Troubled galaxy destroyed Dreams, Chapter 370
Palash Biswas
PLAYING IT CRISP - Is the Indian political class maturing in its dealings with the US? | |
| Diplomacy - K.P. Nayar | |
For The On Chidambaram, Look Chidambaram At Six Notwithstanding But Chidambaram |
Market |
| NSE|BSE |
| SENSEX | 16677.04 | 222.59 |
| NIFTY | 4958.40 | 66.30 |
| NASDAQ | 2102.64 | 10.86 |
| DJIA | 9683.41 | 56.61 |
| RS/$ | 48.48 | 0.09 |
Stocks in News
- Pipavav expensive compared to peers
- Sunteck Realty to raise Rs 500 cr via QIP
- Unitech Wireless raises Rs 5,000 cr
- Gopinath cuts stake in Kingfisher Airlines
- Top performing stocks on D-Street
Auto Mania | ||||||
| ||||||
Interviews
 | Dr Y V Reddy, Former RBI Governor |
 | |
 | |
 | Arvind Thakur, CEO, NIIT Technologies |
 | Swami Raote, MD, Johnson & Johnson Consumer, India |
 | Kamesh Goyal, CEO, Bajaj Allianz Life Insurance |
I had been Offline since 6th Sep as I was back away my Home in Uttarakhand. I also visited Uttarparadesh and felt the heat and dust of Mauawati rule in UP as well as BJP rule in the DEVBHUMI, dominated by Caste Hindus! I would file my reports one by one. Meanwhile Indo SINO Border Tension gets momentum with topmost Priority to Military Option and Zero Tolerance in Internal Security. Home Minister Chidamabram joins classes of PENTAGON, NASA, CIA, NATO and WHITE House to deal with Indigenous Insurrections at home! WTO does its best to tag EIGHTY Percent Global Economy with US CORPORATE WAR ECONOMICS of Imperialism as well as Zinism! Bengali Marxists have been cornered once again as DISINVESTMENT Drive goes Blind! I would cover all these topics. For beginning I want to update the Economic and Policy making developments without which we may not be able to understand events adn developments at home and abroad!
Mass Destruction Agenda is being accomplished with merciless Surgical precision with a new ELEMENT AUSTERIETY inserted as Mind Control. Thus, Economic Reforms for Ethnic annihiliation continues! Taking a cue from state-run
NHPC's disappointing debut on the bourses, primary market tracking firm Prime
Database on Tuesday said the
retail investors
post-listing selling pressure.
"The PSU IPOs should be made only to
the retail investors. An only retail policy will have a major positive impact: a
very wide distribution reduces post-listing selling pressure; large sales by
institutional investors often destabilize the prices," Prime Database CMD
Prithvi Haldea said.
He added that by offering shares to the retail
investors, the wealth created by state enterprises from domestic public
resources shall be shared rightfully only with the public.
The IPO of
NHPC was subscribed nearly 24 times on the final day, following which the
government fixed the issue price at the higher end of the price band at Rs 36 a
share.
However, the scrip failed to keep up the momentum and settled
with just two per cent gains on the debut trade, which raised concerns about
aggressive pricing of IPOs.
"Given the long-term prospects of this
company, there should be no cause of concern for the investors, and the
government should not get unduly worried about this, Haldea said.
The Reserve Bank today said the soft monetary policy adopted by it to
counter the impact of the global financial meltdown on the
till the economic recovery is
secured.
Meanwhile, Negotiators from key trading nations agreed on Tuesday a new work plan aimed at
concluding the long-stalled Doha Round of WTO global
officials said.
"Everybody had a calendar and now our calendar is
full until the end of the year," said Swiss WTO ambassador Luzius Wasescha, who
also chairs the negotiating group on industrial goods.
Senior
officials will also come to Geneva for a week every month to advance
negotiations, with the first such session to take place around October 19, said
Indian ambassador Ujal Singh Bhatia following a meeting with his counterparts at
the World Trade Organisation.
Since an aborted attempt to organise a
small ministerial meeting in December last year, the Doha Round of negotiations
that began in 2001 has been restricted to low-level contacts in Geneva.
However, during a ministerial meeting in New Delhi early September,
ministers pledged to resume
As a
result, discussions have been scheduled at the WTO this week, while the European
Union also hosted a separate session Monday with some ambassadors.
Ambassadors said however that it was still too early to tell if the
latest talks will yield concrete results.
"Everybody was in a good
mood, we'll see what happens," said Argentina ambassador Nestor Stancanelli.
The Doha round of WTO negotiations began in 2001 with the aim of
creating a new free-trade pact that would boost global commerce to help
developing countries.
Deadlock between the major trading blocs has
dashed repeated attempts to forge a new pact.
The last push in July
last year in Geneva ended in failure but with a new government installed in
Washington since then, there is renewed hope for another drive for success
sometime next year.
high-level talks from this week.
"Especially on
monetary policy, we will not exit unless we are sure that recovery is secured
...but soon thereafter when we make the judgement that the recovery is secured,
we have to unwind the accommodative monetary policy," RBI Governor D Subbarao
said in Mumbai.
However, the
Governor added, the government and the RBI will have to take a call on exiting
from stimuli given for perking up the slowing down economy sooner than most of
the countries.
He said RBI will
look at number of factors like WPI inflation, CPI inflation, components within
inflation, industrial growth and credit expansion while unwinding the soft
monetary policies.
"This
question of exit will be upon us much sooner than most of the country. We have
to take a call on supporting the recovery and stemming inflationary pressure,"
he said.
Pointing out that
negative WPI inflation is statistical in nature, Subaarao said, "there are
inflationary pressure this fiscal ...and CPI inflation is in double
digit".
Subbarao said he
expects WPI inflation at 5.2 per cent plus by the end of the current
fiscal.
ET Bureau reports that Economic policy planning now focuses on stimulus exit strategies!The Reserve Bank of India is likely to start monetary tightening in the first
half of 2010. A deficient monsoon season has hurt the
complicated India’s recovery path. The government will gradually restore
fiscal discipline and allow market forces to play a larger role in economic
development. As growth regains momentum, the new concern is
inflation.
The economy has rebounded from its trough, and
policymakers are now planning the exit strategies from monetary and fiscal
stimulus. Moody’s Economy.com expects the Reserve Bank of India to only
tighten monetary policy when GDP growth returns above 7%, and inflationary
pressures begin to build. Although the Indian authorities have been less vocal
than their Chinese counterparts in emphasizing the importance of robust growth,
the two emerging giant economies face similar challenges in their respective
development process. India needs to maintain strong growth in coming years to
boost employment and reduce poverty, which is still a widespread
concern.
Therefore, the authorities are expected to maintain an
expansionary bias in the near term. “A deficient monsoon season has
complicated India’s economic recovery. The decline in agricultural output
could drag on other sectors such as manufacturing and trade. The government has
continued rolling out stimulus measures, especially targeting drought victims.
Although restoring fiscal discipline that is, controlling spending takes a high
priority, the authorities will ensure an economic environment that facilitates
strong growth in coming years. To fuel development without putting further
pressure on the already-heavy fiscal burden, policymakers are likely to explore
non-expenditure avenues such as encouraging foreign investment inflows and
boosting competition in the domestic sector,” said Sherman Chan, economist
at Moody’s Economy.com.
Economic contraction and inflation have
taken turns to challenge Indian policymakers in recent years. Now that the
Indian economy is clearly on a recovery path, the focus is shifting back to
inflation, which could accelerate strongly in the near term. The wholesale price
index remains in negative territory now, but the CPI measures have been
stubbornly strong, meaning that a pickup in inflationary pressures would be a
serious concern.
The authorities are keen to make preemptive moves
in containing inflation, which is partly why India will be among the first in
the world to start tightening monetary policy. However, the government should be
more accountable for inflation, as measures that constantly keep farm prices
artificially high have been a major reason for the lack of retreat in CPI growth
even during the economic downturn.
Shipping Ministry favours divestment in Cochin Shipyard!
The Shipping Ministry supports the Department of Economic Affairs' move
to divest government equity in state-run Cochin Shipyard, the
and ship repair yard in India, a top ministry official said on Tuesday.
Shipping Secretary A P V N Sarma also said that 20 public private
partnership schemes would be signed this year for port projects, while the
Ministry is also working on a better taxation regime for Shipping companies to
boost maritime trade.
"We have broadly agreed to Department of
Economic Affairs recommendation. DEA is likely to ask for 10 per cent
disinvestment in PSUs. This includes Cochin Shipyard," Sarma told reporters on
the sidelines of an Assocham event here.
Cochin Shipyard, which
attained category -1 miniratna status in July 2008, posted a 70 per cent
increase in net profit at Rs 160 crore for 2008-09 financial year.
The company declared a dividend of Rs 19.66 crore for 2008-09. The
continued profit of the yard had resulted in an increase in net worth from Rs
429.42 crore in 2007-08 to Rs 566.49 crore in 2008-09.
The company
had achieved a total shipbuilding income of Rs 986 crore during 2008-09 against
Rs 582 crore during 2007-08. Ship repair turnover during the year was Rs 270
crore.
Small IPOs turn playground for richie rich
ET Bureau
MUMBAI:
The recent ruling by the Securities & Exchange Board of India barring
Austral Coke from accessing the capital market for alleged
irregularities - including diversion of last year's public issue proceeds - has
once again put the spotlight on small-sized initial public offerings. Such
public issues, say senior brokers who refuse to come on record, are susceptible
to manipulation.
As seen from
the table, the institutional portion of many of the issues below Rs 150 crore
have been subscribed to by less than half-a-dozen qualified institutional buyers
(QIBs). In a few cases, there has just been a solitary QIB. Market watchers
allege that in some cases these QIBs are newly-formed entities with non-existent
transaction records and may have been set up to invest in small-sized
issues.
A public issue cannot
go through unless the QIB portion of the book is fully subscribed. “Most
genuine QIBs are uninterested in small-sized issues, partly due to the minuscule
quantity of shares on offer,” said a veteran broker. However, there are
cases where the entire institutional book is bought out by one (or more)
overseas entity, and the criteria (fully-subscribed QIB book) is
met.
Market watchers say wild
swings in stock prices
of the issue is held by a few investors. Most of the small-sized IPOs see huge
price swings in the first week of listing, causing small investors to sell out
in panic.
For instance, shares
of Edserv Softsystems, which listed in March this year, crashed from its peak
price of Rs 147.90 to a low of Rs 18.70 between March 3 and April 1. The company
had floated a Rs 24-crore issue and the institutional portion of the book was
subscribed to by two QIBs. They say the poor performance of many IPOs in the
last couple of years can be attributed to this
factor.
Some
feel the solution to this problem could be the regulator insisting on a minimum
number of QIB applicants for an initial public offering. For instance, in the
case of qualified institutional placements (QIPs), and even mutual fund schemes,
the regulator insists on a minimum number of
investors.
“The QIP rule
can be extended to IPOs as well, but I don’t think that is a solution to
the problem,” says Prithvi Haldea, chairman, Prime Database. According to
Mr Haldea, the real solution lies in doing away with the book-building process
and introducing the auction process for
IPOs.
“Companies or
investment banks should not decide prices, institutional investors should. Let
them bid for a quantity at their price, and the final allotment of shares be
done on a top-down basis (starting from the highest bidder). The lowest price
should be the fixed price for the retail investor,” says Mr
Haldea.
IAF plane almost bombs Indira Gandhi Canal
TNN
JAISALMER: In the third such instance
this year, an Indian Air Force fighter plane managed to drop a bomb on Indian
territory, this time
lifeline for millions in western Rajasthan.
A Mirage-2000 aircraft
that took off from Gwalior on a routine exercise, mistimed an operation and
dropped a 100-pound bomb 12 km from Mohangarh town in Jaisalmer district on
Monday night. It was sheer chance that the bomb exploded some 100 feet from the
Indira Gandhi Canal. Though the boundary of the canal was damaged, a large chunk
of the canal could have breached had the projectile fallen a little closer,
flooding nearby towns. A 100-pound bomb can cause damage to life and property up
to 200 feet from the spot of explosion.
Confirming the incident,
spokesman for the South-Western Air Command Group Captain Manoj Mehta said, "The
aircraft had taken off from Gwalior as part of a routine exercise on Monday
evening and was to drop the bomb at a target in Chandhan Range, 25 km away from
the place where the bomb actually fell.'' The Pakistan border is 60 km from
Mohangarh town. Two other small villages, Hasam Ki Dhani and Hameed Nada, are
barely 1 km from the site of the explosion.
The bomb created a
25-feet-wide crater and over 80 trees were burnt. Dhanna Ram, a security guard
at a nearby forest department outpost, claimed he was a witness. "I heard a loud
explosion near 1404 RD (an identification marker) of the Indira Gandhi Main
Canal around 10.30 pm. When I rushed out of the outpost building, I saw fire and
two aircraft flying in the sky,'' said Dhanna Ram. On Tuesday morning, he
mustered enough courage to visit the spot and then inform police.
Group Captain Mehta added that the bomb may have been released
either due to a technical snag or there was delay in the release of the bomb by
the pilot for some unknown reason. A four-member team headed by Wing Commander
Ajay Kaul and Wing Commander Sudhir inspected the area on Tuesday morning. An
inquiry has been ordered into the near-disaster.
IAF planes dropped
bombs on Indian territory by mistake on February 7 and February 13. Both
incidents were reported in Jaisalmer district. On February 7, a bomb fell on
Kamode village and on February 13, one more crashed into Doshe Khan ki Dhani.
There were no injuries but the February 13 bombing damaged crops and led to
cracks in buildings.
Another eyewitness, Ragaram Vishnoi, also a
security guard at the outpost, said he thought the explosion which shook the
ground was an "act of God'', but later realised that the bomb could have been
dropped by an aircraft.
Shrapnel from the bomb was scattered over an
area of 200 metres. "It was sheer luck that the bomb did not hit the canal's
boundary or the bridge which is situated just 100 feet away from the place where
the bomb dropped. Mohangarh could have submerged in water if any such thing had
happened,'' said Ragaram.
Avoid coordinated exit by G-20
16 Sep 2009, 0311 hrs IST, Swaminathan S Anklesaria Aiyar, ET Bureau
The G-20 (the group of countries representing 85% of the world economy) takes credit for helping tackle the global financial crisis. At its April
2009 meeting, it called for coordinated fiscal and monetary stimuli by all countries to stop the Great Recession from becoming a Great Depression. Today, the global economy shows encouraging signs of recovering.
So, the G-20 is getting ready to call at its next meeting at Pittsburgh on September 24-25 for, among other things, a globally coordinated exit from the earlier stimuli. Enormous fiscal deficits and loose monetary policy cannot continue forever — already these are threatening inflation and new asset bubbles. And so the G-20 is reportedly preparing to call for countries to coordinate their exit, just as they coordinated their earlier entry into stimulus.
The main problem with this approach is mendacity. It is simply not true that all countries of the world solemnly agreed on a coordinated stimulus. The Great Recession began in December 2007, triggered by the US subprime mortgage crisis, and there was no question of coordination — Europeans patronisingly saw it as a peculiarity of the unregulated US markets. Third World countries had little exposure to toxic US assets, and they too sniggered at US discomfiture. President Bush proposed a major stimulus package in late 2007, and one was passed into law in February 2008. No European or Third World country followed suit.
The US housing situation continued deteriorating, further eroding prices of mortgage backed securities and credit default swaps guaranteeing such securities. This culminated in Black September in 2008, when Fannie Mae, Freddie Mac, AIG and the four top US investment banks were laid low. Panic seized global finance at the realisation that not even the most exalted triple-A corporates could be trusted to honour their commitments. Lending of all sorts froze, risk premiums on all securities went through the roof, and securities galore turned illiquid as trading ground to a panicky halt. The rest of the world could no longer smile patronisingly at US troubles: the problem had become global, horrifyingly so.
Every country then reacted on its own, without coordination. Economists everywhere knew Keynesian economics, and launched stimulus packages tailored to their own conditions. India, for instance, came out with its first stimulus package in December 2008, a second package in January 2009, and a third in the form of the budget. These packages were devised by India on its own, not in coordination with anybody else.
Then in April 2009 the G-20 met again in London, and issued a call for a globally coordinated stimulus. This was really a bit rich. Every country had already come out with a national stimulus package, but here was an international summit implying this was a challenge for the future.
In fact, by the April meeting of the G-20 the Great Recession was already bottoming out. Global markets had touched rock bottom in March 2009, when Citibank looked for a moment like collapsing. After the US made it clear that neither Citibank nor any other giant company would be allowed to go into liquidation, the global market mood changed. Markets decided that the worst was over, and it was time to shift tens of billions from safe havens to all kinds of securities that had become basement bargains in the earlier scare.
http://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/Avoid-coordinated-exit-by-G-20/articleshow/5016417.cms
India weathers 12 months of financial crisis
ET Bureau
An economy is best judged not in fair
weather but foul. India has successfully weathered the great financial crisis of
September 2008. Indian
quarter of the most difficult 12 months in recent history. Most countries
suffered an outright fall in at least one quarter.
The global
recession started in December 2007. The initial impact on India was muted: GDP
growth slowed from 9% in 2007-08 to 7.8% in April-September 2008, still a very
high rate. But after Wall Street collapsed in September, India's growth
plummeted to 5.8%, 5.8% and 6.1% in the next three quarters. This was a
comedown. Yet, it far exceeded the World Bank's forecast of 4% growth in 2009.
It exceeded my expectations too.
Let's compare India's performances
in the Great Recession and Asian financial crisis. In the latter, India's GDP
growth fell to just 4.5% in 1997-98, of which 1% was a boost from the Pay
Commission. Today, the annual rate of growth exceeds 6%, of which 0.5% is a Pay
Commission boost. That's a big improvement.
In 1997, India's foreign
exchange reserves were strained, interest rates went sky-high, companies
defaulted on loans and dragged down banks. But in 2008, India's high foreign
exchange reserves prevented any panic, even after foreign institutional
investors withdrew $12 billion from the stock market and foreign credit suddenly
vanished.
Indian corporates were much less over-borrowed in 2008
than in 1997, and Indian banks were far better capitalized, so they withstood
the financial crisis. Companies that had borrowed big for new projects in 1997
collapsed, and many begged for debt forgiveness. In 2008, Tata Steel, Tata
Motors and Hindustan Aluminium had raised gargantuan dollar loans for foreign
acquisitions, yet managed to weather the storm.
So resilient was
India's performance that the very foreign investors who had withdrawn $12
billion in 2008, flooded back into Indian stock markets at the rate of $1billion
per week in May 2009. This was in stark contrast with the Asian financial
crisis, when foreign institutional money remained a trickle for years.
Why did India suffer so little in the Great Recession that laid low
the biggest economies of the West? First, Indian banks and financial
institutions had almost entirely avoided buying the mortgage-backed securities
and credit default swaps that turned toxic and felled western financial
institutions. Second, India's merchandise exports were indeed hit by the Great
Recession - they declined by around 30%. But service exports did not fall -
computer software and BPO exports held up well. This provided an important
cushion to Indian exports.
Third, remittances from overseas Indians
continued unabated, hitting a record $46.4 billion in 2008-09, up from $43.5
billion the previous year. The 2008-09 flow was 4% of GDP. To put this in
perspective, remember that India's entire merchandise exports were barely 5% of
GDP in the mid-1980s. So, emigration (including the so-called brain drain) plus
policies to eliminate the black market premium on the dollar now provide a huge
balance of payments cushion. Back in the 1991 crisis, India turned to the IMF as
lender of last resort for a structural adjustment loan of $4 billion.
Remittances now make the IMF (and World Bank) look puny.
Fourth,
foreign direct investment remained high at $27.3 billion in 2008-09 despite the
global financial crisis. Financiers reversed flows into India, but long-term
investors in plant and factories completed their ongoing projects. Lesson:
foreign direct investment is a stabilizing force.
Fifth, monetary
policy, which was savagely restrictive in 1998, was accommodating in 2008. In
1998, to check a run on the rupee and penalize banks trying to hoard dollars,
the RBI raised the bank rate and cash reserve ratio of banks hugely. This sucked
out liquidity, and interest rates skyrocketed. This checked the run on the
rupee, but was terrible for industry. By contrast, the RBI in 2008 did not
tighten money to save the rupee, which was allowed to fall from Rs 40 to Rs 52
to the dollar. Instead, the RBI lowered interest rates and expanded credit. The
government cut excise duties to stoke demand. This combination of easy fiscal
and monetary policy cushioned the shock to the economy in ways that were missing
in 1997-98.
Some things look much worse in 2009 than in 1997.
Politicians look more venal, bureaucrats more callous and corrupt, the police
more incompetent (and in Gujarat's case more communal). Maoists are a problem in
160 districts. But even as political management seems to be eroding, economic
management has greatly improved. Whether this paradox is sustainable remains to
be seen.
Climate change may reduce South Asia GDP 4-5 per cent: World Bank
: A global warming of two
degrees Celsius -- the minimum the world is likely to experience -- could result
in permanent GDP reductions
World Bank report.
But if developed countries act now, a
'climate-smart' world is feasible, and the costs for getting there will be high
but still manageable, says the report, adding that high-income countries also
need to act quickly to reduce their carbon footprints and boost development of
alternative energy sources to help tackle the problem of climate
change.
The World Development Report 2010: Development and Climate
Change, released worldwide Tuesday, says that advanced countries, which produced
most of the greenhouse gas emissions of the past, must act to shape our climate
future.
Developing countries can shift to lower-carbon paths while
promoting development and reducing poverty, but this depends on financial and
technical assistance from high-income countries. A key way to do this is by
ramping up funding for mitigation in developing countries, where most future
growth in emissions will occur.
"The countries of the world must act
now, act together and act differently on climate change," said World Bank
President Robert B. Zoellick. "Developing countries are disproportionately
affected by climate change -- a crisis that is not of their making and for which
they are the least prepared. For that reason, an equitable deal in Copenhagen is
vitally important."
Copenhagen is hosting the next summit of the UN
Framework Convention on Climate Change this December.
The report says
that that global warming of two degrees Celsius above pre-industrial
temperatures -- the minimum the world is likely to experience -- could result in
permanent reductions in GDP of four to five percent for South
Asia.
The region's water resources are likely to be affected by
climate change, through its effect on the monsoon, which provides 70 percent of
annual precipitation in a four-month period, and on the melting of Himalayan
glaciers, particularly in the western end of the range.
Agricultural
productivity is one of many factors driving the greater vulnerability of
developing countries. Extrapolating from past year-to-year variations in climate
and agricultural outcomes, yields of major crops in India are projected to
decline by 4.5 to 9 percent within the next three decades, even allowing for
short-term adaptations.
Rising sea levels are also of important
concern in South Asia, which has long and densely populated coastlines,
agricultural plains threatened by saltwater intrusion, and many low-lying
islands. In more severe climate-change scenarios, rising seas would submerge
much of the Maldives and inundate 18 percent of Bangladesh's land.
NALCO to invest in nuclear power project
Indian state-run National
Aluminium Co Ltd (NALCO) plans to invest in a nuclear power project to give the
metal maker a new revenue
Wednesday.
NALCO hopes to sign a joint venture agreement by the end
of this month with state firm Nuclear Power Corporation of India Ltd for a
minority stake in one of its projects, B.L. Bagra, NALCO's director for finance,
said.
"In one of the projects, of 1,000 MW, we are partnering with
them as a minority partner with a possible stake of 40 to 49 percent," he
said.
"It is an additional business line... We can earn money
an independent power producer," A.K. Sharma, director for
production,
said. Both officials declined to say how much NALCO would be
investing.
NALCO, India's third-largest aluminium maker, produced
361,262 tonnes of aluminium in 2008/09 that ended in March. It has a 960 MW
thermal power plant in Angul in the eastern state of Orissa that feeds its
aluminium smelter in the same state.
FIIs fear higher tax outgo under new direct tax code
Foreign institutional investors (FIIs) have approached the ministry of finance (MoF) seeking an extension of the ‘feedback window’ on the direct tax code. People familiar with the issue told ET that the deadline for submitting feedback has lapsed. Terming the ‘window’ insufficient for a detailed response, FIIs have asked for an extension. There is a perception that if implemented, the direct tax code could increase tax liabilities of foreign portfolio managers significantly. So far in 2009, FIIs have pumped in $8.6 billion into Indian equities. As of September 15, 2009, there are around 1,695 Sebi-registered FIIs in India. Under the proposed tax code, securities transaction tax (STT) will be abolished and tax on long-term gains will be brought back. The code proposes that FIIs will be taxed at a flat rate of 30% on net capital gains as against nil/10%/20% on long-term capital gains and 15%/30% on short-term capital gains under the existing law. It also introduces general anti-avoidance rules (GAAR), under which any transaction could be considered to be a tax avoidance transaction and the onus for proving otherwise is on the tax payer. Currently, double taxation avoidance agreements (DTAA) override the domestic law.
There are concerns that GAAR could be used against even genuine transactions, thereby affecting portfolio flows into the country. However, the new code proposes that the provisions under the act or DTAA, whichever is later in time, shall prevail. This negates the provisions of more than 70-odd comprehensive DTAAs, which India has signed with other countries, thereby eroding the subsequent tax benefits. Experts believe the ownership structure of FIIs could be impacted and there would be need for re-organisation. “Clearly the proposed code is a negative for FIIs and will impact inflows (if implemented). FIIs may also need to restructure their operations to assess the tax beneficial ways, in which they could invest in India,” said Akhil Hirani, managing partner of Majmudar & Co. The concern among the institutional investors is palpable. “They are concerned that the domestic tax rule will override international treaties, ie GAAR will override DTAA. Additionally, almost 50% of the registered funds are coming through the DTAA route. So, effectively they will end up paying double taxes,” said a person familiar with the issue. Interestingly, both Mauritius and Singapore, have signed double tax avoidance treaties with India. As per custodians, over 50% of the money comes in via the Mauritius route. “The new tax code if implemented will only benefit those who churn portfolios frequently. The larger chunk of FIIs are long-only funds. For them, 30% tax will be a huge chunk of their profits, as it will be moved into business income,” said an official. There is a growing perception amongst FIIs that while India is an exciting market, frequent regulatory changes make it a very complex market to invest in. | ||||||
Coal Min seeks Finance, Law Ministries' view on CIL divestment
The Coal Ministry has approached the Department of Disinvestment for
determining the value of Coal India's shares ahead of the PSU's
disinvestment.
The Coal Ministry has also sought the Law Ministry's
opinion on a proposal for giving stock option to its employees and allotment of
shares to those who have lost land for mining purposes, highly placed sources in
the ministry said.
"The Coal Ministry is seeking views from the
Department of Disinvestment on valuation of CIL's shares. It is also seeking
legal opinion on the shares to be given to the company's employees and
land-losers on the preferential basis," a senior ministry official
said.
Asked if the quantum of government's stake to be sold through
the process of disinvestment has been ascertained, he said, "Coal India's
proposal regarding disinvestment has been received but a final figure is yet to
be arrived at. Let us first see what does the two ministries
suggest."
Besides seeking the two ministries views regarding
disinvestment, the Coal Ministry has also written to the Public Enterprise
Selection Board, regarding appointment of additional full-time directors on the
coal major's board.
Coal India needs to have seven full-time
directors on its board from the present four in order to be a 'Public Ltd', a
pre-requiste for coming out with an IPO. It is registered as a 'Private Ltd'
entity at present.
Last week, Coal India Chairman P S Bhattacharyya
had sought from the government delinking of shares to be given to its employees
and land-losers from the equity to be channelised towards public
offer.
Coal Minister Sriprakash Jaiswal had said that a maximum of 10
per cent of government's stake could be divested in the coal major in the first
phase. However, another Coal Ministry official said that about 15 per cent of
government's stake could be diluted in the firm.
While the officials
did not specify any time-frame on the IPO, the company and the ministry is also
in touch with market regulator SEBI on the proposal. Also, Bhattacharyya had met
Disinvestment Secretary Sunil Mitra last month to discuss the stake-sale
proposal.
It was given Navratna status last year and was asked to get
listed before September 2011. But, industry observers anticipate listing to
happen in an year's time.
The government, which owns 100 per cent
equity in the company, has already given its permission to slash the face value
of the shares to Rs 10 from Rs 1,000, a move aimed at expanding the firm's
equity base.
The company has a paid-up equity capital of about Rs
6,316 crore. It clocked a pre-tax profit of Rs 8,738.46 crore in the last
fiscal.
Prior to the proposed stake-sale, the Coal Ministry would
have to introduce a bill to amend the present Coal Mines Nationalisation
Act.
WPI seen down 0.08 pc y/y as at Sept 5
The annual change in India's
wholesale price index (WPI) is forecast to have held just below zero in early
September, a Reuters poll
coming weeks.
The index is forecast to have fallen 0.08 percent in
the year to Sept. 5, little changed from the previous week's fall of 0.12
percent, the poll of 11 economists found. It would be the 14th consecutive
annual fall in the wholesale price index, but rather than deflation analysts say
it reflects much sharper price rises for fuel and commodities
That effect will recede in coming weeks as the WPI peaked in the
first two weeks of September 2008, and the index has been rising on a weekly
basis since early March led by food prices. The food articles index rose 14.8
percent in the year to Aug. 29. Reserve Bank of India Governor Duvvuri Subbarao
said on Tuesday wholesale price-based inflation so far in the current fiscal
year was 5.2 percent and it was a fair bet it would be higher at the end of
March.
At a policy review in July, the central bank raised its
WPI-inflation forecast for the end of 2009/10 to 5 percent from 4 percent.
Federal officials and private-sector economists have said it is likely to be
higher than that. A. Prasanna, chief economist at ICICI Securities Primary
Dealership, said a rebound in inflation would prompt the central bank to start
increasing banks' cash reserve requirements to drain out excess liquidity which
were fuelling price pressures.
The WPI data is expected around
midday (0630 GMT) on Thursday. It is more closely watched than the consumer
price index which is released only on a monthly basis and contains fewer
items.
India will require $1.7
trillion in financing
Goldman Sachs said in a note on
earlier estimate of $620 billion, while the government's projections for the
11th Five-Year Plan for 2007-2012 envisages $500 billion in infrastructure
spending.
Goldman Sachs
2020, India would need to more-than-double its electricity capacity, increase
length of paved roads by half, and add substantially to its railway, irrigation,
ports and airports to keep pace with economic growth and urbanisation. However,
India will be able to meet its infrastructure financing needs domestically,
without significant recourse to external capital, on account of a rising
domestic savings rate and robust balance sheets, it said.
Goldman
Sachs expects gross savings rate in Asia's third largest economy to rise to 40
percent of GDP by 2016 and remain at high levels for well over a decade. India's
domestic savings are on a sustained upturn, primarily due to favourable
demographics, and also due to rising GDP growth and lower per capita incomes, it
said. It also said that household savings can be intermediated through the
financial sector to the government, which then spends on infrastructure.
However, it would be more efficient if household savings were
channelled directly to infra through pension/insurance funds, it added. India's
infrastructure build-out and financing presents enormous opportunities, not just
for producers of capital goods, developers and raw material providers, but also
for financial intermediaries.
Indian wealth managers are set to jumpstart hiring and revive expansion plans as a rebound in domestic shares  mints millionaires once The revival comes after a tough 2008 when the ranks of the rich in India -- defined as those with $1 million or more in investable assets -- fell by nearly a third to 84,000, the steepest drop in the world after Hong Kong, as a 52 percent fall in local shares wiped out billions of dollars in wealth. Though demand for riskier, higher-fee assets such as real estate and private equity remains below 2007 levels, industry insiders said, players such as Deutsche Bank and Standard Chartered say new client assets under advisement have surged by more than 25 percent in 2009. "The opportunity that is presenting itself in India today is unparalleled compared to any other parts of Asia," said Soumya Rajan, head of Indian wealth management at Standard Chartered. Her firm aims to add at least $500 million in client assets at its Indian wealth arm by the end of 2010, taking the total under management to more than $2 billion. It will also add 35 relationship managers to a team of 45 by the end of next year, part of a plan to strengthen a presence in Asia, which suffered less than developed markets during the global downturn and is showing signs of recovering growth. New entrants Morgan Stanley and Britain's Barclays are also looking to hire to capture a piece of the high potential Indian wealth management industry. Morgan Stanley attracted nearly 300 clients between the launch of its India wealth management business in September 2008 and last month, a number it aims to grow to 1,000 over the next three to four years. It intends to add another 50 wealth management staff over the next three years, a gain of 50 percent. "Where is the growth? U.S., Europe, Japan -- demographics are against growth... For India we are just on the growth curve," said Ajay Bagga, head of Deutsche's Indian wealth arm. The number of dollar millionaires in India rose 22.7 percent to 123,000 in 2007, the fastest in the world, attracting new wealth management entrants such as Morgan Stanley, Societe Generale, Credit Suisse and Barclays. Late in 2007, before the global financial crisis, consultant Celent had forecast that the organised wealth management industry including private banks, then growing at 32 percent annually, would quadruple to manage about $1 trillion in five years. LOCALS RULE India's stock market, which has more than doubled from a low hit in early March, is a key source of wealth for Indians, many of whom are first-generation millionaires created by a stock market boom between 2003 and 2007. Foreign players hope to use their global brands to attract rich Indians, while local competitors tout their large distribution networks and long-term client relationships. Many of the richest Indians live abroad and are clients of global wealth managers in offshore centres such as Dubai and London. Overseas players must overcome hurdles in India, including a battered image for the wealth management industry globally following accusations of aggressive mis-selling of products during the boom years before the global markets collapse. | |
State-run Indian Oil Corp
(IOC), the nation's largest fuel retailer, is losing about Rs 79 crore per day
on selling auto
"International oil
prices have softened a bit, resulting in a marginal reduction in our
under-recoveries on petrol, diesel, domestic LPG and kerosene," an IOC official
said.
IOC and sister PSUs - HPCL and BPCL, who have been barred by
the government from revising fuel prices to keep inflation under check,
calculate the desired selling price for petrol and diesel on 1st and 16th of
every month based on the previous fortnight's average global oil
price.
The three firms currently lose Rs 3.63 per litre on petrol and
Rs 2.33 a litre on diesel. These are lower than Rs 4.69 per litre loss on petrol
and Rs 3.09 a litre on diesel they suffered in the first fortnight of
September.
"IOC lost Rs 90 crore per day on fuel sales in the first
fortnight of September. This has come down to Rs 79 crore a day from today," the
official said.
On domestic LPG and kerosene, the desired price of
which is calculated on a monthly basis, the three firms make a loss of Rs 158.55
per 14.2-kg LPG cylinder and Rs 17.15 on every litre of kerosene
sold.
"At current oil prices, IOC will end the fiscal with a revenue
loss of Rs 23,510 crore and the industry (IOC plus BPCL and HPCL) will see a
revenue loss of Rs 41,440 crore," he said.
CIL to commission 19 washeries entailing Rs 3K cr investment
Coal India, the country's largest coal producer, is set to commission 19 washeries over the next five years with an investment of Rs crore. These facilities would help the company in enhancing the quality of its coal through washing. "We have decided to go for washeries at a large scale on build, operate and maintain (BOM) basis. We are planning for 19 washeries with a total investment of Rs 3,000 crore in the first instance (by 2015) with capacity to wash 105 million tonnes of coal," CIL Chairman Partha S Bhattacharyya told PTI. The company plans to start commercial operation of six out of the 19 washeries by March 2013, he said. "Contract signing for these 6 washeries is likely to be completed by March 2010," he added. The company will float global tenders for another eight facilities in the next six months and plans to commission them by 2013-14, Bhattacharyya said adding that another five washeries would be added by 2014-15. Of the 6 washeries proposed by March 2013, three will be set up at its subsidiary Bharat Coking Coal Ltd, two at Mahanadi Coalfields Ltd and one at Central Coalfields Ltd. The Navratna PSU also plans to add about 20 washeries in the second phase (post-2015), he said. | |
World markets steady as recovery signals eyed
European and Asian markets
were steady Tuesday after being spooked by a trade dispute between the U.S. and
China the previous day and as
of a global recovery.
Germany's DAX was down 0.2 percent at 5,607.99
and Britain's FTSE 100 fell 0.1 percent to 5,015.63. France's CAC-40 rose 0.1
percent to 3,735.55.
Asian markets were mostly higher, while Wall
Street was expected to edge down on the open later. Dow industrials futures were
15 points lower at 9,535 and Standard & Poor's 500 futures fell 3 points to
1,040.50.
Markets have recovered impressively in the 12 months since
the collapse of U.S. investment bank
sharpest phase in the world's biggest financial crisis in 70 years, _ but the
mood has become one of caution as the pace of recovery remains shrouded in doubt
and some fear stocks have reached the peak of their valuations.
After
heavy losses Monday, markets stabilized on hopes that a brewing U.S.-Chinese
trade dispute would not escalate into a full-out trade war. U.S. markets closed
the day higher.
On Tuesday, investors were looking to a raft of
economic data in Europe and the U.S. for more direction and confirmation that
equity prices were not overvalued after rallying in recent
months.
U.S. retail sales loomed largest, with analysts forecasting a
2 percent increase in August. Excluding auto sales, which have been boosted by
state incentives, they only expect a 0.4 percent rise, according to a survey by
Thomson Reuters.
Mitul Kotecha, analyst at Calyon, was gloomy about
the data and prospects for a quick resurgence in American economic
activity.
``The fact that much of the gain in sales will be
attributable to the 'cash for clunkers' program suggests that markets will not
take the jump in sales as a sign that the U.S. consumer is healthy
again.''
Considering that consumer spending accounts for 70 percent
of the U.S. economy and 20 percent of the world economy, its outlook is crucial
for an improvement in market sentiment.
``We believe that consumers
still face significant headwinds which will lead to a shallow recovery in
spending, not least of which is the negative effect of close to $14 trillion in
wealth loss since the end of 2007,'' Kotecha said.
50 foreign varsities interested in having campus in India
About 50 foreign universities, including Duke University from the US,
have evinced interest in setting up campuses in India as the
set to introduce a bill to allow entry of such institutions.
These
institutions, mostly from the US, the UK and Australia, have approached the HRD
Ministry in the last three months, a senior official said. Duke, a renowned
private university in the US, offers courses in various streams and research
studies.
HRD Minister Kapil Sibal has said non-profit making
institutions would be allowed to set up campuses in the country.
The
Foreign Education Providers Bill is before the Cabinet, which is expected to
take it up tomorrow.
"Institutions can make surplus money. But they
cannot distribute it among their shareholders. They can spend it for further
expansion of the institution," Sibal has said.
To take forward the
process of engaging their institutions in education sector in India, a number of
foreign dignitaries, including British Trade and Investment Minister Mervyn
Davies and Washington Secretary of State Sam Reed, have visited India.
India's poor healthcare a threat to growth: Report
REUTERS
NEW DELHI: India urgently needs to
spend more on healthcare and save its poor population from poverty and hunger or
face the risk of slower
released on Tuesday.
India is home to more than 230 million
undernourished people, more than any other country. While the proportion of
malnourished has fallen, the absolute numbers are rising with the
population.
"A sick and vulnerable population cannot contribute to
growth and India will continue to see a pattern of growth that is leading to
growing inequalities and low rates of poverty reduction," Nisha Agrawal, Chief
Executive Officer of Oxfam told Reuters.
Experts say widespread
malnutrition impacts dramatically on economic growth, with the World Bank saying
that in the poorest countries it slashes 3 percent from annual economic
growth.
More than 27 percent of the undernourished population
globally live in India.
The Indian government spends only 1 percent
of its Gross Domestic Product (GDP) on healthcare facilities, forcing millions
of people to struggle to get medicines, Oxfam and 62 other agencies said in a
report called: "Your Money
Indian authorities
acknowledge there is corruption and inefficiency in the government system,
especially in villages where many health centres do not have medicines or
doctors.
India's economic growth has been forecast to hover around
6.3 percent for 2009/10, and growth could fall to 5.5 percent if farm output was
badly hit by the worst dry spell in nearly four decades.
Aid agencies
say if India wanted to reduce poverty by 2015, the year marked by the United
Nations as the deadline to attain the eight Millennium Development Goals (MDGs)
to development it needs to spend at least 3 percent of GDP on
health.
"Poor people will continue to be denied their right to
basic
healthcare, leading to very high rates of infant and child
mortality... indicators of welfare," Agrawal said, if New Delhi continued to
ignore basic healthcare.
India's maternal mortality rate (MMR) stands
at 450 per 100,000 live births -- against 540 in the 1998-99 period -- and way
behind the MDGs which call for a reduction to 109 by 2015.
To improve
on the dismal record, aid agencies say India needs to increase public
expenditure and ensure better healthcare facilities.
"Without that,
India will continue to be off track in attaining the MDGs, especially in the
health care area and will continue to lag behind its peers in these basic
indicators of welfare," Agrawal added.
World stocks at new 11-month high, US dollar skids
REUTERS
LONDON: World equities rose on Wednesday to new 11-month highs, after upbeat U.S. data boosted faith in an economic recovery, persuading more low-yield dollars to buy growth-oriented stocks and commodities. This week's data showing a jump in U.S. retail sales has been interpreted as another sign the world's biggest economy is indeed on the road to recovery -- signals confirmed by Federal Reserve Chairman Ben Bernanke who said on Tuesday the worst U.S, recession since the 1930s was probably over. The optimism saw fresh cash flood to stock markets worldwide and bolstered oil to above $71 a barrel and gold to 18-month highs. The dollar however fell to a one-year low against a currency basket as investors shifted to riskier assets. World stocks rose 0.8 percent to the highest levels since early October 2008, while emerging stocks surged 1.5 percent to a new one-year high, trading at levels last touched before the collapse of Lehman Brothers. "When you have comments coming out from Bernanke about a technical recession ending, that's increasing the pressure on the bears, there's a bit of a bear squeeze going on," said Mark Robinson, head of equity research at Unicredit in London. "There is also a stronger fundamental element -- the G10 is pulling out of the slump and Asia is clearly in a V-shape (recovery). That's driving risk trade and commodities -- in the last week and a half, and particularly in the last 24 hours, we have seen a commodity stocks trade," Robinson added. The FTSEurofirst index of top European shares rose 0.8 percent, its eighth rise in nine sessions to the highest since October 2008. The index is up 20 percent this year. Asian markets set Wednesday's buoyant tone, sweeping to new 2009 highs, with exporters like South Korea and Australia up 1.8 percent and 2.4 percent respectively. Japan's benchmark Nikkei added a more modest 0.5 percent, restrained in part by uncertainty over the policies of new Prime Minister, Yukio Hatoyama. The Bank of Japan began a two-day meeting but no policy change is anticipated. Investors even managed to overlook a 1 percent fall in Shanghai, virtually the only Asian bourse to ease on Wednesday as investors booked profits after three days of gains. | |
Asia stocks hit 2009 highs, US dollar slips
REUTERS
SYDNEY:
Asian shares
economic news gave riskier assets leveraged to global growth
US dollar slipped to a one-year low. Most major Asian stock indexes posted gains
of 1 percent or more in the wake of Tuesday's strong reading on US retail sales.
Japan's benchmark Nikkei climbed 111.31 points to 10,328.93. The
broader Topix rose 0.75 percent to 939.48. Many regional currencies likewise did
well, especially those of big commodity exporters such as Australia, largely at
the expense of the US dollar.
"As the global recovery continues and
risk diversification takes place we could see the US dollar stay under pressure
for the next six months," said Amber Rabinov, economist, foreign exchange and
international economics at ANZ in Sydney. Measured against a basket of major
currencies the dollar slipped as deep as 76.406, the lowest since last October,
while the euro came within a whisker of its 2009 high at $0.4681. The dollar
also eased to 90.95 yen amid talk investors were using the dollar for carry
trades.
Until recently, the low-yielding yen was the currency of
choice for investors who borrow cheap to buy riskier assets or high-yielding
currencies. But that has changed since 3-month US LIBOR rates fell below
Japanese rates. "We expect the dollar to test its recent lows on the yen, and
probably fall as low as 87 yen as talk of it replacing the yen as a funding
currency gathers momentum," said Rabinov.
Right time to unveil fertiliser reforms
n the second half of 2008 international fertiliser prices soared to historic levels. India, which imports significant amount of finished fertiliser and raw material, had no option but to continue to import at higher prices to meet domestic demand. The result was a massive and unsustainable subsidy level, almost Rs 90,000 crore. With just Rs 30,000 crore was allocated in the budget — and when off-budget mechanisms like bonds were used to pay the arrears owed by the government to the industry — the blame game between industry (which argued that high import price and fixed prices by the government had made business impossible) and the government (which argued that industry had become lazy as the cost plus subsidy system had led to companies paying little regard to efficiency gains and competitive importing) began in earnest. Surprisingly, even amidst this panic and pressure (from the obvious competing goals of finance and agriculture ministries, on the one hand, and a looming general election on the other), the fertiliser department had been working on a reform agenda and slowly building a consensus — both among department mandarins themselves, as well between the government departments and industry bigwigs. The cornerstone of this new agenda was the shift from the cost plus subsidy system to a nutrient-based subsidy system — a move that would address several issues bedevilling the fertiliser sector. Mainly, the core issue of balanced use of fertilisers — key to growing yields — would be taken head on. Balanced fertiliser use had been stifled, as only select products were subsidised. Other fertilisers received no subsidy or their prices were fixed without any regard to their nutrient content. Freeing MRPs from government control would be the only way to ensure production peaks, and imports are carried at the most competitive levels. The other core theme of the new strategy involved direct subsidy to the farmer instead of the manufacturer. Arguably, in the absence of a ready delivery mechanism (for instance, Kisan Cards and bank accounts for farmers), this was a pipe dream. However, in the 2008-09 budget speech, the then finance minister Chidambaram announced that a new system of kisan cards would be tried out on a pilot basis in select areas. Since then, some measures were taken to issue the cards. However, in the absence of a clear mandate to the banks, the process has been somewhat slow. From then on, there have been several developments. Due to the tough and unrelenting stance of the fertiliser department and the Indian industry, and given India’s status as a big importer, prices of key products like DAP and phosphoric acid have fallen. As the result, the import bill and subsidy outgo have reduced considerably from 2008 levels. This is good news. Yet a note of caution is warranted, as crisis can act as a catalyst for radical reform. The 2009-10 budget speech signalled the continuation of both the nutrient-based subsidy scheme as well as the direct transfer of subsidy to farmers. There has also been no change at the bureaucratic level — key bureaucrats who worked relentlessly on the reform agenda are in place. Their analysis on a well thought-out and phased reform plan in which all parties will have time to react and rebuild is in place. Most notably, the secretary, who intends to move the fertiliser department away from being a subsidy management machine to one that focuses on strategic acquisitions and joint ventures, is still the man in charge. The only difference is that there is a new minister in place. Observers have so far given him the benefit of the doubt, he needs time to understand the stakeholder impact of reform that has been in the making. Farmer and industry interests are precariously balanced — and so are political compulsions. But the minister must know that there is a finite amount of time before the prices rise again, before industry gets cold feet, and another election comes around. He will have to start taking decisions soon. Indeed, all that is now required is the will to get on with reform — even if it is done in a phased manner and through several well-planned pilot schemes where implementation issues are identified and rectified. The mandarins are ready, the masters must sign on and industry must adapt. It is time to reform now as the stars may not align again so neatly in the near future. |
SEBI for more transparency in reporting
ET Bureau
SEBI's proposal to amend the Listing Agreement to enforce rotation of audit partners and to streamline quarterly and annual reporting is a credibility of financial results published by companies. These measures mark baby steps in cleaning up the accounting and auditing practices in India. However, no one should expect these measures would actually curb the recurrence of Satyam Computer Services like accounting scandals. Rotation of audit partners, an international best practice, is long overdue. The proposal may, however, face stiff resistance from the chartered accountants community, even though many firms and the ICAI would agree rotation of audit partners as opposed to rotation of audit firms is definitely a more feasible option. The discussion paper published by Sebi on Monday has suggested that the audit partner signing the accounts of a listed company be rotated every five years. The regulator should also consider mandating joint audits by two firms in the instance of very large businesses to ensure greater integrity of financial statements. The argument against joint audits is that it can prove to be expensive for the companies. Rotation of audit firms is similarly opposed — it is expensive to hire a new firm every few years, but more importantly, new firm takes time to understand the nature of the business of a client. The proposal that the audit committee should approve the appointment of chief financial officers, without laying down her qualifications, places, rightly, the onus on the directors of the company to appoint the right man for the job. The proposal to streamline quarterly and annual reporting by companies and making limited review by the auditors mandatory too should help improve the quality of numbers published by companies. The 45-day window allowed to companies to publish financial statements with limited audit review as against the current requirement of reporting unaudited statements within 30 days from the end of the quarter should give companies enough time to verify numbers before making them public. The proposal to reduce the timeline for reporting full year results from three months to two months is an investor friendly measure, but would put pressure on auditors to finish their task faster. | |
An offset policy for power equipment imports
16 Sep 2009, 0354 hrs IST,
ET Bureau
With
domestic power producers stepping up use of Chinese equipment, we need a
proactive policy to guard the public interest. Now, on the face of
it, rising
imports of China-made boilers, turbines and the like for power plants in India
seem unexceptionable. Chinese equipment cost less, are readily available and so
appear to fit the bill for revving up power generation capacity here.
However, there are genuine public policy issues that need to be
addressed. For one, there’s the issue of unfair trade practices. It may
well be that the seemingly cheap Chinese exports are being routinely subsidised.
Worse, the exports may not be legally valid. For instance, the export of
‘super-critical’ boilers by Chinese licensees is reportedly not
allowed. There may be technical reasons for going slow on sourcing Chinese
equipment too. For example, the thermal boilers may not be designed for Indian
coal and attendant specifications. Also, prompt after-sales and maintenance
locally may not be possible, sans a manufacturing presence.
The way
ahead is to mandate an offset policy for Chinese power equipment imports. Power
is a critical industry and large economies do require local manufacture and
value-addition for equipment. Besides, the Indian power equipment industry is
large and growing, which is reason enough for Chinese equipment makers to
enthusiastically invest in manufacturing facilities here. Already, reports say
that Harbin Power Equipment Co is to have a domestic production base to meet
demand.
Meanwhile, with L&T, our biggest engineering and
construction company, foraying in a big way into power equipment production
— it has joined hands with Mitsubishi for energy efficient super-critical
boilers — the domestic industry seems to have considerably matured. Bhel,
our main power equipment maker, already has a tie-up with Alstom for
super-critical boiler technology. Further, ABB India is also boosting its
manufacturing presence. There is no reason why Chinese producers ought to shy
away from following suit.
ET Bureau
With
domestic power producers stepping up use of Chinese equipment, we need a
proactive policy to guard the public interest. Now, on the face of
imports of China-made boilers, turbines and the like for power plants in India
seem unexceptionable. Chinese equipment cost less, are readily available and so
appear to fit the bill for revving up power generation capacity here.
However, there are genuine public policy issues that need to be
addressed. For one, there’s the issue of unfair trade practices. It may
well be that the seemingly cheap Chinese exports are being routinely subsidised.
Worse, the exports may not be legally valid. For instance, the export of
‘super-critical’ boilers by Chinese licensees is reportedly not
allowed. There may be technical reasons for going slow on sourcing Chinese
equipment too. For example, the thermal boilers may not be designed for Indian
coal and attendant specifications. Also, prompt after-sales and maintenance
locally may not be possible, sans a manufacturing presence.
The way
ahead is to mandate an offset policy for Chinese power equipment imports. Power
is a critical industry and large economies do require local manufacture and
value-addition for equipment. Besides, the Indian power equipment industry is
large and growing, which is reason enough for Chinese equipment makers to
enthusiastically invest in manufacturing facilities here. Already, reports say
that Harbin Power Equipment Co is to have a domestic production base to meet
demand.
Meanwhile, with L&T, our biggest engineering and
construction company, foraying in a big way into power equipment production
— it has joined hands with Mitsubishi for energy efficient super-critical
boilers — the domestic industry seems to have considerably matured. Bhel,
our main power equipment maker, already has a tie-up with Alstom for
super-critical boiler technology. Further, ABB
manufacturing presence. There is no reason why Chinese producers ought to shy
away from following suit.
RBI to make public real time data
ET Bureau
MUMBAI:
The Reserve Bank of India has started putting in public domain real time data
for money market
The central
bank on Tuesday for the first time released its Handbook of Statistics on the
Indian Economy on the Reserve Bank’s Data Warehouse platform. “With
this initiative, the user will have access to the latest data as soon as they
are updated from the source,” RBI said in a statement.
Some of
the market data released by RBI could end up becoming reference rates for
financial contracts. Currently, the business world depends on reference rates
released by news agencies as benchmarks. These rates, which include overnight
rates and forward premia rates, are largely based on a poll whereby quotes are
obtained from various market participants.
“It is up to the
market how they use the data. We will be providing a consistent data series with
integrity and quality in the data provided,” said Deepak Mohanty,
executive director, RBI.
Grocery shopkeepers inflate prices, making consumers pay a lot 16 Sep 2009, 0140 hrs IST, Ram N Sahgal & Kala Vijayraghavan, ET Bureau |
Of all the reasons attributed to spiralling food prices, the one that goes
unnoticed is the raw deal that you get from the neighbourhood
on the brouhaha over high prices, the man is making you pay a lot more than the
actual rise in prices. If he is paying, say, 30% more to buy the stuff from
wholesalers, for you the hike may be as much 50% or 60%. A look at the
difference between the wholesale and retail prices published on a government
website brings this out. So, your grocer may be raking in the moolah even as
your monthly food budget goes through the roof.
When wholesale prices
of agri commodities rise, the retail prices inflate disproportionately. In fact,
when they fall, retail prices actually rise or remain flat, data up to August 26
on the ministry of consumer affairs, food & public distribution website
show. This, according to commodity experts, implies that retailer margins,
especially of mom-and-pop stores, have probably skyrocketed.
For
example, while the wholesale price of tur dal, a widely consumed pulse, rose by
50% to Rs 63 a kilo between August 26 of last and current year, its retail price
jumped by 89%. Over the same period, the wholesale price of sugar rose 29.5%
against a 44.2% jump at the retail level. Surprisingly, the retail price of gram
dal,remained static at Rs 38 a kilo, while the wholesale price declined by
14%.
In metros such as Mumbai and Delhi, a physical market broker is
the interface between the wholesaler and retailer. According to Anjani Sinha, MD
and CEO of National Spot Market, the broker charges Rs 10, or 0.24% on a 50-kg
bag of tur from a farmer who sells his produce on the pan-India electronic spot
platform. And if transportation charges and wholesaler’s margin are added
to that cost, the retailer would be factoring in at least 15-20% as his own
margin to the final cost a consumer pays, he adds.
Analyst Madan
Sabnavis, chief economist at commodity futures bourse NCDEX, said retail margins
remain high because retailers have to bear the risk of prices going down, while
holding inventory for periods up to a month. The issue of high food prices,
according to KV Thomas, minister of state for agriculture, is a major problem
across the country with the exception of the southern states such as Kerala,
Andhra Pradesh and Tamil Nadu where state governments have set up co-operatives
at the retail level to put a lid on food prices for above poverty line families.
“The South-based model of retail co-operatives has not
succeeded in other parts of the country. While below poverty line families are
taken care of by the public distribution system, administration in other states
should at least mandate that retailers make public (to APL constituents) the
amount of stock
Mr Thomas.
Local kirana players, however, insist that there are no
margins to be made in the commodities business. “A significant part of our
costs is on account of the transportation charges that come in. And that is the
only additional mark-up on commodities. How much profits can be made on a few
sacks of grains,” said a leading Mumbai-based kirana owner.
No rate hike till economy’s back on track: RBI
ET Bureau
NEW
DELHI: The Reserve Bank of India (RBI) will not raise key policy rates until the
economy is back on the high-growth track, RBI governor
here on Tuesday. RBI has cut its benchmark interest rate six times from October
2008 through April.
“We will not exit the expansionary monetary
policy unless we are sure that recovery is secured... but soon after the
recovery is secured, we have to unwind the accommodative monetary policy,”
Mr Subbarao said.
RBI will look at a number of factors like the
wholesale price index (WPI)-based inflation, consumer price index (CPI)-based
inflation, components within inflation, industrial growth and credit expansion,
while unwinding the soft monetary policy. According to Mr Subbarao, there is
need to keep a close check on capital inflows into the country as surplus cash
in the global financial markets may find their way here if there is an interest
rate arbitrage opportunity.
“This question of exit will be upon
us much sooner than most of the country. We have to take a call on supporting
the recovery and stemming inflationary pressure,” he said.
Pointing out that negative WPI inflation is statistical in nature,
Mr Subbarao said “there are inflationary pressure this fiscal ...and CPI
inflation is in double digit”.
RBI in its July monetary policy
review had said the economy would grow at 6% or more in the current fiscal year
while it raised its inflation forecast to 5% from 4% by the end of the financial
year. Annual inflation as measured by WPI is currently at negative 0.12% in the
week to August 29.
“The challenge before us is going to be
withdrawing the monetary accommodation and supporting the drivers of
growth,” Mr Subbarao said. “We will not exit until we are sure the
recovery is secure”, even as inflationary pressure builds up. Gains in
wholesale prices may exceed 5.2% by the end of March, he said.
Air fares slashed by 50% for next three days
ECONOMICTIMES.COM
NEW DELHI: Air fares across all airlines was slashed by 50% for the next three days. The move comes after Jet Airways slashed air fares 50%. In a bid to lure back passengers, Jet Airways and Jet Airways Konnect had announced a 50 percent discount in fares for five days from Monday. Jet Airways executive director Saroj Dutta announced that the private carrier had suffered a loss of over Rs 200 crore ($40 million) on account of the pilots' stir since last Tuesday. This comes as a huge bonanza for passengers. Airlines recorded a double-digit growth in air traffic in August this year, according to official data released by the industry regulator Directorate General of Civil Aviation (DGCA). Domestic airlines flew 3.67 million passengers in August against 2.92 million in the corresponding period last year—an increase of 26%.
Budget carriers IndiGo and Spice-Jet increased their market share to 13.9% and 12.3%, respectively in August while National Aviation Company of India (NACIL), which runs Air India, and Jet Airways saw their domestic customer base eroding during this period. While Jet airways has launched a low-fare brand JetKonnect, Kingfisher shifted its capacity to Kingfisher Red. Air India would soon launch its no-frills subsidiary Air India Express in the domestic market to compete with its rivals. | ||||||
Gold seen above $1,100 in 2010 on central bank buying
REUTERS
DENVER: The price of gold could rise above $1,110 an ounce in 2010 as central banks diversify their reserves into gold due to a faltering Murenbeeld told the Denver Gold Forum on Tuesday. Murenbeeld, president of Canada-based consultant DundeeWealth Economics, forecast gold could rise to an average of $1,116 an ounce in 2010. Spot gold was trading at around $1,002 an ounce on Tuesday. Bullion closed above $1,000 for the first time last Friday on the back of dollar weakness. In a keynote speech at the Gold Forum, an annual industry get-together, Murenbeeld said that there was a positive change in central banks' attitudes toward gold as an investment and a key part of their reserves. "The central banks and the G20 (countries) have complained more precipitously about the US dollar and the US monetary and fiscal policies, which leads them to think more and more about shifting their reserves," he said. "They don't have a lot of options for shifting their reserves, and gold is being mentioned more frequently as an important asset." Recently, China and other emerging economic powers have signaled growing interest in gold rather than stockpiling their currency reserves in US dollar-denominated assets. In addition, Murenbeeld, who is also an adjunct professor for the MBA program at the University of Victoria, said that gold is becoming increasingly used in investment portfolios for performance and lowering overall risks. "More and more portfolio managers are starting to think gold and commodities as an asset class," he said. Murenbeeld also said it was possible that a geopolitical event or crisis could drive gold prices sharply higher. "Slowly but surely, gold is going back to its days where it was being held in a precautionary form by people worry about currency debasement, inflation, whatever you worry about," he said. | |
India changed attitude on Doha talks: UK min
REUTERS
NEW DELHI: India has changed its
attitude towards the slow-moving Doha trade talks and sent a positive signal by
hosting a September ministerial
said late on Tuesday.
Along with China, India's place at the global
table in the G20 is likely to bolster collaboration on trade, Mervyn Davies told
Reuters during a visit to the Indian capital.
New Delhi is seen as a
key player in the Doha trade talks, which broke down last year in a dispute
between the United States and developing nations, spearheaded by India, over
farm tariffs and subsidies.
Led by a new trade minister who came to
office after the ruling Congress party's coalition won a second term in May,
India has made optimistic noises on reaching an agreement.
"I saw
change in India," Davies said when asked about India's stance on Doha. "In India
we've seen a realisation that Doha is important, that a global trade deal would
have a hugely positive impact on world trade."
A successful Doha
round could boost the global economy by $300-700 billion a year, according to a
study by the Peterson Institute for International Economics.
Leaders
hope to clinch a deal by the end of 2010 and ward off protectionist policies
that the World Trade Organisation has warned could slow
recovery.
GAME CHANGER
Davies did not say by which date
the deal could be signed but India had sent a "very positive" signal by hosting
a trade ministers' meeting this month. Political will mattered more than
disputes on specific issues to secure a deal, he said.
"We must not
take the pressure off. We've got to all collectively be pushing for a global
trade deal," he said.
The Doha Development Round was launched in late
2001 to boost global trade and help developing countries increase exports by
lowering trade barriers.
New Delhi has insisted on measures to
protect India from a possible surge in cheap imports that could swamp its
millions of poor farmers.
The tough stance by India, which has
weathered the financial crisis better than rich nations, has highlighted the
growing clout of Asia's third biggest economy on global issues such as trade and
climate change.
Davies said India and China's inclusion in the G20,
which will shortly meet in Pittsburgh, had changed the nature of the dialogue in
the world.
"(It) can only be good for collaboration around climate
change, around trade, and around financial stability," he said.
Govt may ease norms for setting up medical colleges
ET Bureau
NEW
DELHI: The government will soon relax norms for the private sector to set up
medical colleges in urban as well as rural areas.
The health
ministry is working on a policy to allow the private sector to set up medical
colleges on 10 acres of land, instead of the present requirement of a minimum 24
acres, Union health minister Ghulam Nabi Azad said on Monday.
The
announcement will provide a major boost to the private sector which is facing a
space constraint in urban areas. It will also help the country meet the demand
for medical colleges, which is on the rise. “In urban areas, we would look
for vertical expansion instead of horizontal expansion,” Mr Azad said in a
FICCI healthcare conference.
For the development of rural areas, the
government is also looking at a public-private partnership (PPP) model. Under
the proposal, the private players would be allowed to set up medical colleges
with the district hospitals as the nodal centres in rural areas, Mr Azad said.
He said these policy decisions have been taken by the ministry as
part of the 100-days programme of the UPA government. The government would also
provide special incentives to doctors practising in rural and remote areas.
“In hilly and backward areas, we have given a lot of priority
and concession to public-private partnerships,” Mr Azad said adding this
has been done in order to increase human resource in the health sector. Mr Azad
said the private sector can play a pivotal role in augmenting government’s
efforts towards providing healthcare to all, but on the flip-side it can be seen
that the private sector costs are high and its penetration in rural areas is
poor.
The minister pointed out that the National Rural Health
Mission (NHRM) has provided the spurt in expansion of medical services.
“In spite of a faster rate of growth in GDP, the expenditure on health has
increased owing to NHRM,” Azad said. The minister said that the government
expenditure on health has gone up to 1.4% of GDP during 2008-09 as compared to
0.97% in 1999-2000.
After the launch of ambitious health project
‘NHRM’, institutional deliveries in rural areas have increased from
40.9% to 47% and full immunization coverage of children up to two years has gone
up from 45.9% to 54.1% in 2007-08 as compared to 2002-04, the minister
added.
Exporters set to get higher risk cover
ET Bureau
NEW
DELHI: In a move that will provide cushion to Indian exporters in uncertain
global markets, and improve risk coverage, the government will
insurance cover to the sector.
State-owned Export Credit Guarantee
Corporation (ECGC), which promotes exports by providing cover to export risks on
credit, has promised to increase risk cover of exporters by 5%, according to a
senior ECGC official. The risk cover, given to banks by ECGC for its loans to
exporters, will be increased by 10%.
To provide this additional
credit cover to exporters and banks, ECGC will utilise an amount of Rs 350 crore
allocated to it by the Centre under the corpus of the national exports
insurance, which is being set up to support medium- and long-term business.
The amount was earmarked by the government to increase insurance coverage
for exporters earlier this year as part of its incentive package to help the
Indian industry survive the global slowdown. ECGC expects an initial cover to
banks and exporters will not exceed Rs 60 crore in the current fiscal year.
“ECGC had sold about 14,500 policies in 2008-09 and it is
expecting a 5% increase in sales this fiscal year,” said ECGC chairman and
managing director AV Muralidharan, while speaking at an interactive seminar
organised by Fieo in New Delhi. The interaction was attended by more than 100
exporters from Delhi and NCR.
The Indian export sector has been badly
hit because of payment defaults by buyers globally, especially in Western
markets due to the global economic downturn. “Highest default claims are
coming from the US with about 25% of the overall claims originating from that
country,” he added.
FIEO director-general Ajay Sahai, who was
also present at the meet said the Chinese government has provided export credit
insurance worth $84 billion to cover export risks.
Posco plans foundation | ||
| OUR SPECIAL CORRESPONDENT | ||
Bhubaneswar, Sept. 15: South “We “It The Of Asked The This was Joon’s second visit to Orissa. He was here in November, 2005 when he was president of the company. On Scotching
|
Accounting road map by November | ||
| OUR SPECIAL CORRESPONDENT | ||
Calcutta, Sept. 15: The Speaking The But “We The The There For example, there is no concept of preference capital under the IFRS. Preference capital is considered as debt under the IFRS. Convergence to IFRS will also require changes in the income tax rules. |
Global oil duo eye Vizag stake |
| OUR SPECIAL CORRESPONDENT |
New Delhi, Sept. 15: Saudi “Total The In November, Lakshmi Mittal had “put on hold” his investment in the project after recession in Europe hit his firm’s fortunes. A The Total The The remaining 2 per cent were to be offered to financial institutions. Saudi While The |
Tatas plan it big in Karnataka | ||
| OUR SPECIAL CORRESPONDENT | ||
Calcutta, Sept. 15: Tata Metaliks, India’s largest pig iron manufacturer, is planning a large steel plant in Karnataka. Chairman Hemant Nerurkar said it would like to build a plant with a capacity of 3-5 million tonnes. The However, The Harsh K. Jha, managing director of Tata Metaliks, said the company would require 250-300 million tonnes of iron ore deposits. “Our investment is conditional upon getting iron ore mine lease there,” Jha said. Jha and Nerurkar were speaking to reporters after the 19th annual general meeting of Tata Metaliks. The The |
| Top Stories | Updated 3 minutes ago |
'We want action against racists'Times Now.tv - 25 minutes ago After three Indians were attacked in Australia, the Government of India reacts, saying the Government of Australian should ensure the attacks are properly probed. Japan's new cabinet: Key figuresBBC News - 1 hour ago Japanese Prime Minister Yukio Hatoyama has named his cabinet, hours after being formally elected by parliament. The BBC looks at the key figures. No sign of settlement deal after US-Israel talksReuters - - 5 minutes ago JERUSALEM, Sept 16 (Reuters) - The United States and Israel ended another round of talks on Wednesday with no sign yet of a deal on a West Bank settlement freeze, but a US envoy planned to meet again with Prime Minister Benjamin ... | Australia vs. England, 5th ODI Eng 299/10(50) | Aus 302/6(48.2) Aus won by 4 wkts. Man of the Match: Ricky Ponting Last 2 Overs: 1 3 2 1 1 4 | . 6 cricbuzz.com |
Email this storyHaryana cops, forensic experts probe attack on Rahul's train
Economic Times - 5 hours ago
GHARAUNDA: Police and forensic
experts in Haryana were Wednesday questioning people and searching
villages to identify those who pelted stones at the Amritsar-New Delhi
Shatabdi Express in which Congress general secretary Rahul Gandhi was
travelling.
experts in Haryana were Wednesday questioning people and searching
villages to identify those who pelted stones at the Amritsar-New Delhi
Shatabdi Express in which Congress general secretary Rahul Gandhi was
travelling.
Not expecting breakthrough in meeting with Krishna: Qureshi
Press Trust of India - - 28 minutes ago
Islamabad, Sep 16 (PTI) Pakistan
Foreign Minister Shah Mahmood Qureshi today said he is not expecting
any "major breakthrough" in the upcoming meeting with his Indian
counterpart SM Krishna though his country continues to be hopeful that
bilateral ...
Foreign Minister Shah Mahmood Qureshi today said he is not expecting
any "major breakthrough" in the upcoming meeting with his Indian
counterpart SM Krishna though his country continues to be hopeful that
bilateral ...
India snubs China, Dalai Lama's Arunachal visit on
IBNLive.com - 1 hour ago
TAKING A STAND: SM Krishna was
reacting to China's objections to the Dalai Lama's visit. ibnlive.com
is on mobile now. Read news, watch videos be a Citizen Journalist.
reacting to China's objections to the Dalai Lama's visit. ibnlive.com
is on mobile now. Read news, watch videos be a Citizen Journalist.
Show more stories
Show fewer stories
Recession likely over but slog ahead
CNNMoney.com - - 28 minutes ago
Would panic prevail? That was
the question gripping the world in the days surrounding the fall of
Lehman Brothers on Sept. 15, 2008.
the question gripping the world in the days surrounding the fall of
Lehman Brothers on Sept. 15, 2008.
Nifty closes above 4950; Tata Steel, SAIL surges
Economic Times - 10 minutes ago
MUMBAI: Broad-based buying sent
equity benchmarks sharply higher for the second straight session
Wednesday. But the metal space was the biggest sectoral outperformer,
followed by banking and realty stocks.
equity benchmarks sharply higher for the second straight session
Wednesday. But the metal space was the biggest sectoral outperformer,
followed by banking and realty stocks.
Pipavav IPO subscribed 1.65 times
Economic Times - 32 minutes ago
MUMBAI: Pipavav Shipyard Ltd's
initial public offering of 8,54,50225 equity shares, including anchor
investor portion up to 1,52,72950 shares, was subscribed 1.65 times as
at 3:00 pm on Wednesday.
initial public offering of 8,54,50225 equity shares, including anchor
investor portion up to 1,52,72950 shares, was subscribed 1.65 times as
at 3:00 pm on Wednesday.
maximum impact
Business Standard - 1 hour ago
Yes! Mr. Max is here. Yamaha
India has launched the big brawny muscle bike from their international
lineup here in India . It might not be the fastest or the quickest but
sure as hell it will be the scariest!
India has launched the big brawny muscle bike from their international
lineup here in India . It might not be the fastest or the quickest but
sure as hell it will be the scariest!
Show more stories
Show fewer stories
Stars pay tribute to actor Swayze
BBC News - 1 hour ago
Film actors have remembered
Dirty Dancing star Patrick Swayze following his death at 57 from
pancreatic cancer. Whoopi Goldberg, who starred with Swayze in Ghost,
said in tearful tribute on US TV: "Because of Patrick Swayze, I have an
Oscar".
Dirty Dancing star Patrick Swayze following his death at 57 from
pancreatic cancer. Whoopi Goldberg, who starred with Swayze in Ghost,
said in tearful tribute on US TV: "Because of Patrick Swayze, I have an
Oscar".
Rani walks the red carpet at Toronto Film Festival
Oneindia - - 51 minutes ago
Rani Mukherjee attended the
prestigious Toronto International Film Festival for the World Premiere
of Yash Raj Films' Dil Bole Hadippa on September 13.
prestigious Toronto International Film Festival for the World Premiere
of Yash Raj Films' Dil Bole Hadippa on September 13.
Kanye phones Swift to apologise
BBC News - 1 hour ago
Rap star Kanye West has called
to apologise personally to singer Taylor Swift for interrupting her
winning speech at the MTV Video Music Awards.
to apologise personally to singer Taylor Swift for interrupting her
winning speech at the MTV Video Music Awards.
Show more stories
Show fewer stories
Tamiflu cut death rate among severely ill
NDTV.com - 6 hours ago
Antiviral drug Tamiflu helped
prevent deaths from seasonal flu in severely ill patients who had
chronic underlying health problems.
prevent deaths from seasonal flu in severely ill patients who had
chronic underlying health problems.
Indian swine flu deaths top 200
BBC News - 4 hours ago
The number of people to die of
swine flu in India has crossed 200, health officials say. The new
deaths have been reported from the Indian capital, Delhi, and the
western Maharashtra and Gujarat states.
swine flu in India has crossed 200, health officials say. The new
deaths have been reported from the Indian capital, Delhi, and the
western Maharashtra and Gujarat states.
Student dies of swine flu in AP, state toll rises to 15
Press Trust of India - 2 hours ago
Hyderabad, Sept 16 (PTI) A
15-year-old boy died of swine flu in Warangal today, taking the death
toll due to the virus in the state to 15, Andhra Pradesh Major
Irrigation Minister Ponnala Lakshmaiah said.
15-year-old boy died of swine flu in Warangal today, taking the death
toll due to the virus in the state to 15, Andhra Pradesh Major
Irrigation Minister Ponnala Lakshmaiah said.
Show more stories
Show fewer stories
Local News »
View stories near:
Euro MPs give Barroso new mandate
BBC News - 44 minutes ago
The powerful European Commission
President, Jose Manuel Barroso, has won a second term of office after a
majority of Euro MPs voted for him.
President, Jose Manuel Barroso, has won a second term of office after a
majority of Euro MPs voted for him.
Racism is driving anti-Obama protests, says Carter
Times Online - - 1 hour ago
The former American president
Jimmy Carter says racism and fear is driving the wave of anger directed
at Barack Obama as he tries to drive through comprehensive reform of
the US healthcare system.
Jimmy Carter says racism and fear is driving the wave of anger directed
at Barack Obama as he tries to drive through comprehensive reform of
the US healthcare system.
The Associated Press - New York Times - Times of India
- Wikipedia: Barack Obama speech to joint session of Congress, September 2009
- Wikipedia: Barack Obama speech to joint session of Congress, September 2009
World Bank warns 2C rise will cripple development efforts
guardian.co.uk - 53 minutes ago
The World Bank yesterday issued
its clearest warning to date that development efforts in poorer nations
will be derailed without a huge increase in funding for climate change
mitigation and adaptation efforts.
its clearest warning to date that development efforts in poorer nations
will be derailed without a huge increase in funding for climate change
mitigation and adaptation efforts.
Show more stories
Show fewer stories
No transition from Windows XP to Windows 7
World News - - 18 minutes ago
Mumbai: Windows Vista was a huge
mistake and Windows wants users to forget about it and go ahead with
Windows 7. The point is Vista was never upto the mark and windows 7
seems to be a much cooler operating system.
mistake and Windows wants users to forget about it and go ahead with
Windows 7. The point is Vista was never upto the mark and windows 7
seems to be a much cooler operating system.
Nilekani moves to Karnataka Bhavan
Times of India - 12 hours ago
BANGALORE: Nandan Nilekani,
chairman of the Unique Identification Database Authority of India
(UIDAI), who holds a cabinet rank, moved to Karnataka Bhavan in New
Delhi on Monday, following the UPA government's austerity drive.
chairman of the Unique Identification Database Authority of India
(UIDAI), who holds a cabinet rank, moved to Karnataka Bhavan in New
Delhi on Monday, following the UPA government's austerity drive.
Tag! You're It. Facebook Deploys a Twitter-Style '@' Tag
PC World - Sep 14, 2009
Facebook has just introduced the
latest feature in its ongoing evolution to blur the lines between
social networking and search engine- tags.
latest feature in its ongoing evolution to blur the lines between
social networking and search engine- tags.
Show more stories
Show fewer stories
Champions Trophy will prove ODIs belong - Lorgat
CricInfo.com - - 2 hours ago
The ICC is confident that the
Champions Trophy in South Africa will prove that 50-over cricket
remains a relevant format in cricket's shifting worldscape of greater
financial reward and less time.
Champions Trophy in South Africa will prove that 50-over cricket
remains a relevant format in cricket's shifting worldscape of greater
financial reward and less time.
2010 Commonwealth Games on track, says Kalmadi
IBNLive.com - 17 minutes ago
New Delhi: Commonwealth Games
Organising Committee Chairman Suresh Kalmadi on Wednesday claimed that
India will be able to organise a successful Games in 2010.
Organising Committee Chairman Suresh Kalmadi on Wednesday claimed that
India will be able to organise a successful Games in 2010.
'CM has a vision for Gujarat cricket'
Daily News & Analysis - 2 hours ago
Ahmedabad: He almost went into
oblivion after being replaced by Hitesh Patel as the joint secretary of
Gujarat Cricket Association (GCA) in 2004.
oblivion after being replaced by Hitesh Patel as the joint secretary of
Gujarat Cricket Association (GCA) in 2004.
Show more stories
Show fewer stories
How the phone reached Bulandshahr
Hindustan Times - 2 hours ago
The CBI has released a
brother-sister duo, whom it detained for questioning in the murder case
of Noida schoolgirl Aarushi following the recovery of her mobile phone
from them.
brother-sister duo, whom it detained for questioning in the murder case
of Noida schoolgirl Aarushi following the recovery of her mobile phone
from them.
Iran warns India on gas pipeline
BBC News - 4 hours ago
Iran's ambassador in India says
Delhi must decide soon on a multi-billion dollar gas pipeline deal or
else they will talk to other countries.
Delhi must decide soon on a multi-billion dollar gas pipeline deal or
else they will talk to other countries.
Pashupati & security Rao's main agenda in Nepal
Times of India - 7 hours ago
KATHMANDU: In a startling echo
of the frequent Chinese delegations to Nepal, Indian foreign secretary
Nirupama Rao on Tuesday ended her two-day visit to the Himalayan
republic with the pledge from the Nepal government that it would not
allow its soil ...
of the frequent Chinese delegations to Nepal, Indian foreign secretary
Nirupama Rao on Tuesday ended her two-day visit to the Himalayan
republic with the pledge from the Nepal government that it would not
allow its soil ...
Show more stories
Show fewer stories
No comments:
Post a Comment