minute bookings by reducing the booking period from five to two days before the date of journey and reducing the minimum charge levied on such tickets to Rs100 from Rs150. To compete with low-cost air services, the minister introduced non-stop trains on routes that include New Delhi and Jammu Tawi, Mumbai and Ahmedabad, and Kolkata and Amritsar. She also announced a slew of welfare measures aimed at railway employees that include seven nursing colleges on railway land, scholarship for higher education of girl children, construction of at least 6,500 staff quarters and attaching medical colleges to railway hospitals. For journalists, Banerjee raised concession to 50% from 30%, and introduced an additional 50% discount to a spouse once a year, if they travel together. The Railway Budget is more reformist than populist, said Gaurav Dua, head of research at Sharekhan Ltd, a domestic brokerage. “Rather than giveaways in (the) form of lower passenger tariffs, the focus is on productive utilization of spare land and (to) develop railway infrastructure under the public-private participation model,” Dua said. “No increase in freight tariffs is also positive for many core sectors like steel, cement, etc.” Source: Home - Livemint.com | 3 Jul 2009 | 6:51 pm Bare basics elude Bihar’s schoolgoers on govt negligencePatna: To get to the primary school, Lohanipur, East Salam, in this Patna borough, visitors have to walk past human excreta, heaps of plastic bottles and several brass and iron shops that give Lohanipur its name. Basics elude Bihar schools Anjali Kumari, 8, sits on a plastic mat that has seen better days, reading out a lesson in Hindi from her book. On the other side of the classroom, a math teacher explains a concept using the blackboard. Also Read More on Budget 2009 At any point in time, Kumari and the other students in her class share their classroom with at least one other class. The two-room building, where the primary school, Lohanipur, East Salam, is located, is also home to two other schools. Together, the three schools, each running classes I-V, serve 384 children.  “That leaves less than a room for each school,” says Dhananjay Kumar, assistant programme officer in Patna for the government’s flagship programme Sarva Shiksha Abhiyan (SSA), launched in 2001 to put every child in school. Then, there is non-governmental organization Nidaan, which runs classes for out-of-school children in the district and has grabbed the narrow verandah without, according to Kumar, “valid permission”. This is the story of many government schools in Patna and in other parts of the country. In Patna alone, there are at least a hundred such schools—according to figures available with the Bihar Education Project Council (BEPC)—which survive without buildings to their name, sharing space with the few lucky ones, such as the primary school at Lohanipur, that have a building of their own. Kumar calls this an “urban problem”. The state government, he says, is finding it difficult to find or acquire land on which schools can be built.  BEPC is an autonomous body spearheading the SSA programme in the state. It is far easier to add rooms to existing buildings, says the council’s director Rajesh Bhushan. The money for the land isn’t the problem, he adds. “It’s now difficult because Patna is already a congested city; funds for this purpose are lying unused.” Patna was allotted Rs100 crore in 2008-09 under SSA. Only 60% of this was spent. “About 33% of SSA allocation is meant for civil works, but where do we spend?” asks Bhushan. Bihar isn’t the only offender on this count. In 2008-09, Rs20,592.2 crore was supposed to be spent on SSA. Only Rs13,273.4 crore of this money was actually spent. According to data compiled by the human resource development ministry, Tamil Nadu, Madhya Pradesh and Bihar are large states that do not use enough of the money given to them under SSA. All three states lag Kerala, the leader in terms of literacy rate, with at least nine out of 10 of its residents knowing how to read and write. Between them, Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh have 57 districts (out of a total of 81) where half the people cannot read or write. Tamil Nadu has a literacy rate of 73%. Still, even in Bihar, SSA has made some difference. According to data provided by BEPC, around 19.18 million children in the state are covered by SSA. And the state government has come up with programmes targeted at extending the coverage of SSA to unschooled, minority communities and girl children. In 2007-08, the retention rates in Bihar’s government schools for children in classes I-V (primary) was 75.53% and in classes VI-VIII (upper primary), 82.25%. Those figures compare well with corresponding figures of 2006, when 14.6% of children in the age group of 11-14 were out of school. This dropped to 8.6% in 2007, according to the Annual Status of Education Report (Aser) released by Pratham, a non-governmental organization that works in the education sector, in 2007. Not too far from the chaos of Lohanipur is the Middle School, Turhatoli, on Patna’s outskirts. Here, Rajmati Kumari, 10, daughter of a housemaid and an alcoholic father from Bakhtyarpur, a small town in Patna district, is a student of a residential bridge course, and she doesn’t want to go back home. The bridge course prepares children who have never attended school for formal education and entry into a grade commensurate with their age. “I study here, play with friends here and eat to my heart’s content,” says Rajmati Kumari. Three months ago, the girl couldn’t even hold a pencil, says Shweta Kumari, her teacher. “It was very difficult to convince her parents to enroll her here, since most of them in their community employ their children in the fields. We enrolled her for a week, after which she did not want to go back.” As part of the programme, Rajmati Kumari is provided free books, a uniform, food and board. “Once she completes the course, she will be enrolled in class VI,” says Shweta Kumari. Rajmati Kumari’s younger siblings aren’t as fortunate. They do not attend school, much like millions of other children across India. According to Pratham’s Aser release in January, 2.7% of children between the ages of 7 and 10 and 6.3% between the ages of 11 and 14 are not in school. The problems range from gaps in SSA to the contours of the programme itself. Some teachers say mid-day meals, another key scheme of the government to provide food to schoolchildren and thereby draw them to school, have been put on hold in many schools including the ones in Lohanipur since August when non-governmental organizations managing the scheme were blacklisted by the state government because it found some malpractices in the scheme, including lack of proper nutrients in the food supplied. Officials here also say there is a lack of interest in monitoring the programme, especially because the state is awaiting a new law that will govern Vidyalaya Shiksha Samitis, the cooperative societies that run government schools. The monitoring and implementation are now done by ad hoc committees, says BEPC’s Bhushan, and “they do not serve sincerely”. And although Bihar has recruited around 200,000 teachers over the past two years, it is still short of trained teachers and administrative staff for schools, according to BEPC. There is also no emphasis on the outcome of such education programmes, says an activist. Madhav Chavan, founder of Pratham, says the Union government’s approach towards education has not been serious about assessing learning outcomes. “Quality-wise, not much has happened. The government has not been able to give any direction to initiatives on quality. Then finance minister P. Chidambaram and even the Prime Minister have been saying that fiscal outlays should match the learning outcomes, but the Union government could not come up with any leadership on this.” Kusum Kumari, daughter of scavengers and a class V student at Primary School Kathpul West in old Patna, seldom misses her school. Reading aloud diligently from her books, she stops occasionally and waits to be appreciated. Her performance, however, falters when she is asked to read from an English book meant for class III. “Here, government schools introduce English as a subject only in class III. That’s why they are weak in English,” says teacher Rekha Kumari. This is the last in a five-part series leading up to the budget. Mint uses the metaphor of the PIN code, as it did in the coverage of the general election, to bring vignettes of the 2009 budget to readers. Source: Home - Livemint.com | 3 Jul 2009 | 6:34 pm For India, this downturn is not as bad as previous onesIn spite of the current global recession being the worst since the Great Depression, in India the downturn has been more muted than previous ones. The Economic Survey compares the 2008-09 slowdown with previous ones in 2002-03, 1997-98 and 1991-92. The details are seen in the chart.  But if we look at the components of GDP growth, we find that while the survey has raised concerns about consumption growth, private final consumption expenditure growth has been the highest in the current downturn. The biggest positive, of course, has been government consumption, which went up a huge 20.2% in 2008-09 and was the chief prop to growth. But then, it’s amply clear that the main reason for the falling off of growth was the deceleration in gross domestic capital formation, growth in which is at much lower levels than during the earlier two recessions. The gross domestic capital formation (GDCF) rate is at around half that in the previous two slowdowns, although it has certainly not been as bad as in 1991. The survey says, “This is perhaps an indication of how strongly the heightened global uncertainty, risk perception and risk aversion have impacted Indian entrepreneurs.” Also See Comparing Slowdowns (Graphics) More importantly, with so much overcapacity globally, it’s unlikely that companies in India will be in a hurry to rush through with capital expenditure. So, the whole burden of improving the investment rate will fall on government spending on infrastructure. Interestingly, agricultural growth was lower during all the previous slowdowns. Manufacturing growth, too, wasn’t all that bad, being higher than the 1991-92 and 1997-98 downturns. Export growth for 2008-09 as a whole was higher than for 1991-92 and 1997-98, although admittedly exports fared far worse in the second half of the fiscal. Of course, the structure of the Indian economy has changed dramatically since the 1990s. So, the survey gauges the extent of the slowdown by taking the five- year average growth rate and then comparing it with GDP growth in the year of the slowdown. By this method, the survey finds that “the 1991-92 slowdown was the sharpest, while the other three were of similar orders of magnitude”. That raises an interesting point. If, despite the deepest recession in the West since the Great Depression, the slowdown in India is just of the common or garden variety, could it be that there’s something in the decoupling thesis after all? Graphics by Ahmed Raza Khan / Mint Write to us at marktomarket@livemint.com Source: Home - Livemint.com | 3 Jul 2009 | 6:33 pm Ambanis move SC on K-G gas caseNearly 12 days before the Bombay High Court's timeline for an amicable settlement between the warring Ambani brothers expires, both brothers have decided to slug it out in the Supreme Court.Source: Business Standard | Front Page Headlines | 3 Jul 2009 | 6:32 pm 5 Indian firms in shortlist to exploit Afghan iron ore mineFive Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta groups Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.Source: Business Standard | Front Page Headlines | 3 Jul 2009 | 6:31 pm Runway repair delays 20 international flightsOver 20 international flights were delayed late Friday evening due to repair work being undertaken at the new runway of Delhi airport, officials said.Source: IndiaeNews.com: Business News | 3 Jul 2009 | 6:30 pm Quick Edit | The world this weekNew Delhi: Reading the global economic and financial news this week has been a bit like walking down a hall of mirrors. A lot depends on where you are looking. The US labour department said on Thursday that job losses kept mounting, a clear indication that the world’s largest economy is still in trouble. Yet stock markets continued to march upwards, soon after the end of one of their best quarters ever. The US jobs data had some more bad news. Wage rates of those lucky to still have jobs have stagnated. They are close to declining. But it is quite another story on Wall Street. It was reported that pay and bonuses paid to bankers have started climbing again and will be close to the average levels of 2007. Paul Krugman pointed out that wages growing slower than inflation could be a sign that Japan-style deflation may afflict the US. But long-term interest rates continued to climb on expectations of higher inflation. So, let’s not call the end of the great recession quite yet. It ain’t over till the final over is bowled. Source: Home - Livemint.com | 3 Jul 2009 | 6:23 pm Sensex lifeline: high beeps and pratfallsBEML (4.88% down) The shares of BEML Ltd ended down 4.88% on profit-booking after the railway budget. The stock had previously gained 38% from Rs810 to Rs1,114 in the last 10 days. On Friday, the stock ended at Rs1,031 on the National Stock Exchange. RNRL (6.84% up) The Reliance Natural Resources Ltd (RNRL) stock gained 6.84% after RNRL counsel said that the firm has filed a special leave petition in the apex court on Friday. The petition will come up for hearing early next week. Meghmani (10.34% up) The Meghmani Organics Ltd stock gained 10.34% for the second day running ahead of the budget. The industry expects the excise duty on pesticides to be reduced to 4% from the current level of 8%. It also seeks cut in excise duty on furnace oil to 4% from the current 16%. Source: Home - Livemint.com | 3 Jul 2009 | 6:19 pm Volvo gets order for 125 trucks, sees recovery signsMumbai: The world’s second largest truck maker, Volvo AB, has secured an order to supply 125 trucks to an Indian leasing firm at a time considered a lean season for selling commercial vehicles. The trucks, with ticket prices of around Rs70 lakh each, would be sold through Volvo Eicher Commercial Vehicles Ltd, a joint venture of the Swedish auto maker and Eicher Motors Ltd. “We are observing positive signs of a recovery regarding light trucks and buses,” said Par Ostberg, member of Volvo’s group executive management. “In terms of heavy trucks, the market is still declining, but at a slower rate.” Volvo Buses India has got its production capacity filled for the year already, said Akash Passey, managing director of Volvo Buses India. The firm has orders for at least 600 buses, he said. Servicing the orders will see Volvo Buses India expand to another eight cities in the next four months. It is currently present in four cities. Volvo Buses India is now set to ramp up production to its peak annual capacity of 1,000 units, and may double it later by adding a second shift, he said. cnbctv18@livemint.com Source: Home - Livemint.com | 3 Jul 2009 | 6:18 pm Mamata uses rail budget to needle Left FrontTrinamool Congress chief and Railways Minister Mamata Banerjee Friday lost no opportunity to needle West Bengal's ruling Left Front when she proposed a new rail line from Singur to Nandigram and sops for Lalgarh - areas in the state that have witnessed violent anti-Left agitations.Source: IndiaeNews.com: Business News | 3 Jul 2009 | 5:32 pm Achuthanandan meets PM over Mullaperiyar dam issueKerala Chief Minister V.S. Achuthanandan met Prime Minister Manmohan Singh here Friday evening and suggested a joint meeting with his Tamil Nadu counterpart M. Karunanidhi to settle the Mullaperiyar dam issue.Source: IndiaeNews.com: Business News | 3 Jul 2009 | 5:31 pm Andhra Pradesh unhappy over railway budgetAndhra Pradesh Friday conveyed its unhappiness to Railways Minister Mamata Banerjee over the raw deal the state has received in the 2009-10 railway budget.Source: IndiaeNews.com: Business News | 3 Jul 2009 | 5:01 pm Haryana to host 18th 'Mango Mela' from SaturdayThere's good news for lovers of the king of fruits - mango - as Haryana is all set to host the 18th edition of its annual Mango Mela (festival) from Saturday.Source: IndiaeNews.com: Business News | 3 Jul 2009 | 5:00 pm Rail budget progressive not populist: SP TulsianCheering the Railway Budget 200910, SP Tulsian of Sptulsian.com, said, he considered this budget to have a revolutionary approach. We were quite apprehensive that the Railway Budget will be a populist one. However, we have seen quite a progressive approach or I would say the revolutionary approach.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 4:44 pm See order worth Rs 300500cr from rail budget: BEMLAll the other coach and car manufacturing that the railway minister announced translates into orders to the extent of Rs 300500 crore in the current year and the years following,\" VRS Natrajan said after the budget.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 4:43 pm See scope in modernising of 50 railway stations: GVK PowerIn todays Railway Budget, Mamata Banerjee proposed the mordernisation of 50 railway stations. Commenting on the same, Isaac George, CFO, GVK Power Infra said he saw great opportunity in modernising of 50 railway stations.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 4:39 pm RIL gas dispute: RNRL files special leave petition in SCRNRLs Counsel, Mukul Rohatgi, said the company had filed a special leave petition (SLP) in the Supreme Court (SC) today, which would come up for hearing early next week. He, further said, RNRL had sent multiple letters to Reliance Industries (RIL) on the Bombay High Court (HC) judgment.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 4:26 pm Budget only for 8 months but Pranab should go allout: Ex-FM - Moneycontrol.com
Source: Business - Google News | 3 Jul 2009 | 4:24 pm QIP proceeds to help improve CAR, grow biz: Dewan HousingKapil Wadhawan, Vice Chairman and MD, Dewan Housing, said 80% response for the qualified institutional placement was from foreign institutional investors. He said the proceeds will help in improving capital adequacy ratio and growing the business.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 4:17 pm Dollar role in India FX basket may change - officialAIX-EN-PROVENCE, France (Reuters) - The weight of the dollar in the basket of currencies that helps set the rate of India's partially convertible rupee currency may be reduced, a senior Indian government adviser said on Friday.Source: Reuters: Money News | 3 Jul 2009 | 3:50 pm Defence ministry agrees to vacate spectrumThe defence ministry has agreed to vacate spectrum for commercial use, Minister of State for Communications and IT Gurudas Kamat said Friday.Source: IndiaeNews.com: Business News | 3 Jul 2009 | 3:31 pm Survey pins hopes on economic revival - Financial Express
Source: Business - Google News | 3 Jul 2009 | 3:21 pm See EPS of Rs 2526, no subsidy burden in FY10: GailRK Goel, CFO, Gail, does not expect any subsidy burden in FY10. He said profitability will increase by 25% on no subsidy. Goel sees earnings per share of Rs 2526 for FY10.Source: Moneycontrol Top Headlines | 3 Jul 2009 | 1:43 pm INTERVIEW - Delhi metro shows the way for India infrastructureNEW DELHI (Reuters) - India's efforts to build badly needed infrastructure will get a boost from the ruling Congress party's strong mandate for reform, but the country needs sweeping changes in how it implements projects, Delhi's metro chief said.Source: Reuters: Money News | 3 Jul 2009 | 12:56 pm Oracle, Sun deal to be filed to EU in July: sourceBrussels: Oracle Corp’s plan to buy computer maker Sun Microsystems will be notified to European Union antitrust authorities this month, a source familiar with the deal said on Friday. Oracle, the world’s No. 3 software maker, announced in April a $7 billion deal to buy Sun, the world’s fourth-largest maker of server computers and also the developer of Java and Solaris software. “The deal will be notified to the European Commission this month,” the source told the agency. Oracle failed last month to win fast-track approval from US antitrust regulators, who wanted more information on Java licensing rights. “Information on Java licensing rights will be included in the EU notification,” the source said. Sun’s Java software is one of the world’s most widely used computer languages. Oracle CEO Larry Ellison has said he wants to tweak Java software so that it is easier to use on smartphones and netbook computers. A lawyer for Oracle said last month he expected the company soon to win US antitrust approval and to close its purchase of Sun by 31 Aug. The European Commission, which monitors mergers and takeovers in the 27-country European Union, has 25 working days to review such plans in the first phase. This can be extended to 90 working days if an in-depth investigation is required. It can either approve the deal as it stands, order modifications, or block the transaction. Antitrust experts have said they saw no serious antitrust objections to the deal as there was little overlap in the companies’ products. The Commission cleared Oracle’s takeover of software rival PeopleSoft in 2004. The US Justice Department had sought to block the purchase but the move was rejected by a US district court. Source: Tech News - Livemint.com | 3 Jul 2009 | 12:12 pm Govt to recall 4 govt directors from Satyam boardNEW DELHI (Reuters) - Four of the six government nominated directors will be withdrawn from the board of Indian outsourcer Mahindra Satyam Ltd, the chairman of India's Company Law Board (CLB) said on Friday.Source: Reuters: Money News | 3 Jul 2009 | 12:03 pm
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