MULNIVASI Aboriginal Indigenous TRADE Union Global Must Be the TOP MOST Priority as Organised Sector Mass Mobilisation only may SAVE Persecuted Humanity Worlwide as well as the GANG RAPED Nature and Natural Resources!

Indian Holocaust My Father`s Life and Time- One Hundred NINETY Nine

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http://indianholocaustmyfatherslifeandtime.blogspot.com/

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Divestment - Wikipedia, the free encyclopedia

18 Sep 2009 ... In finance and economics, divestment or divestiture is the reduction of some kind of asset for either financial or ethical objectives or ...

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सार्वजनिक उपक्रम पूँजी बाजार में उतरेंगे

गृहमंत्री पी. चिदंबरम ने गुरुवार को बेबाक विनिवेश योजना का ऐलान करते हुए मुनाफा कमाने वाले सभी सार्वजनिक उपक्रमों को सूचीबद्ध करने की अनिवार्यता सुनिश्चित कर दी। इससे 100 से अधिक कंपनियों की सार्वजनिक पेशकश का रास्ता खुल गया है। इस तरह की बिक्री से एकत्र धन का इस्तेमाल सामाजिक क्षेत्र की स्कीमों के लिए किया जाएगा।

गृहमंत्री पी चिदंबरम ने गुरुवार को बेबाक विनिवेश योजना का ऐलान करते हुए मुनाफा कमाने वाले सभी सार्वजनिक उपक्रमों को सूचीबद्ध करने की अनिवार्यता सुनिश्चित कर दी। इससे 100 से अधिक कंपनियों की सार्वजनिक पेशकश का रास्ता खुल गया है।

इस तरह की बिक्री से एकत्र धन का इस्तेमाल सामाजिक क्षेत्र की स्कीमों के लिए किया जाएगा। पहले से सूचीबद्ध केंद्रीय सार्वजनिक उपक्रमों को अपने कम से कम दस प्रतिशत शेयरों की सार्वजनिक बिक्री करनी होगी।

गृहमंत्री पी चिदंबरम ने आर्थिक मामलों की मंत्रिमंडलीय समिति की बैठक के बाद बताया कि तीन साल तक लगातार मुनाफा कमाने वाली गैर सूचीबद्ध कंपनियों को अपनी आरंभिक सार्वजनिक पेशकश लानी होगी।

कांग्रेस के नेतृत्व वाली संप्रग सरकार ने अपने दूसरे कार्यकाल में दो सार्वजनिक उपक्रमों एनएचपीसी और ऑइल इंडिया को सूचीबद्ध करने का रास्ता पहले ही तैयार कर दिया है। आज के फैसले से और अधिक सार्वजिनक उपक्रम पूँजी बाजार में प्रवेश कर सकेंगे।

इस समय 40 सूचीबद्ध सरकारी कंपनियाँ हैं और बीएसएनएल सहित सौ से अधिक कंपनियाँ सूचीबद्धता की पात्रता रखती हैं।

चिदंबरम ने कहा कि केन्द्रीय सार्वजनिक उपक्रमों के बाजार में प्रवेश से सरकार की कुछ हिस्सेदारी का विनिवेश होगा। उन्होंने कहा कि यह काम बाजार के हालात अनुकूल होने और उचित समय आने पर किया जाएगा।

चिदंबरम ने बताया कि ऐसी सभी गैर सूचीबद्ध कंपनियों को स्टाक एक्सचेंजों में सूचीबद्ध किया जाएगा, जिनकी कोई संचयी हानि नहीं है और जो लगातार तीन साल से मुनाफा कमा रही हैं।

इस सवाल पर कि अंतत: सूचीबद्ध होने वाली गैर सूचीबद्ध कंपनियों के भी दस प्रतिशत शेयरों की सार्वजनिक बिक्री की जाएगी, चिदंबरम ने कहा कि निस्संदेह मुनाफा कमाने वाली किसी भी कंपनी में सरकार शत प्रतिशत हिस्सेदारी नहीं रख सकती।

गृहमंत्री ने कहा कि संसद के दोनों सदनों की बैठक को राष्ट्रपति के अभिभाषण में और वित्त मंत्री के बजट भाषण में साफ कहा गया था कि सरकार विनिवेश कार्यक्रम में जनता की हिस्सेदारी को प्रोत्साहित करेगी।

उन्होंने कहा कि सरकार का मानना है कि सार्वजनिक उपक्रम राष्ट्र की संपत्ति हैं और इस संपत्ति का कुछ हिस्सा जनता के पास होना चाहिए, जबकि सरकार के पास कम से कम 51 प्रतिशत हिस्सेदारी रहेगी।

चिदंबरम ने कहा कि विनिवेश प्रक्रिया से एकत्र होने वाला धन राष्ट्रीय निवेश फंड में जमा होगा। अप्रैल 2009 से मार्च 2012 तक इस फंड में जमा होने वाले धन का इस्तेमाल सामाजिक क्षेत्र की स्कीमों के पूँजी व्यय के मद में होगा, जबकि अप्रैल 2012 के बाद राष्ट्रीय निवेश फंड की यथास्थिति बरकरार रहेगी।

उन्होंने कहा कि कठिन राजकोषीय स्थिति के मद्देनजर यह फैसला किया गया है। यह वित्तपोषण का अतिरिक्त संसाधन है।

मूर्धन्य पत्रकार प्रभाष जोशी का निधन

नई दिल्ली, शुक्रवार, 6 नवंबर 2009( 08:37 IST )

हिन्दी पत्रकारिता के यशस्वी हस्ताक्षर प्रभाष जोशी का गुरुवार रात यहाँ दिल का दौरा पड़ने से निधन हो गया। वे 72 वर्ष के थे। उनके शोक संतप्त परिवार में पत्नी, दो पुत्र, एक पुत्री और नाती-पोते हैं।

पारिवारिक सूत्रों ने बताया कि रात लगभग 11:30 बजे तबीयत बिगड़ने पर जोशी को नरेंद्र मोहन अस्पताल ले जाया गया, जहाँ डॉक्टरों ने उन्हें मृत घोषित कर दिया। प्रभाष जोशी दैनिक जनसत्ता के संस्थापक संपादक थे।

मूल रूप से इंदौर निवासी प्रभाष जोशी ने नईदुनिया से पत्रकारिता की शुरुआत की थी। मूर्धन्य पत्रकार राजेन्द्र माथुर और शरद जोशी उनके समकालीन थे। नईदुनिया के बाद वे इंडियन एक्सप्रेस से जुड़े और उन्होंने चंडीगढ़ तथा अहमदाबाद में स्थानीय संपादक का पद संभाला।

1983 में दैनिक जनसत्ता का प्रकाशन शुरू हुआ, जिसने हिन्दी पत्रकारिता की दिशा और दशा ही बदल दी। 1995 में इस दैनिक के संपादक पद से सेवानिवृत्त होने के बावजूद वे एक दशक से ज्यादा समय तक बतौर संपादकीय सलाहकार इस पत्र से जुड़े रहे।

प्रभाष जोशी अपने साप्ताहिक स्तंभ 'कागद कारे' के साथ विभिन्न विषयों पर निरंतर लिखते रहे। सामाजिक, राजनीतिक सरोकारों के साथ ही खेल, खासकर क्रिकेट पर उन्होंने यादगार लेखन किया।

गुरुवार को भी वसुंधरा स्थित अपने जनसत्ता अपार्टमेंट स्थित आवास पर दिल का दौरा पड़ने से पहले उन्होंने भारत और ऑस्ट्रेलिया के बीच हुआ पाँचवाँ एक दिवसीय मैच देखा था। (भाषा)

Noted journalist Prabhash Joshi dies

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STAFF WRITER 3:17 HRS IST

New Delhi, Nov 6 (PTI) Noted journalist Prabhash Joshi has died of a heart attack here. He was 72.

He was admitted to a private hospital after he complained of chest pain at 11.30 pm where doctors declared him dead last night, family sources said.

He is survived by wife Usha Joshi, two sons Sandeep and Sopan, daughter Sonal and mother Leela Bai.

Joshi, who began his career with Nayi Duniya, was the founder editor of leading Hindi daily "Jansatta" in 1983.

After retiring from the newspaper in 1995, he continued as the chief editorial advisor.

Originally from Indore, Joshi, a veteran writer and a Gandhian, changed the definition of Hindi journalism with the publication of 'Jansatta'.

Joshi also worked with the Indian Express as the resident editor at Ahmedabad, Chandigarh and Delhi.

06/11/2009

It was one of my best knocks: Tendulkar

Hyderabad: Batting maestro Sachin Tendulkar rated his 175 against Australia here Thursday as one of the best knocks of his career.

Tendulkar scored 175 off 141 ball, enroute to his record 17,168 runs, but couldn't prevent India from losing the fifth ODI to Australia by three runs.

"I thought we started off really well then lost wickets. Suresh (Raina) and I had a good partnership but in the end, it was disappointing. The pressure to keep scoring runs was there and we took it very close. But I feel it was one of my best knocks," said Tendulkar, who was adjudged as the Man of the Match.

The batting maestro praised Raina for playing a strokefilled run-a-ball that got India close while chasing 351 to win.

On his personal milestone of crossing 17,000 runs, Tendulkar said: "I care about playing for India, it's a passion and I have been absoloutely honoured to play for India so long."

India captain Mahendra Singh Dhoni said that the match was lost due to mental calculation.

"They got off to a good start and we never got into a postion to contain them. It was up to us to chase it. We got a good start and we came in the end due to Tendulkar and Raina. We lost it in our mental calculation, not because of our talent. It was one of the good ODI tracks we have seen in India, you have to be smart. Hopefully we will be up for the next two games," he said.

Australian captain Ricky Ponting also applauded Tendulkar for playing one of the best knocks in his 20-year-old career.

"It was one of the amazing games and certainly one of the best innings ever from Sachin. Sachin didn't play many bad shots today! It's really unbelievable how we have played, considering all the injuries," he said.

Source: IANS

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I have been warning the Ambedkarites, Social and Eco Activists, Black Brotherhood, Economists, Academia, Mass Movement leaders, nationality leaders for last few years that we have NO spare Time for shaping the SURVIVAL Strategies. I had meetings in different parts of the country including Mumbai, the Capital of Commerce, Business and Ethnonationalism, I attended National Convensions and NGO seminars, talked to Trade Union Leaders, PSU employees and all old friends. I taked to BAMCEF Factions,BSP, Republican and even Marxist leaders with All DISINVESTMENT Counciland Commision reports in my port folio. I talked to SHEETAL Makram and wrote to VTR, the editor of Dalit Voice. I interacted with Intelligentsia and posted BLOGs daily.

But Major Siddarth Barves, Dilip Mandal, Makram and a few of us working in the ame wave length, could not mobilise our employed educated masses and the leadership and Ideologues to rise above Demogogues and Hypocrites, Ethnonationalism and Vote bank Equation or Resource Mobilisation.

Now, we have no time. And it is the ULTIMATE ASSULT for which MONTEK, Ptaroda, Nilekani, Rangrajan, RBI, SEBI and India Incs have taken Over Parliament, Killed the Constitution,presented Human Face like mamata Banerjee, Co Opted Dravid and Dalit, SC, ST and OBC leaders in the system, shaoped in Madhu Koda and Shibu Soren, Projected Mayawati!

Our Greatest ENEMY in Knowldge Hegemony, Indian Express Group Recruiter and Hindi Journalism ICON Prabhash Joshi is NO MORE. He killed many of us but he was the Man who PUSNED us Launching Pad to Shape in, as Nucear MISSILES!

We had always BIG Fights amongst us! I have to go Down the Memory Lane once again.

But the Immediate CHALLENGE presented by Nationalisation Credited, GARIBI Hatao and Socialism Pleader Zionist DYNASTY led by LPG Mafia and GUIDED by US War Economy Dictations, represented by Extra Constitutional Elements, Allows US Never to be in Mourning MODE as we PERISH without a BREATH in this Bloody Free Market democracy!

I was Expecting Joshi to write on Sachin Tendulkar this sunday in his Jansatta Column but he has left his pen for ever. We have spent years working together in Express Group. We Had very seriuos Differences. I had very serious Differences with my Father late Pulin Babu. I have reseravtion on the stance taken by MAHASHWETA Debi who taught me and my generation waht RESISTANCE means all about. Prabhash Joshi, Notwithstanding, his Pure Malvi Brahaminical HEGEMONY Manusmriti Mind Set taught us to face the Challenges of Technology and Neoliberalism, Free Market Democracy and Resistance against the Genocide Culture toSustain Humanity, Peace and Nature. My Father, my teachers back Home in Nainital, Prabhash Joshi and Mahashweta Debi made us what we are now!We are not clones but we have BLOOD Relations. It makes me cry deep in my heart and mind while we LOSE such Personalities with who we could play BIG FIGHTS as we all wanted to Change this World as a PLANET fit for Humanity and Civilisation!

Rather I should write later on or it would turn very subjective!

Today, the most objective topic seems to be DIVESTMENT with a AAM AADMI face stepping Ahead like Predestined DEATH and Destruction and perhaps, it is 2012 all about.

As much as Rs 30,000 crore could be available to the government after the Cabinet today made it mandatory for all listed and profitable public sector undertakings (PSUs) to have a minimum public float of 10 per cent. And decided to list all unlisted PSUs which made profits during the past three years. In a major policy shift, the Cabinet also decided to mend rules that will allow the government to dip into the disinvestment corpus and fund its ambitious social sector programmes.

The decision to use the money raised from stake sale in PSUs will help the government tide over the immediate crisis on the fiscal front. A high fiscal deficit, estimated at 6.8 per cent of the gross domestic product in 2009-10, had posed huge challenges for the government, forcing it to borrow more from the market, and threatening to undermine the growth prospects in the medium term.

The decision to use the money raised from stake sale in PSUs will help the government tid

e over the immediate crisis on the fiscal front. A high fiscal deficit, estimated at 6.8 per cent of the gross domestic product in 2009-10, had posed huge challenges for the government, forcing it to borrow more from the market, and threatening to undermine the growth prospects in the medium term.

Divestment

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This article is about the business concept. For other uses, see Disinvestment and Divestment campaign.

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In finance and economics, divestment or divestiture is the reduction of some kind of asset for either financial or ethical objectives or sale of an existing business by a firm. A divestment is the opposite of an investment.

[hide]

[edit] Motives

Firms may have several motives for divestitures.

First, a firm may divest (sell) businesses that are not part of its core operations so that it can focus on what it does best. For example, Eastman Kodak, Ford Motor Company, and many other firms have sold various businesses that were not closely related to their core businesses.

A second motive for divestitures is to obtain funds. Divestitures generate funds for the firm because it is selling one of its businesses in exchange for cash. For example, CSX Corporation made divestitures to focus on its core railroad business and also to obtain funds so that it could pay off some of its existing debt.

A third motive for divesting is that a firm's "break-up" value is sometimes believed to be greater than the value of the firm as a whole. In other words, the sum of a firm's individual asset liquidation values exceeds the market value of the firm's combined assets. This encourages firms to sell off what would be worth more when liquidated than when retained.

[edit] Divestment for financial goals

Often the term is used as a means to grow financially in which a company sells off a business unit in order to focus their resources on a market it judges to be more profitable, or promising. Sometimes, such an action can be a spin-off. (For the United States); Divestment of certain parts of a company can occur when required by the Federal Trade Commission before a merger with another firm is approved. A company can divest assets to wholly owned subsidiaries.

The largest, and likely most-famous, corporate divestiture in history was the 1984 U.S. Department of Justice-mandated breakup of the Bell System into AT&T and the seven Baby Bells.

[edit] Method of divestment

Some firms are using technology to facilitate the process of divesting some divisions. They post the information about any division that they wish to sell on their website so that it is available to any firm that may be interested in buying the division. For example, Alcoa has established an online showroom of the divisions that are for sale. By communicating the information online, Alcoa has reduced its hotel, travel, and meeting expenses.

With Economic liberalization of the Indian economy, Ministry of Finance of India had set up a separate Department of Disinvestments.

[edit] References

Jeff Madura (2007). Introduction to Business, Fourth Edition. USA: Thomson South-Western. ISBN 0-324-36079-7.

[edit] External links

Institute of Mergers, Acquisitions and Alliances (MANDA) M&A - Ans academic research institute on mergers & acquisitions, incl. divestments

[edit] See also

[hide]

Corporate finance and investment banking

Capital structure

Senior secured debt · Senior debt · Second lien debt · Subordinated debt · Mezzanine debt · Convertible debt · Exchangeable debt · Preferred equity · Shareholder loan · Common equity · Pari passu

Transactions
(terms / conditions)

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Mergers and acquisitions	Takeover · Reverse takeover · Tender offer · Poison pill · Freeze-out merger · Tag-along right · Drag-along right · Control premium · Divestment · Demerger

Leverage	Leveraged buyout · Leveraged recap · Financial sponsor · Private equity · Bond offering · High-yield debt · DIP financing

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List of investment banks · List of finance topics

05/11/2009

Sachin's 175 goes in vain as India lose by 3 runs

Hyderabad: In a match that went straight down to the wire Australia defeated India by three runs despite a spectacular knock of 175 by Sachin Tendulkar.

India were chasing a near-impossible target of 350/4 put up by the Australians but Tendulkar changed the mood of the game with a cracking innings that was studded with 19 fours and four sixes.

India though lost too many wickets towards the end including that of Tendulkar as Ricky Ponting's men pulled out a comeback just when India looked like running away with the game.

This win means that the visitors have a 3-2 lead in the series.

Chasing Australia's mammmoth 350 for four built mainly around Shaun Marsh's 112 and Shane Watson's 93, the Indians rode on Tendulkar's heroic 141-ball knock to come within sniffing distance of a remarkable win but the tailenders faltered under pressure to be all out for 347 with two balls to spare.

It was a remarkable exhibition of strokeplay by Tendulkar, who not only notched up his 45th ODI hundred but also became the first cricketer in the history of the game to cross the 17,000 run mark.

It was also the fastest century by an Indian against the Australians as well as the highest individual score against the visitors.

The jam-packed Rajiv Gandhi International stadium witnessed an extraordinary contest which saw as many as 697 runs being scored in a game where fortunes fluctuated from one end to the other till the very end.

The two teams will now travel to Guwahati for the sixth one-dayer to be held on Sunday.

Tendulkar was at his best from the onset as he smashed the Australian attack to all parts of the ground.

Opening the batting he first shared 66 runs with Virender Sehwag (38 off 30) and then put together a vital 137-run partnership with Suresh Raina who made a run-a-ball 59.

But Tendulkar's dismissal in the first ball of the 48th over, caught when he played the scoop shot at fine leg by a diving Nathan Huaritz unhinged the Indian innings as the tail-enders could not manage the required 19 runs in 17 balls.

Ravindra Jadeja (23) and Praveen Kumar (9) were run out, while Ashish Nehra fell for one as India slid to defeat from a healthy 299 for four in the 43rd over.

The Indian innings was struggling at 162 for four when Tendulkar was joined by Raina and their excellent stand for the fifth wicket brought India close to the doorsteps of victory.

Except for Sehwag and Tendulkar the Indian top order failed as Gautam Gambhir, Yuvraj Singh and skipper Mahendra Singh Dhoni departed cheaply to leave Tendulkar with the huge task of guiding India past the finishing line.

Tendulkar who had been outstanding in the field while most of his other teammates fumbled when Australia batted, got the ideal partner in young Raina.

The two took India from a difficult 162 for four in the 24th over with their century stand with Tendulkar guiding his younger partner. They were separated only when India needed 52 runs from 45 balls, Raina top-edged a sweep to keeper Graham Manou.

The hosts asked for the batting Power Play when 46 were needed from the last six overs with four wickets in hand after Harbhajan Singh made a first ball duck. But to add to India's misery Tendulkar started to develop leg cramps.

India needed 31 runs from the last 24 balls and then 19 from 18 when Tendulkar and Ravindra Jadeja departed at the same score. The equation was brought down to 16 from 12 when Ashish Nehra was out.

The hosts needed eight of the last over and got four of those before Praveen Kumar was run by Hauritz after the right-hander went for the second run.

Tendulkar who notched his fourth 150-plus innings in his 435th ODI, played with a lot of freedom once he reached the landmark of 17,000 runs.

Tendulkar and Sehwag were going great guns before the Delhi dasher top-edged a hook off Ben Hilfenhaus to fine leg.

Ponting's decision to bring in Clint McKay into the attack in place of the expensive Bollinger worked as Gambhir was caught at third man.

06/11/2009

Potatoes, onions keep food prices soaring; inflation up by 13 %

New Delhi: Food inflation inched up to 13.3 per cent for the week ended October 24, primarily due to rising prices of potatoes and onions, against 12.85 per cent in the previous week ended October 17.

Meanwhile, the government introduced a new system for presenting inflation data of only primary articles and fuel products on a weekly basis. The overall inflation figures would now be known in the middle of every month.

Based on the new guidelines on disclosing the official wholesale price index, India's annual rate of inflation based for primary articles and fuels stood unaltered at minus 6.2 percent for the week ended Oct 24, official data showed Thursday.

The annual inflation rate for food articles was sharply higher at 13.39 percent for the week under review. Similarly, the annual rise in the index for pulses was 23.44 percent and that for cereals was 11.15 percent. The meat, eggs and poultry index rose 25 percent.

The statistics released by the industry ministry showed that during the week ended Oct 24, there was a 3 percent rise in prices of moong, 2 percent rise each in prices of wheat and bajra, while condiments, spices and gram became dearer by 1 percent.

Prices of fish, however, fell 3 percent, fruits and vegetables became cheaper by 2 percent, while barley and jowar prices fell 1 percent each. Under non-food primary articles, raw silk prices rose 6 percent and raw rubber became dearer by 3 percent.

The index for fuel, power, light and lubricants remained unchanged.

As per a decision taken by the Cabinet Committee on Economic Affairs, the weekly index numbers on prices will not be released for manufactured products, but limited to primary articles and fuels. While primary articles have a 22 percent weight, fuels carry a 14 percent weight.

The full data on wholesale price index will only be released on a monthly basis.

Both the Reserve Bank of India and the government have warned India's annual inflation rate based on wholesale price index for all commodities will rise to 6-6.5 percent by March, while the Prime Minister's Economic Advisory Council has pegged it at 6 percent.

The inflation rate for primary articles inched up to 8.94 per cent, mainly due to high food prices. The inflation rate for this category was 8.67 per cent for the previous week, and stood at 11.73 per cent during the corresponding period in 2008.

The new series of cumulative inflation for all commodities, with a revised base of 2004-05, will be out on November 12 and will, henceforth, be released on a monthly basis.

This announcement was made in accordance with an approval by the Cabinet Committee on Economic Affairs two weeks ago to release inflation data on a monthly basis.

Business Standard

Divest with aam-aadmi face
Sale pool widens, cash for welfare

OUR BUREAU

New Delhi, Nov. 5: Divestment, an economic pill detested by Mamata Banerjee as well as the Marxists, has been given an aam aadmi sugar-coating.

The Centre today relaunched a drive to sell shares of public sector enterprises and sought to pre-empt a political storm by allowing the proceeds to be directly ploughed into social sector projects.

Till now, such funds were locked in the National Investment Fund (NIF), a facility from which only earnings of the corpus could be used for welfare projects.

Along with unlocking the money for aam-aadmi projects — the UPA government's signature theme — the government has decided to make it mandatory for all PSUs which have made profits in the last three years to list on stock exchanges.

All listed profitable state-run firms will have to place at least 10 per cent of their shares with the public. The decisions will allow investors to pick up stakes in at least 100 central public sector units. The rules will not apply to undertakings run by state governments.

The relaxation on funds use will be valid for three years from April 2009 till April 2012. The Planning Commission and the expenditure department will pick the projects to be funded.

Political card

The decisions today mean the government can say divestment is being pursued to finance social welfare projects such as the rural job scheme that has become the UPA's trophy project whose parentage is also claimed by the Left.

The rules were altered by the cabinet committee on economic affairs, chaired by the Prime Minister. Mamata is a member of the top decision-making panel but she was in Calcutta today because of the political violence in the state.

The Trinamul Congress is opposed to divestment, a stand iterated by the party today. "It is clearly stated in our manifesto that there shouldn't be any divestment of profitable PSUs. If the central government's desired objective is to use the money from the sale of PSU equity for the social sector, we are against it. It is the government's job to look after the social sector and earmark funds for that," Trinamul's Partha Chatterjee said.

The Left dismissed the stated reason as "bunkum". CPM central secretariat member Nilotpal Basu said: "The argument that the money is used for the social sector is bunkum. In the past, too, the government said so, but what happened?"

Fiscal compulsion

Home minister P. Chidambaram, who briefed the media on the cabinet decisions, said the special dispensation was being made in view of the tight fiscal situation and the need to fund social security programmes.

The budget for this year had forecast an unparalleled fiscal deficit (the gap between the government's income and expenditure) of over Rs 4 lakh crore or 6.8 per cent of the gross domestic product, which means the country is spending beyond its means.

In the budget, probably fearing an uproar among some allies and the Opposition, the government had proposed to raise a modest Rs 1,120 crore from the selloff. But the economic survey suggested that the government should look at raising Rs 25,000 crore every year from divestment.

Some analysts saw in today's decision an effort to make good a part of the shortfall, though the government did not offer any projections on how much money it hoped to raise from the selloff now.

"Since the tax collection will be lower this year, the only prudent way left for the government to fund the social sector projects was to reduce its stake in the PSUs," said N.R. Bhanumurthy of the National Institute of Public Finance and Policy.

Investor option

The divestment drive will offer investors a window of opportunity to buy into state-run firms and household names such as BSNL, Coal India, Konkan Railway Corporation, Hindustan Fertiliser Corporation, Fertiliser Corporation of India, Indian Telephone Industry and BSNL and NACIL (the combined entity of Air India and Indian Airlines).

At present, 48 PSUs are listed. The BSE PSU Index gave an annual compounded return of 23.81 per cent since its launch in 1999. In other words, an investment has doubled every three years.

Under Koda's watch, aide invested in 5 mines abroad: I-T

Fri, Nov 6 05:38 AM

As the Enforcement Directorate closed in on former Jharkhand Chief Minister Madhu Koda — the Jharkhand High Court today directed the state to produce a progress report on November 12 on the Vigilance probe into the disproportionate assets case against Koda and some of his former cabinet colleagues — investigations by the Income Tax department have uncovered that during his less than two-year stint as CM, his close associate Sanjay Kumar Choudhary invested in five mines abroad.

Documents seized by the Income Tax during searches last Saturday show that Choudhary — he was found carrying Rs 6.14 lakh in Indian and foreign currencies in his bags at Mumbai's Chhatrapati Shivaji International Airport terminal on September 17 last year — had invested in three mines in South Africa (gold, uranium and coal), a coal mine in Liberia and another coal mine "near Thailand".

Koda was Chief Minister from September 2006 to August 2008.

The pattern of ownership, the share held by Choudhary and the quantum of reserves in these mines are not known. But in a May 19, 2008 letter to the Managing Director of National Bank, Dubai, Choudhary, Managing Director of Dubai-based Blue Techno Project FZCO, transferred five lakh Dirham (one UAE Dirham is roughly Rs 12) from his current account 0153662065 to The Clean Energy Company (CEC), account number 0151595435.

A file seized by Income Tax and handed over to the Enforcement Directorate for scrutiny revealed that the Blue Techno Project FZCO had purchased "P T Gunung Bara Coal Mine, 66 km by road from the jetty and 340 km from jetty to anchorage point Muara Jawa, near Thailand" from CEC.

"Over 50 per cent work of road development is completed. Jetty/port construction is in progress. Commencement of production within six months. Excellent coal seams of thickness as high as seven metres. GCV 5300-5400 with sulphur less than one per cent," states the same file. This mine, according to the file, is estimated to have 100 million tonnes of coal worth US $ 5,000,000,000.

Meanwhile, people who knew Choudhary — apart from a bungalow near Dimna Lake in Tatanagar, he is said to have flats and malls in Dubai — still remember how his father Jai Narayan used to cycle door-to-door, selling khaini (tobacco) to make ends meet. ¿After Choudhary came in contact with Kodaji through close aide Binod Sinha, lady luck smiled on them,¿ said his neighbour Ajay Kumar.

Koda, Choudhary and Sinha are among eight persons being probed by the ED under the Prevention of Money Laundering Act. Notices served on them by the ED require them to appear before the directorate.

Koda is said to have admitted during questioning that he knew Sinha and Choudhary but claimed he had no business deals with them. Likely to be discharged from the Apollo Hospital in Ranchi where he has been admitted, Koda maintained: ¿I am being implicated in a false case.¿

Manoj Prasad

CBI now probes procedural lapse by DoT

Fri, Nov 6 05:38 AM

In a move that could spell more trouble for communications & IT minister A Raja, investigating agency CBI has begun inquiring into what might have led the department of telecommunications to disregard then law minister HR Bhardwaj's opinion on the procedure for granting new telecom licences and, instead, directly approach then solicitor-general Goolam Vahanvati for his views. Was Vahanvati aware that the law minister had already furnished written opinion that was contrary to his advice? These are some of the questions to which CBI is seeking answers. Sources said the questioning of junior officers at DoT prompted CBI to investigate the serious procedural lapse by DoT and Vahanvati, who is now attorney general. In November 2007, DoT sought the law ministry's views on whether new licences should be granted through auctions or on a first-cum-first-served basis at prices discovered in 2001. Its opinion was clear: either conduct auctions or explore a new mechanism through a group of ministers. The law ministry explicitly opposed granting licences at 2001 prices and asked DoT to keep it informed about the final decision.

Then DoT secretary DS Mathur and telecom commission member-finance Manju Madhavan concurred with the law ministry's views and had differences with Raja on the subject. Now, CBI will seek details from them, as well as recently retired DoT secretary Siddhartha Behura, during whose tenure the licences were allocated. Raja disagreed with the law ministry's views and later sought an opinion from Vahanvati, who said there was no need for auctions.

U.S. becomes top country brand under Obama - survey

Buzz Up

Fri, Nov 6 10:38 AM

Enlarge Photo U.S. President Barack Obama makes remarks about a shooting at a U.S. Army base in...

Barack Obama has done it again. The president's starpower has made the United States the place most people want to visit and do business with, according to an annual survey that ranks nations like retail brands.

The Country Brand Index, compiled by brand consultancy FutureBrand, found the United States had unseated Australia, which held the top spot for the past three years. Australia came in third this year with Canada rising to second plce.

New Zealand and France rounded up the top five country brands in this year's index that included 102 countries.

"The Obama effect has seen the United States earn the coveted top spot for the first time in the fifth annual index," FutureBrand, which is part of Interpublic Group of Companies, said in a statement.

"The revitalisation of Brand USA, and other factors, have resulted in the effect on Australia's ranking. It highlights the importance of keeping a country brand fresh, relevant and engaging in a highly competitive international marketplace," added Tim Riches, CEO FutureBrand Singapore.

The index is based on a survey of about 3,000 business and leisure travellers from nine countries.

In addition to branding countries, it also identifies global trends in travel and tourism, which the statement said was the world's fastest growing economic sector.

The United States was seen as the ideal place for business, one of the top places for families, shopping and quality products, as well as one of the countries people wanted to visit whether for the first time or again.

The FutureBrand survey echoes a similar poll which showed that the United States was the most admired country globally, largely thanks to Obama's global popularity.

Looking ahead, the index indentified the United Arab Emirates -- which includes the Gulf cities Dubai and Abu Dhabi -- China, and Vietnam as the top three nations likely to become major tourist destinations in the next five years.

Croatia, South Africa and India also made the list.

With the global economic crisis tightening purse-strings across the world, the survey showed that bargain-driven travel would remain a major trend, with consumers "thinking like financial analysts in chosing destinations and properties that are undervalued and booking trips that allow them to maintain the style they were accustomed to in boom times."

This year's index was conducted in conjunction with public relations firm Weber Shandwick.

"The days of countries marketing themselves with travel posters are over," said Rene A. Mack, president of Weber Shandwick's Travel & Lifestyle Practice.

2009 CBI Top Country Brands

1. United States

2. Canada

3. Australia

4. New Zealand

5. France

6. Italy

7. Japan

8. Britain

9. Germany

10. Spain

(Editing by Belinda Goldsmith)

(For more news on Reuters Money visit http://www.reutersmoney.in)

Miral Fahmy

China queers Jindals' Aussie pitch

Jindal Steel & Power Limited has a new competitor in the race to acquire Australian coal miner Rocklands Richfield. ... | Read..

Stocks rebound on PSU selloff plan

Stocks staged a smart recovery in late trading today, buoyed by the government's decision to divest stake in profit ... | Read..

New code to address taxpayers' concerns

The government today said it would address the concerns of the companies and other taxpayers in the new direct tax code. ... | Read..

GVK touches down at Bangalore airport

GVK Power and Infrastructure has acquired a 12 per cent stake in Bengaluru International Airport from Zurich Airport fo ... | Read..

WEF meet to focus on inclusion

Skill development, economic inclusion and gender are expected to dominate the deliberations at the three-day India Econo ... | Read..

BSE Sensex to start higher but seen volatile

Buzz Up
Share

Fri, Nov 6 09:10 AM

Enlarge Photo People watch a large screen displaying India's benchmark share index on the facade of the...

MUMBAI (Reuters) The BSE Sensex is set to open higher on Friday, mirroring the rise in world equities after better-than-expected U.S. jobs data bolstered investor confidence in the global economy.

Data showed fewer U.S. workers filed new jobless insurance claims than forecast last week -- hitting a 10-month low. U.S. non-farm productivity rose more than expected in the third quarter.

"With global cues looking good, we should also open in the positive," said Kunal Sukhani, manager at Asian Markets Securities.

"But volatility will continue to remain high, until investors are able to establish a direction for the market," he said.

Energy giant Reliance Industries will be watched as hearing in its high-profile gas pricing dispute with Reliance Natural Resources resumed on Thursday.

Asian shares were firm with the MSCI's measure of markets other than Japan trading 1.7 percent higher by 0326 GMT, while Japan's Nikkei was up more than a percent.

The Nifty India stock futures in Singapore were trading 1 percent higher, indicating a positive start in the domestic market.

On Thursday, the 30-share BSE index closed up 0.95 percent, or 151.77 points, at 16,063.90 after falling as much as 2.2 percent during trade.

(For more news on Reuters Money visit http://www.reutersmoney.in)

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More than 28 years after she lent Rs 10,000 to her husband to start what is now the multi-billion dollar Indian IT giant — Infosys Technologies Ltd — Sudha Murty, wife of Infosys founder and chairman N R Narayana Murthy, has sold Rs 430 crore worth of Infosys shares to finance her husband's new Venture Capital Fund.
Volatile Sensex recovers 500 pts intra-day on PSU stake sale IE - 05:38 AM
Led by bruised telecom stocks, Dalal Street climbed nearly 1 per cent on Thursday as bargain hunters stepped in toward the close of day's trade after the market fell more than 2 per cent.
Move to let foreign airlines pick up 49% in Indian carriers IE - 05:38 AM
In what could breathe life into the domestic aviation industry grappling with huge losses, the government will shortly consider a proposal to allow foreign airlines pick up to 49 per cent equity in Indian carriers.
At Pune Expo, ARDE looks for vendors IE - 05:38 AM
Even as the Army trails are on for the Modern Sub Machine Carbine (MSMC) developed by Pune-based Armaments Research and Development Establishment (ARDE), the institute is trying to attract vendors for joint development of the carbine through the Pune Expo.
Dozen PSUs make the grade for stake sale IE - 05:38 AM
The government holds over 90 per cent (between 90-99.3 per cent) stake in a dozen public sector companies listed on the stock exchanges.
SFIO probe into Satyam fraud in its final stage: Khurshid IE - 05:38 AM
Corporate affairs minister Salman Khurshid today said the Serious Fraud Investigation Office has not stopped the investigation in the Satyam fraud case, as suggested by few media reports, and the additional investigation in the matter by the SFIO is still on and in its final stage.
Trade Fair from November 14 IE - 05:38 AM
28 countries, 7,500 exhibitors to set up stalls The 29th India International Trade Fair (IITF) will be inaugurated by President Pratibha Patel on November 14 at Pragati Maidan.
SC starts fresh hearing on Ambani gas row IE - 05:38 AM
The Supreme Court today began hearing afresh the high stake battle between Ambani brothers after Justice R V Raveendran, who was part of the bench recused himself from hearing the matter yesterday.