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Where from comes money for Indian Premier League in so called risilient Economy inflicted with global Recession as Stimulus has to continue amounting no less than Rs. Four Lac Eighteen Crore! We have been consistently writing and speaking on this most Destructive Fraud meant Economic Reforms on Keyence line followed by Washington Super Slave Immoral Imposter Anti National Hegemony leader. IPL life style and Economics EXPOSE the Indian Parliamentary league as well. The issues of financial newpapers in India present a Shining Gliitering India and Shocase Blooming Free Market while the Masses suffer from Unprecedent Violence and Aggression Monopolistic, a Sustained Manusmriti War Civil war campaign to finish aboriginal Indigenous communities. Most amusing is the so called commitment and concern and allocations for so called social sector, Infrastructure and development excluding the Majority Eighty Five Percent Population who have no survival kit or stategy in this world on fire! Many NRIs, including some from Kerala, were associated with the RSWL bid, sources in Thiruvananthapuram claimed. On the other hand, LIC Unit Link Policies are being used for Divestment as the Fund is diverted to buy the Issues released by the PSUs selected for Disinvestment! Earning, Livelihood, Property,land,Resources,Job, Food security - EVERYTHING Finished and Black Untouchable People are tageted for Deportation, Displacement, ethnic Cleansing, Exodus and Holocaust! This is the REAL IPL, which we oveseee in an Stimulated Cheargirs dominated Reality Show of IPL!
I could not write anything on the day Time as it was load shedding till Mid Night at home and Sabita indulged herself enjoying the late Night Retelecast of IPL Match between chennai super Kings and Punjab. The Engagement was so Magnatic that it ate out the whole Night and I had to sleep all the day. Meantime , I spent the day sleeping and reading Newspapers which reported and showcased IPL Lifestyle as per as the Electronic Media. I also noted that Bengal Intelligentsia led by Mahashweta devi is slightly DISILLUSIONED with Ms Mamata Banerjee, who declaring and launching Projects involving hundreds and thousands crores without any resource mobilisation, waging a VIOLENT CIVIL war!
It is 1.2 Billion Dollar in total INVESTED in IPL Reality show! That is NOT Cricket in sporting spirit. With this 1.2 Billion dollar, Twenty Seven Mig 27 GFighter Planes may be achieved. An Airport Post Modern may be erected. This amount may FEED all the school Children all the year round their Mid day Meal. This amount if deposited in a Post Office under MIS, it would earn Rs 1.31 crore interest Per DAY, mind you. But it is devoted to Cricket Circus led by Chear Girls! This is HIND Swaraj, emerged from the Launching Pad of BRAHMIN Bania Corporate capitalist Raj ensured by Gandhi with pune Pact.
Irrepressible Shashi Tharoor added a new dimension to his expansive profile when he got leading businessmen to come together as Rendezvous Sports World Ltd., that bagged a team for Kochi in the Indian Premier League (IPL).Tharoor gave Kerala a reason to cheer for. IPL chairman Lalit Modi confirmed Minister of State for External Affairs Tharoor was the brain behind Rendezvous Sports World Ltd. A little-known consortium picked up the IPL's new Kochi team for a spectacular sum today, setting off a buzz around its dark-horse promoters and getting linked to minister Shashi Tharoor.Tharoor, the junior foreign minister, admitted to giving RSWL his "blessings" but denied involvement in the bid. In the IPL's power corridors, the talk was that the man behind the consortium could be Abu Dhabi trillionaire Sheikh Mansour bin Zayed Al Nahyan, who had paid a record price for Manchester City.
Thus,Tharoor inspired Kochi bid as Sahara Adventure Sports of the Sahara Group won the Pune franchise with a record bid of $370 million, while a consortium called Rendezvous Sports Group, which has the blessings of minister of state for external affairs Shashi Tharoor, made Kochi a surprise IPL host with a $333-million bid.The record bids — the highest bid last time around was $112 million that Mukesh Ambani paid for Mumbai Indians — reflect the enormous success the Twenty20 tournament has had since its inception in 2008, though some analysts thought it might take years for the bidders to break-even.In fact, the two winning bids, working out to Rs 3,235.5 crore at an exchange rate of Rs 46/US dollar, beat the Rs 2,840 crore that the eight teams fetched in the previous auction, IPL commissioner Lalit Modi told a crowded press conference in Chennai on Sunday.Together, the Indian Premier League's ninth and 10th franchises — which will start playing from next year — almost equalled the combined bids for the eight older ones two years ago, with Kochi bringing in almost thrice the sum that Mumbai did.
Tharoor, on his part said, his role is of a mentor and he encouraged the business houses to think of Kerala. He also gave a lot of insight about the popularity of cricket in the state.
"All I did on my part was to offer encouragement, blessings and expert advise when required to the bidders. Beyond that, I had no role to play," Tharoor said.
"IPL is an extremely valuable activity that is here to stay and grow. It will go a long way in terms of its popularity," he said.
"I do not own the team but I will certainly give my opinion when asked for it," a beaming Tharoor added.
However, Tharoor denied the involvement of any group from the Middle East. "This (bidding) could have gone anywhere. Mumbai-based promoter was the key. Believe me, I am not looking into who are the others involved and how much money is involved. To the best of my knowledge, there is no Middle East group involved," he said.
Secretary of Kerala Cricket Association T.C. Mathew said an IPL team from Kochi will change the face of cricket in the state.
UPA gets food security bill off the block as the Act -- Congress's big ticket poll promise and an initiative that has Sonia Gandhi as the main driver -- was cleared on Thursday by the empowered group of ministers headed by Pranab Mukherjee. The bill, promising 25kg of foodgrain to the poor at Rs 3 a kilo, will soon be opened to public discussion and is expected to be tabled in Parliament at the latest by the Monsoon Session, to fulfil a a poll pledge that bolstered Congress's "aam aadmi" plank in the Lok Sabha elections.In terms of importance, the NFSA is seen as equalling the National Rural Employment Guarantee Act, which is believed to have earned the Congress rich dividend in the polls.When enacted, the law guaranteeing provision of cheap foodgrain to the poor will expand the social safety net considerably at a time when food output has been stagnating, though at huge cost to the exchequer. n line with the EGoM's decision to keep the bill brief and less controversial, other finer details that could turn contentious have been kept out and would only be mapped out in the subordinate rules and notifications.
Before the clearance on Thursday, the food ministry had also sought the view of the law ministry on issues where the proposed bill stood in contravention of existing Supreme Court orders. The law ministry, sources said, had suggested several options on key trenchant issues, informing the food ministry that the orders of the court were of interim nature. The government would have to await the final orders in the long running case where the apex court has also appointed commissioners to advise it.
Meanwhile,Bad news for residents of Delhi, as the state government announced its decision to increase the price of the LPG cylinders on Monday.On the other hand,Reacting for the first time on the Supreme Court appointed Special Investigation Team's (SIT) summon to him in a 2002 Gujarat riots case, Chief Minister Narendra Modi on Monday claimed he was not asked to appear before the SIT on March 21. While, Hindustan Times reports that Maoists are slowly gaining a foothold in Gujarat, which despite of having a large tribal population has so far remained unaffected from the 'red terror', police said.
PUNE and Kochi have won the race to host the two new Indian Premier League (IPL) teams from the next season with massive bids three times the highest bid in the first auction three years ago.
IPL commissioner Lalit Modi tweeted: "Rendezvous group has Vivek Venugopal, Anchor Switches, Rosy Blue Diamond, Mukesh Patel, Ravi and Sanjay Gaikwad as part of the consortium." The tweet did not mention any Shailendra.
It wasn't clear if Anchor Earth or Anchor Switches was associated with Anchor Electricals, a well-known home appliances company in Kerala. The only promoter with a pan-Indian reputation appeared to be Rosy Blue Diamond, which owns the retail diamond jewellery brand Orra.
Rendezvous is a Maharashtra-based firm and a highly placed source said Shailendra Gaekwad was a long-time friend of a top cricketer.
The Thrissur-headquartered Elite is a 45-year-old group with activities in international trade, food processing, distribution, real estate and construction. Tharoor is said to have ushered it into the consortium to lend the RSWL a local flavour.
Soon after the RSWL wrapped up Kochi, Tharoor tweeted: "I am NOT part of the bid but was pleased 2give Rendezvous Sports World my encouragement & blessings."
The central government will be legally bound to procure wheat and rice for the central pool, its allocation and transport to the state. In case the Centre is unable to deliver the allocated foodgrain, it will have to compensate the states in cash for the amount of shortfall.
"There is no recession and IPL's upward swing continues," he said, adding that bids from all the five qualified bidders — Rendezvous Sports, Aman Vohra, Sahara Adventure Sports, Adani Infrastructure and VC Digital Solutions (belonging to Venugopal Dhoot, chairman & MD of Videocon Industries) — were competitive.
Sahara had made $370-million bids for Ahmedabad and Nagpur as well and chose Pune. The western India city also received bids from VC Digital Solutions ($320 million) and Aman Vohra ($261 million).
"It's sad that we lost by just $10 million. We had a foreign investor backing us financially," said Mr Dhoot.
Sahara Group chief Subrata Roy said the group is strengthening its 12-13-year relationship with Indian cricket by getting into the business of cricket. Sahara is the Indian cricket team's sponsor.
"Naturally, the valuations have risen exponentially from what they were three years ago. So, we believe the bid we placed is justified," said Mr Roy.
It's an interesting diversification for a group that has been going through tough times. The Reserve Bank of India (RBI) has barred its financial arm from raising deposits since 2008, it sold off its loss-making airline business to Jet Airlines and the real estate business has just begun to come out of a market crash.
A person close to the group said there are interested parties to pick a stake in the Pune franchisee and Sahara may consider this option to raise resources.
One such interested party could be Mr Dhoot. "We are still keen on cricket, if any existing team is willing to offload a 10% stake to us," he told ET. The second-highest bid was received from Rendezvous Sports, a five-member consortium based in Kerala — Vivek Venugopal (Elite group), Anchor Switches, Rosy Blue Diamond, Mukesh Patel and Shailendra Gaikwad.
"This consortium has taken shape over the last year and half and we look upon Shashi Tharoor as our mentor and guide," said Vivek Venugopal of the Elite group, who is in the consortium in his personal capacity.
The state shall be legally answerable for the distribution network (starting from the state depots), delivery to the beneficiary families and the correct identification of the poor. In case the state government is unable to supply food to the beneficiaries, it will have to provide them a food security allowance. For the purpose of making such payments, the state will be obligated to maintain a dedicated Food Security Allowance.
State governments will also set up vigilance committees to monitor the implementation of the Act. Provision has also been made for social audits of the scheme.
Cooking gas to cost Rs 40 more in Delhi
Delhi finance minister A K Walia presented Rs 26,000 crore budget for the capital on Monday and allocated Rs 4,224 crore for transport sector and Rs 1,443 crore for health.
Cooking gas(LPG) will now cost more in Delhi with the city government withdrawing Rs 40 subsidy on LPG cylinder. High-end mobiles, luxury watches will also cost more in Delhi.
Diesel will also cost more in Delhi as VAT has been increased to 20% from 12.5%. CNG, fertilizers, household plastic items, utensils will also cost more.
- Dalit is a Dalit even in a 'free' marketRADHIKA RAMASESHAN
DIE IS CASTE
A would-be Dalit entrepreneur approaches a bank for a loan. He is
told he can get one to buy a cow or a buffalo but not to start a businessWhile others' businesses are known by their ware or the service they provide, Dalits' shops are known by their caste name. It tends to keep away upper-caste customers
Source: A JNU professor's study on first-generation Dalit entrepreneurs
New Delhi, March 21: Caste is feudal, the market free and equal. Correct? Ask Ratan Lal Sirswal or Deepak Jatav.
Sirswal, 75, had started off as a sweeper but is now one of the oldest businessmen in Panipat, Haryana. He quit his sweeper's job once his handloom unit was on its feet. His success, he says, came largely because he hid the fact that he was born a Valmiki Dalit.
Customers who discovered his caste origins shunned him. Banks would not give loans because caste matters to them too, and Dalit entrepreneurs are too few and far between to work the system as a group like the upper castes do.
Jatav, 51, is an established footwear manufacturer in Saharanpur, western Uttar Pradesh. Even today, he says, people refer to him by a caste label whose use is a non-bailable offence under the SC/ST Act.
His non-Dalit peers, however, are respectfully called "businessmen". Upper-caste traders deal with Dalits only if they have to, he says.
Theirs are some of the testimonies included in a pioneering study on first-generation Dalit entrepreneurs by Surinder S. Jodhka for the Institute of Dalit Studies in New Delhi.
Jodhka, a sociology professor with JNU, contests the tendency of academic writings to look at caste as a "traditional system of social hierarchy and culture" that is expected to weaken and eventually get subsumed by the whirligig of development and modernisation.
"In the mainstream understanding of textbook economics, development or the market were essentially secular or socially neutral and anonymous processes. Similarly, the social science understanding of entrepreneurship has typically revolved around the notion of a rational individual operating in a supposedly free-market economy," he has written in a paper titled "Dalits in business: Self-employed Scheduled Castes in northwest India".
Jodhka's study aims to show just how "free" the market economy is for Dalits, two-thirds of whom are land-less or marginal farmers with virtually no employment or wealth-generating assets.
The sociologist, who drew his samples from industrially prosperous Panipat and Saharanpur, found that most of the Dalit entrepreneurs ventured into basic businesses such as small shop-keeping, contracts and dealerships (like gas agencies), and skilled service (like plumbing or electrician's businesses). Hardly one or two per cent were into more capital-intensive enterprises such as hotels, factories and educational institutions.
When the Dalit entrepreneurs were asked if caste mattered in the "secular" business space, a typical answer was: "They hate us; non-Dalits do not like us being in business."
A doctor in Saharanpur said upper-caste patients came to him only as a last resort.
Ram Kumar, 35, who set up a school against strong opposition in Saharanpur had to struggle to get it recognised by the education authorities. His students are drawn from among the Dalits, the most backward classes and low-caste Muslims. No landowner, Hindu or Muslim, would think of enrolling his child in Kumar's school.
Even locating the entrepreneurs was a problem for the researchers: they had to rely on local activists.
Barring one, the rest were first-generation entrepreneurs whose fathers were either unlettered or barely literate.
All of them had a problem finding space to rent.
Despite the hiccups, the study found that the Dalits' enterprises, however small, had grown — though they were reluctant to fill in the details because most of them kept no books nor filed tax returns.
Most of them also felt that economic success had helped them enter the mainstream political space.
They looked on themselves as "role models" for the community. But every one of them said that if they could, they would send their children abroad where caste did not exist.
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March 21: A little-known consortium picked up the IPL's new Kochi team for a spectacular sum today, setting off a buzz around its dark-horse promoters and getting linked to minister Shashi Tharoor.
Such was the speculation that swirled around the deal that at one point, some people were mentioning the name of the Arab owner of English football club Manchester City.
Although the Sahara group made the day's highest bid of $370 million to pocket the Pune franchise, Rendezvous Sports World Limited (RSWL) hogged the spotlight with its $333.33 million Kochi bid at the Chennai auction for the T20 league's two new teams.
Together, the Indian Premier League's ninth and 10th franchises — which will start playing from next year — almost equalled the combined bids for the eight older ones two years ago, with Kochi bringing in almost thrice the sum that Mumbai did. (See graphics below)
Tharoor, the junior foreign minister, admitted to giving RSWL his "blessings" but denied involvement in the bid. In the IPL's power corridors, the talk was that the man behind the consortium could be Abu Dhabi trillionaire Sheikh Mansour bin Zayed Al Nahyan, who had paid a record price for Manchester City.
"To the best of my knowledge, there is no Middle East group involved," Tharoor said.
Tharoor was the chairman of a Dubai-based company but he had given up the post after entering politics.
RSWL sources said the consortium was led by Shailendra Gaekwad's Rendezvous and comprised the Kerala-based Elite group of Vivek Venugopal, Anchor Earth, Mumbai-based realtor Parini Developers, Anand Shah Developers and Film Waves.
IPL commissioner Lalit Modi tweeted: "Rendezvous group has Vivek Venugopal, Anchor Switches, Rosy Blue Diamond, Mukesh Patel, Ravi and Sanjay Gaikwad as part of the consortium." The tweet did not mention any Shailendra.
It wasn't clear if Anchor Earth or Anchor Switches was associated with Anchor Electricals, a well-known home appliances company in Kerala. The only promoter with a pan-Indian reputation appeared to be Rosy Blue Diamond, which owns the retail diamond jewellery brand Orra.
Rendezvous is a Maharashtra-based firm and a highly placed source said Shailendra Gaekwad was a long-time friend of a top cricketer.
The Thrissur-headquartered Elite is a 45-year-old group with activities in international trade, food processing, distribution, real estate and construction. Tharoor is said to have ushered it into the consortium to lend the RSWL a local flavour.
Soon after the RSWL wrapped up Kochi, Tharoor tweeted: "I am NOT part of the bid but was pleased 2give Rendezvous Sports World my encouragement & blessings."
The minister's officer on special duty and right-hand man Jacob Joseph was at the auction and "cheered the loudest", an IPL source said.
A source in the Ashok Piramal group, which too bid for Kochi, said Tharoor had initially backed a bid by an Uttar Pradesh-based industrial group.
"We know this as this UP group was initially part of our consortium. Tharoor then supported its bid for an IPL team along with some friends from Kerala and the Gulf. But differences cropped up as the UP firm wanted to bid for Noida, and Tharoor was keen on Kochi. So the minister moved on," the source said. Rosy Blue Diamond and Anchor Electricals, which too were in the Piramal consortium, followed the minister out, he said.
Many NRIs, including some from Kerala, were associated with the RSWL bid, sources in Thiruvananthapuram claimed.
IPL sources said Sheikh Mansour had indicated interest in buying a franchise, leading Modi to announce in February that an English Premier League club might be a prospective bidder.
Today, Modi said: "I thought the bids would be in the region of $320-325 million, but this is a little above my expectations. "
Venugopal described Tharoor as "our mentor, who lent us his emotional support and overall guidance, without which we would not have made it at all".
He said that while the other teams were city-specific, the RSWL team was Kerala's IPL team. "One thing is sure. If we had not come in now, there would not have been a Kerala team in the next 10 years," he said.
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| Saranda forests |
Ranchi, March 21: Implementation of the Forest Act may have been dismal in Jharkhand so far, but Operation Greenhunt has made the district administrations realise that speeding up the task of distributing pattas or land documents to tribal villagers would only add teeth to the ongoing fight against Maoist rebels.
In some areas, deputy commissioners have got down to implementing the Act in the face of stiff opposition from Maoists, who do not want them to succeed so that the villagers can continue to feel "disillusioned".
In other districts, the process of withdrawing cases of encroachment in forests, filed against villagers by the forest department, too has picked up tempo, in a bid to woo tribals away from the Maoists.
"People are not coming to claim the land they are tilling. Those whose pattas are ready, are also not coming to take them. And it's all because the rebels have threatened them not to take any benefits from the government," said Sunil Kumar, deputy commissioner of West Singhbhum.
Kumar has already distributed 950 pattas and another 200 would be distributed within the next three or four days. He said the district was carrying out a special drive in 14 forest villages of Chaibasa, considered Maoist strongholds.
"In Manoharpur and Goelkera blocks, the Maoists have warned villagers against collecting pattas from us. I am sending my officials to the villages — which are inaccessible by road — to get the pattas distributed," Kumar added.
Jharkhand has a sizeable tribal population and over one lakh tribal households stand to benefit from the Act. Former Governor K. Sankaranarayanan had taken the implementation of the Act very seriously and even ordered the administration to distribute one lakh pattas by December 2009. However, only 800 pattas could be distributed during the period.
The state has since made rapid progress and till date has distributed 4,835 pattas. Another 27,000 applications are being verified by different district administrations. "The work of inviting and verifying the applications and making pattas has now picked up tempo. We are speeding up the work so that the faith of the villagers in the government increases," said M.N. Kerketta, tribal welfare commissioner, the nodal officer ensuring implementation of the Act.
In the rebel heartland of Palamau, deputy commissioner Amitabh Kaushal has already distributed 174 pattas and another 300 applications are being verified. He has also instituted a committee to study the cases of encroachment of forests filed by the forest department, so that they can be withdrawn.
"After verifying the authenticity of encroachment cases, we will refer them to the public prosecutor in order to legally withdraw them," said Kaushal.
The districts of West and East Singhbhum, Ranchi, Latehar, Lohardaga, Palamau, Gumla, Simdega and Khunti are areas with large concentration of tribal population. Though 18 of the 24 districts of the state are considered rebel prone, it is in these districts with huge forest tracts that they are at their strongest. Therefore, winning the confidence of the tribal villagers is important for the battle against the Naxalites to be won.
"The anti-Naxalite operation has not deterred the work of implementation of the Act. In fact, we are speeding up the task," said Rahul Kumar Purwar, DC of Latehar. He, however, accepted that he had not been able to perform well in implementing the Act. He blamed it mainly on lack of circle officers and forest range officers in the district.
His Gumla counterpart Rahul Sharma will distribute 250 pattas in the next couple of days. "We are now verifying about 800 applications," he said.
The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 grants title rights or ownership to land that is being farmed by tribals or forest dwellers as on December 13, 2005, subject to a maximum of four hectares. Ownership is only for land that is actually being cultivated by the concerned family as on that date.
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Home > India > Cricket > First Look IPL Auction: Players' worth February 20, 2008. A summary of the eight rounds in the IPL Players' Auction, held in Mumbai on Wednesday.
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Mon, Mar 22 - 2:53PM IST
The benchmark index continued to remain volatile in the late afternoon session and is trading in negative zone as the investors are cautious ahead of the expiry of equity derivative contracts on Thurs...
India mulls differential pricing for Euro IV: Govt
- ReutersThe government is considering differential pricing for Euro IV-compliant fuel to be sold in select cities from April 1, Oil Secretary S. Sundareshan said on Monday....
Finance ministry and Reserve Bank of India officials will meet in New Delhi on March 29 to decide on the borrowing for the first half of fiscal year 2010/11, a RBI deputy governor said on Monday.
"Issue is not frontloading but how to do and how much to do," Shyamala Gopinath told reporters on the sidelines of an event in the southern city of Bangalore.
India is budgeted to borrow a record gross 4.57 trillion rupees ($100 billion) in the fiscal year starting April 1, and a majority of this is expected to be borrowed in the first half of the year.
India on Friday unexpectedly raised interest rates from record-low levels for the first time since it began cutting in 2008, citing intensifying inflationary pressures and a steady economic recovery.
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ODAY - 22 March, 2010
Rahul, a dedicated politico
Here's an indication of how seriously the Gandhi scion takes politics. Rahul abandoned his business venture for elections. More
| Monday March 22, 02:50 PM |  |
Greece, India, healthcare worries hit world stocks
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By Jeremy Gaunt, European Investment Correspondent
LONDON (Reuters) - World stocks slipped and the euro wobbled on Monday on renewed investor worries over Greece's debt crisis and after a surprise interest rate hike by India last week stoked concern about riskier assets.
Pharmaceutical stocks were particularly in focus after the U.S. House of Representatives gave final approval to a sweeping healthcare overhaul.
MSCI's all-country world stocks index was down around a third of a percent, with the emerging markets sub-index down 0.8 percent.
The falls took this year's gains for emerging market stocks -- widely considered the best bet for returns by many investors -- to barely even.
There was continued confusion about what kind of support Greece might need or get to help it sort out its debt crisis. Germany urged Athens to solve its problems alone while Italy backed European Union support.
At the same time, equity markets in Europe were being dragged lower by the pharma sector, now facing a new healthcare climate in the United States.
"You might find the pharmas are somewhat friendless out there at the moment," said Stephen Pope, chief global equity strategist at Cantor Fitzgerald in London.
The pan-European FTSEurofirst 300 was down 0.5 percent. The STOXX Europe 600 health care index lost around 0.6 percent.
India's stock market was down 0.7 percent after the central bank's surprise 25-basis point rate hike on Friday, which came after local markets had closed.
Japan's markets were closed on Monday for a holiday.
GREEK FIRE
The euro slumped to a three-week low against the dollar, pressured by uncertainty over whether Greece would be able to secure sufficient aid this week to deal with its deficit problems.
"It seems there's agreement there will be some sort of assistance to Greece, but it's not clear what form that will take," said Carl Hammer, currency strategist at SEB in Stockholm, adding that this would keep the euro under selling pressure.
India's rate rise also helped prod the dollar to a two-week high against a currency basket by curbing risk appetite.
The euro was at $1.3523 .
Yields on benchmark euro zone government debt were lower as equities slipped. But the premium investors demand to hold Greek government debt rather than euro zone benchmark Bunds rose to 338 basis points, its widest since March 1.
The cost of insuring Greek debt also rose to 337,500 euros per 10 million euros of exposure from 330,100 euros at Friday's New York close, according to prices from CMA DataVision.
(Additional reporting by Dominic Lau and Naomi Tajitsu, editing by Mike Peacock)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
| Monday March 22, 11:52 AM | Source: Hindustan Times |
Hotel war: India firms counter global chains
Mumbai, March 21 -- It is a war in which rooms are being built like army barracks.
The Tata-owned Indian Hotel Company and ITC's Welcomgroup are on an aggressive campaign to counter a host of foreign hotel chains expanding their reach in India.
Using a mix of franchises and property management contracts, the hospitality chains are furiously expanding.
Industry officials say the market is hot as India has a total of 120,000 hotel rooms while there is an additional requirement of 160,000 over the next two years.
Carlson, Starwood, Choice, Marriott, Accor, Hyatt, Intercontinental and Hilton are among global names increasing their Indian presence. Between they will add well over 150 properties over the next year or so, taking their tally beyond 200.
ITC Welcomgroup is adding 40 hotels to its 113 under four brands. Of this 25 are under the Fortune brand of business hotels.
Pawan Verma, senior executive vice-president at ITC, said the Welcomgroup plans to add six to eight hotels every year in addition to those announced.
"We are attached to the ground unlike them (international chains)," he said. "We excel in Indian hospitality."
The Taj Group is growing aggressively both in India and abroad. It is planning more than 70 new hotels in four categories including its budget brand Ginger to add to the portfolio of 105 hotels including 17 abroad. "This is a natural progression," he said.
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| Monday March 22, 10:00 AM | |
EXCLUSIVE - In wake of crisis, public eyes corporate ethics
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By Scott Malone
BOSTON (Reuters) - Major consumer product and industrial companies dominated an annual list of the world's most ethical businesses, while after a government bailout of the U.S. financial system, no Wall Street banks were represented for a second straight year.
Some of the best-known U.S. companies, including General Electric Co, Gap Inc and Google Inc, made The Ethisphere Institute's 2010 ranking of the 100 most ethical companies, released on Monday.
Automaker Ford Motor Co, iconic American brand Campbell Soup Co and software company Adobe Systems Inc appeared in the top 100 this year, while automaker Toyota Motor Co and fast-food company McDonald's Corp dropped off.
Investors have had their confidence shaken in recent years, by episodes like the huge fraud of Bernard Madoff's $65 billion Ponzi scheme and a bribery scandal at Siemens AG, and questions like how much it is appropriate for banks propped up by government infusions to pay their top executives.
The companies that made the list stood out for focusing on ethics at top executive levels, said Alex Brigham, executive director of Ethisphere.
"The issue of ethics, reputational risk, is now in the board room," he said. "That just didn't exist a couple of years ago. Boards of directors have started really caring about this."
Top ethics officials at several major U.S. companies said honest business practices are critical after a brutal downturn that pushed the U.S. jobless rate as high as 10 percent, savaged retirement savings and home values and left many Americans less trustful of big business.
"Shareholders are much more activist. People are much more tuned in to what's going on behind the curtain," said Patricia Nazemetz, chief ethics officer at Xerox Corp, the U.S. office document management company. "Building the public trust is critical."
Ethisphere evaluated more than 3,000 firms on seven factors, ranging from how seriously their top executives take corporate citizenship, to how they manage compliance, to the effect their ethical leadership has on industry rivals.
The New York-based think tank evaluates companies with more than $50 million in annual revenue and at least 100 employees.
SEEING 'YOUR OWN REALITY'
Beyond building goodwill with consumers and investors, creating a culture of honesty can help companies to admit to themselves when their businesses are suffering -- which can allow them to better weather tough times.
"Part of being ethical is looking at your own reality with clear vision," said David Leitch, chief counsel at Ford. "It's being honest with yourself and your peers in the company ... having a real vision of our own reality and not fooling ourselves."
Internal candor helped prompt the Detroit automaker to borrow more than $23 billion to shore up its cash position, sell some brands and cut jobs ahead of the recession. Analysts have cited those moves as a key reason why Ford was able to avoid filing for bankruptcy and seeking government money, unlike rivals General Motors Co and Chrysler Group LLC.
Rival Toyota's image has taken a blow in the United States since November 2009, when the world's largest automaker began recalling vehicles to fix gas pedals linked to bursts of unexpected acceleration. The Japanese company had played down complaints about the issue for several years.
EXPORTING ETHICAL CULTURE
As many U.S. firms tap into higher economic growth in emerging economies, where businesses and governments might be more inclined to corruption, executives are developing systems for teaching their ethical standards.
"What you try to do is have some leadership resources in places that are challenging early on," said Brackett Denniston, general counsel at GE, the largest U.S. conglomerate. "We hired a lawyer in Vietnam before we really had much business in Vietnam, because it's a tough culture."
(Reporting by Scott Malone, editing by Ros Krasny and Gerald E. McCormick)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
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- Hotel war: India firms counter global chains- HT - Mon 22 Mar, 11:52 AM
- NEWSMAKER - Arrow's Davies hits target with sweetened Shell bid- Reuters- Mon 22 Mar, 11:30 AM
Washington's bid to put finishing touches on healthcare reform this weekend should help lift uncertainty on Wall Street, but there may be some turbulence along the way next week as the recent rally appears to be fraying.
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- PREVIEW - Chinese oil majors set for weak profit, eye price hikes- Reuters
- Planned EU deal not to hit generic drug cos - min- Reuters
- ONGC in talks with 3 Russian cos for partnerships- Reuters
- Gulfsands bid approach at 315 p/shr - sources- Reuters
- BSE Sensex eases, bonds weaken after surprise rate rise- Reuters
- Hoechst to buy UB group stake in Aventis Pharma- Reuters
All Business NewsAll Business |
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EARLIER HEADLINES
MARKET UPDATEMonday, 22 March 2:53 PM - The benchmark index continued to remain volatile in the late afternoon session and is trading in negative zone as the investors are cautious ahead of the expiry of equity derivative contracts on Thursday, 25th March, 2010. The European market opened on the negative note which impacted the domestic market in the late afternoon session to remain on the lower side. On the other hand, the US market closed lower on concerns over Greece''s debt problems ahead of a euro zone summit. On the sectoral front - Realty, Auto and Metal stocks are witnessing most of the selling pressure. The broader market indices are trading negative with BSE Mid Cap and Small Cap posting loss of 0.70 per cent and 0.40 per cent respectively. The overall market breadth was negative as out of total 2,870 stocks traded in the BSE 1,778 stocks declined, 998 stocks advanced while 94 remain unchanged. During the afternoon trading session at BSE, HDFC reported the top losers from the Sensex pack, as the stock is now trading lower by (3.03 per cent). At 2:30 PM BSE SENSEX was at 17,480.89 down by 97.34 points or by (0.55 per cent) and the NSE Nifty was at 5,223.60 down by 39.20 points or by 0. 74 per cent The BSE MIDCAP was at 6,716.76 down by 47.31 points or by (0.70 per cent) and the BSE SMLCAP was at 8,460.29 up by 34.29 points or by (0.40 per cent) BSE Realty index was at 3,230.03 lower by 110.78 points or by (3.32 per cent) The main losers were Indiabulls Real Est down by (5.43 per cent), HDIL down by (4.48 per cent) and Parsvnath Dev down by (3.45 per cent). BSE Auto index was at 7,513.95 points lower by 115.42 points or by (1.51 per cent).The main losers were Apollo Tyres down by (4.04 per cent), Bharat Forge down by (2.78 per cent) and » Send to friends 1:53 PM - The domestic benchmark indices is still hovering in the negative territory following the unexpected move by RBI of raising the key interest rates on the back of rising inflationary pressure and economic recovery. However, the indices have made a sharp bounce back from the initial lows on selective buying across the indices at lower levels but still trading in the negative terrain. From the sectoral front, the realty stocks are the worst hit following the RBI's move to raise the key interest rates. The Reserve Bank of India last week on Friday hiked the repo as well as reverse rates (short-term rates at which the RBI lends and borrows from banks) to 5 per cent and 3.5 per cent, respectively. Meanwhile, some buying activity is witnessed across Health Care index (up 0.61 per cent) and Oil & Gas index (up 0.21 per cent) while Realty index (down 2.98 per cent), Auto index (down 1.17 per cent) and Consumer Durables index (down 0.94 per cent) remains on the sellers' radar. The BSE Sensex is hovering around 17,480 mark while NSE Nifty around 5,225 mark. On the sectoral front, out of 13 Indices, 3 sectoral indices are trading in green while 10 are in red. The market breadth showing overall strength was positive at the moment. On BSE, out of 2,821 stocks traded so far, 1,648 stocks advanced whereas 1,086 stocks declined. 87 stocks were unchanged. At 1:29 PM he BSE Sensex is trading down by -93.05 points, or -0.53 per cent , at 17,485.18 while the NSE Nifty was at 5,227.45 down by 35.35 points or by 0.67 per cent. The BSE MIDCAP was at 6,728.81 down by 35.26 points or by 0.52 per cent while the BSE SMLCAP trading at 8,475.81, lower by 0.22 per cent. Gainers from the BSE Sensex pack were HDFC Bank trading up by 1.80 per cent at Rs. 1851 followed by Reliance Communications by 1.64 per cent at Rs. 17... » Send to friends 12:53 PM - Markets at this mid-session are trading in red after a weak start on the back of RBI which raised the repo and reverse repo rates by 25 basis points each to 5 per cent and 3.5 per cent respectively on Friday. In the global markets, the Asian markets are trading in red. In U.S the markets closed lower on concerns over Greece''s debt problems ahead of a euro zone summit. Back home the domestic market opened the session with sharply lower on the back of the unexpected rate released by RBI on Friday. The investor's remained cautious ahead of the expiry of equity derivative contracts on Thursday, 25th March, 2010. On the sectoral front - Realty, Auto and CD stocks are witnessing most of the selling pressure. The broader market indices are trading negative with BSE Mid Cap and Small Cap posting loss of 0.39 per cent and 0.07 per cent respectively. The key benchmark indices are currently trading in red with BSE 30-share Sensex below the 17,515 mark while Nifty is below the 5,240 mark. At 12.30 PM BSE SENSEX was at 17,513.21 down by 65.02 points or (0.37 per cent) and the NSE Nifty was at 5,237.45 down by 25.35 points or (0.48 per cent). The BSE MIDCAP was at 6,738.02 down by 26.05 points or by (0.39 per cent) and the BSE SMLCAP was 8,488.42 down by 6.16 points or by (0.07 per cent) On the economic front, Mr. Kaushik Basu, Chief economic advisor has said that the Reserve Bank of India (RBI) is expected to evaluate the inflation trends in March before concluding the forthcoming annual monetary policy to be announced on 20th April 2010. Also, the revenue department has made it clear that consignments from domestic area to customs bound Special Economic Zones (SEZs) should be considered as exports, thus enabling duty rebates as applicable to offshore shipments. On the corporate front, National Thermal Power Corporation Ltd. (NTPC) is eyeing to commence ... » Send to friends 11:53 AM - After gap down opening as the RBI has raised its key rates to contain inflation the key benchmark Indices recovered from days low and now traded on subdued note. RBI has hiked 25 basis points in its repo and reverse repo rate to 5 per cent and 3.5 per cent respectively. The hike in key rates comes one month ahead of its monetary policy review, which exudes signs of further monetary tightening to constrict inflation. US index futures also dropped indicating weak start for the US markets today. The opening of European markets will play a crucial role in further guiding for our markets. On the sectoral front, out of 13 Indices, 3 indices advanced whereas 10 indices declined. Auto and Realty stocks slipped after the central bank''s interest rate hike. Metal stocks slides after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 0.93 per cent on last Friday. Oil&Gas stocks declined after crude oil prices fell nearly 2 per cent on the New York Mercantile Exchange on Friday. The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,636 stocks traded so far, 1,167 shares advanced while 1,371 shares declined. Nearly 98 shares are unchanged. As per NSE updates, Bharti Airtel (up by 2.28 per cent), RCom (up by 1.52 per cent), HDFC Bank (up by 1.27 per cent), GAIL (up by 0.91 per cent), TCS (up by 0.88 per cent), ONGC (up by 0.71 per cent) and Wipro (up by 0.65 per cent) are the major gainers from the pack along with others. At 11:25 AM BSE SENSEX was at 17,536.57 down by 41.65 points or by 0.23 per cent and the NSE Nifty was at 5... » Send to friends 10:53 AM - The leading benchmark indices pares some losses after a weak start on the back of RBI's unexpected move to increase the repo and reverse repo rate by 25 bps. As a result, Real estate and financial stocks led the declines on worries that the move from RBI may pressure banks to raise interest rates. The repo rate now stands revised to 5 per cent and the reverse repo rate to 3.5 per cent. Besides, the weak sentiments across Asian markets also weigh on sentiments across domestic markets. Among the BSE sectoral indices, selling pressure has emerged across Realty, Bankex and Auto counters as the indices dipped by 1.73 per cent, 0.92 per cent and 0.84 per cent respectively, while buying interest has seen across Healthcare (HC) and TECk counters as the indices surged by 0.59 per cent and 0.37 per cent respectively. Overall market breadth is negative as out of total 2,292 stocks traded in the BSE 920 stocks advanced, 1,300 declined while 72 remain unchanged. At 10.30 IST, the BSE Sensex is trading lower by 73 points or by (0.41 per cent) at 17,505.22 and the NSE Nifty is trading lower by 29.6 points or by (0.56 per cent) at 5,233.2. The BSE Mid Cap is now trading down by 20.64 or by (0.3 per cent) at 6,743.43 and the BSE Small Cap is trading up by 1.64 points or by (0.01 per cent) to 8,496.22. NTPC is trading lower by 0.52 per cent at Rs. 201.7 despite a positive news that the 500 MW Unit-3 of Kahalgaon Super Thermal Power Project - Stage II (3X500 MW) has commenced commercial operation w.e.f March 20. Tata Power is trading higher by 0.64 per cent at Rs. 1,365.8 after country's largest private power utility has proposed an average hike of 19 per cent to 35 per cent in electricity tariff for the residential and commercial consumers in Mumbai for FY11. Losers from the BSE Sensex pack are Jai prakash associate dipped by (2.28 per cent) at Rs. 149.90, fol... » Send to friends 9:53 AM - The markets opened sharply lower today as investors sentiments got hurt on the back of the unexpected rate by RBI on Friday after the market hours last week. India''s central bank increased the repo rate by 25 basis points to 5.0 per cent and its reverse repo rate by 25 basis points to 3.5 per cent with immediate effect. This particular rate hike was announced a month before the Monetary Policy for 2010-11 on April 20. Further the investor's remained cautious ahead of the expiry of equity derivative contracts on Thursday. Further the negative Asian markets also dampened the sentiments in the early trade. The Realty, Banking, Metal and Auto index are witnessing the most selling pressure in the early trade. The broader market indices are also witnessing some selling pressure as the BSE Mid Cap index is now trading with a cut of more than 0.6 per cent and the BSE Small Cap with a cut of more than 0.4 per cent in the early trade. The BSE Sensex is now trading around 17450 mark and the NSE Nifty below the 5250 mark in the early trade. At 09.33 IST, the BSE Sensex is trading down by 128.08 points or (0.73 per cent) at 17,450.15 and the NSE Nifty is trading lower by 39.40 points or (0.75 per cent) at 5,223.40. The BSE Mid Cap is trading down by 41.71 points or (0.62 per cent) at 6,722.36 and the BSE Small Cap is trading down by 36.88 points or (0.43 per cent) to 8,457.70. Gainers from the BSE Sensex pack are Bharti Airtel up by (1.64 per cent) at Rs. 316.95 followed by ACC up by (0.73 per cent) at Rs. 985, HDFC Bank up by (0.64 per cent) at Rs. 1,829.90, Grasim Industries up by (0.61 per cent) at Rs. 2,931.65, TCS up by (0.55 per cent) at Rs. 824.70. Losers from the BSE Sensex pack are Jai Prakash Associates down by (2.09 per cent) at Rs. 150.... » Send to friends 9:13 AM - The FIIs on Friday stood as net buyers in equity and debt. Gross equity purchased stood at Rs 2,633.50 Crore and gross debt purchased stood at Rs 1,505.20 Crore, while the gross equity sold stood at Rs 1,922.70 Crore and gross debt sold stood at Rs 820.30 Crore. Therefore, the net investment of equity and debt reported were Rs 710.80 Crore and Rs 684.90 Crore respectively. » Send to friends 9:13 AM - Today domestic markets are likely to open negative as the RBI has raised its key rates to contain inflation that recorded 9.89 per cent during the last month. RBI has hiked 25 basis points in its repo and reverse repo rate to 5 per cent and 3.5 per cent respectively. The hike in key rates comes one month ahead of its monetary policy review, which exudes signs of further monetary tightening to constrict inflation. The monetary tightening to fight inflationary pressures is inline with the measures followed by China, Vietnam and Malaysia. Nikkei is trading higher by 0.75 per cent as exporters' stocks are in limelight due to weaker Yen. The Yen has weakened to a one week low against Euro on concerns that more central banks will follow India in raising interest rates, damping demand for higher- yielding assets. Shanghai Composite is trading flat, whereas Hang Seng is down by 1.93 per cent. Strait Times and Seoul Composite are also trading lower by 0.49 per cent and 0.99 per cent. In the domestic arena, the markets are likely to trade in the negative terrain as participants would show some concern over the monetary tightening measures by RBI. The rising inflationary pressures have prompted RBI to increase its key rates by 25 basis points, which will decelerate the borrowing and lending of commercial banks with the RBI. Banking, Auto and Consumer Durable stocks are likely to be under pressure due to RBI's key rate hikes. On Friday, the domestic market ended the session on a marginally higher note tracking cues from the global market. Asian stocks rose for a sixth straight week on Friday, their longest string of weekly gains since a global bull market began a year ago. On the other hand, the European market also opened in the green zone. The domestic market traded lackluster the entire day ahead of the rollover positions in derivatives segment from the March 2010 series to the April 2010 series on March 25, 2010. The BSE Sensex ... » Send to friends |
Where is the money, Mr Modi? IPL valuationsCricketnext.com (blog) - 3 hours ago of Mr Lalit Modi, IPL Commissioner yesterday when he said. "The IPL has nothing to do with recession". Frankly, he had reason for that casual condescension. ... Size of bids for new IPL teams surprises all, even Modi Economic Times Pune, Kochi join IPL The Hindu Chargers, KKR most popular IPL teams: surveyBusiness Standard - 26 minutes ago PTI / New Delhi March 22, 2010, 20:06 IST Defending champions Deccan Chargers were rated the most popular side of Indian Premier League (IPL) while last ... IPL Battle of Fans back in eBay indiablooms Adam Gilchrist welcomes new IPL teams MyNews.in Delhi Daredevils crash again Times of India TRISHA CHEERS AT THE IPLBehindWoods - 2 hours ago The thrilling IPL match between the Chennai Super Kings and Kings XI Punjab will be worth remembering for sometime. The match did not only have nail biting ... DLF IPL T20 2010 Super Over World News IPL Scoreboard: Kings XI Punjab vs Super Kings Calcutta Tube (blog) KKR vs MI – IPl t20 live between Kolkata knight Riders and Mumbai IndiansFyoq News - 1 hour ago The 17th match of Indian Premier league is all set to begin in few minutes from now. After the great start of Kolkata, they have seen a downward performance ... KKR vs MI IPL T20 Live: Kolkata won toss, Good Start by Gayle Daily Latest News (blog) IPL 2010: Chennai Super Kings set to take over Royal Challengers BangaloreWorld News - 1 hour ago Royal Challengers Bangalore team have topped the IPL 2010 Points Table List so far. They have managed to get 6 points. The Bangalore team have played 4 ... IPL 2010: Royal Challengers Bangalore vs Chennai Super Kings Match Preview TheSportsCampus.com PETE'S POINT: Royal Challengers are the team to back in 2010 IPL Dispatch Online Alex Bowden: Kallis shows technique matters in IPL The Wisden Cricketer (blog) Parnell ruled out of IPL due to groin injuryCricketnext.com - 2 hours ago The other injured players in IPL III include India and Chennai Super Kings (CSK) captain Mahendra Sigh Dhoni (elbow) and South Africa's Justin Kemp (back). ... Wayne Parnell joins list of IPL injured CricInfo.com Parnell ruled out of the IPL Cricbuzz Hotel pays price for screening IPL matchTimes of India - - 15 hours ago MUMBAI: Organising a 'special screening' of an IPL match on Sunday cost a five-star hotel in Navi Mumbai dear. The Navi Mumbai police on Sunday evening ... 'Fan'tastic TRPs for IPL, TV serialsTimes of India - - 2 hours ago The IPL fever's on! Season 3 has been quite a success and that's evident in the figures released by TAM media that tracks TV viewership patterns in the ... SRK: Kolkata's new King!Times of India - - 7 hours ago After all, financially, the Knight Riders were easily the most successful franchise in the IPL, making a profit of Rs 13 crore in the first edition itself. ... Shah Rukh's dual Khan triumph! GlamSham  Email this storyAn English IPL could have solved listed events rowTelegraph.co.uk (blog) - - 39 minutes ago What the BCCI have done by inventing the IPL and taking forward a format of the game, Twenty20, which originated in England, is to create new wealth. ... WSJIDEBATE: Should All Sports Go the IPL Way? Wall Street Journal 'No Pak players in IPL is unfortunate' Indian Express Valuations of Indian cricket teams reach new record Financial Times Stay up to date on these results: |
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