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SP affirms China's sovereign credit rating

Written By Unknown on Kamis, 29 November 2012 | 23.06

Standard & Poor's today affirmed China's sovereign credit rating, another sign that the world's second largest economy is rebounding as Beijing prepares to usher in new leaders.
           
The ratings agency said China's "exceptional growth prospects" and "modest government indebtedness" were key factors supporting its creditworthiness. It also said China's outlook was "stable".

Also read: Lanco Infratech to raise USD 2bn from Chinese banks & FIs
           
China's "AA-" long-term and "A-1+" short-term sovereign credit ratings rank just below S&P's highest rating of triple-A. S&P's credit analyst Kim Eng Tan said the upbeat assessment comes amid expectations of no major policy changes following the unveiling of new leaders at the Communist Party's pivotal congress earlier this month. "We expect no major change in policy directions in China in the wake of the recent top leadership changes," he said. "Efforts toward deepening structural and fiscal reforms are likely to continue.
           
"We expect the Chinese economy to continue its strong growth while the country maintains its large external creditor position in the next three to five years." China's economic growth hit a more than three-year low of 7.4 per cent in the third quarter this year, but recent data has fuelled optimism that its economy is rebounding.
          
China is set to install new Communist Party general secretary Xi Jinping as President in March, replacing incumbent Hu Jintao. While Li Keqiang is expected to replace current Premier Wen Jiabao



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Rangarajan panel report on oil, gas pricing in Dec 1st week

The Prime Minister-appointed Rangarajan Committee is likely to present in the first week of December its report on changes in the present regime governing oil and gas exploration contracts as well as gas pricing.

"The report is expected in first week of December," a top source in the Oil Ministry said here. The panel was appointed to suggest changes in existing oil & gas exploration contracts with energy firms to minimise monitoring of expenditure, fix system to determine domestically produced natural gas price and modify existing profit-sharing mechanism, which, according to the national auditor, favoured private energy firms.

The six-member Committee, headed by Prime Minister's Economic Advisory Council Chairman C Rangarajan , was previously to submit report by October 31 but was granted a months extension.

Separately, sources said the panel in its draft report had suggested sweeping changed in the present format of Production Sharing Contract (PSC).

It wanted the government to move to a production-linked payment regime where explorers bid for a percentage of output they would share with the government. The firm offering the maximum would win a block or area.

Under the present system, operators are first allowed to recover all their expenditure before sharing profits with the government. This system had been criticised by the Comptroller and Auditor General (CAG), which said it encourages firms to postpone government getting higher profit share by inflating expenditure.

Sources said the committee will also suggest structure and basis for pricing of natural gas. The report would come at a time when Reliance Industries is locked in a bitter battle with the Oil Ministry on the price of gas that will apply when its present USD 4.2 per million British thermal unit rate for KG-D6 expires on March 31, 2014.

Besides Rangarajan, the panel is comprised of former Supreme Court Judge Jagannadha Rao, Planning Commission Member B K Chaturvedi, Prof Ramprasad Sengupta, former bureaucrat J M Mauskar and former ONGC Videsh Ltd Managing Director Joeman Thomas.



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Jailor suspended

Guwahati, Nov 29 (PTI) The jailer of the Guwahati Central Jail was suspended today for dereliction of duty in a case related to alleged movement of prisoners outside its premises. Official sources said the jailor A K Muktiar and another jail staff were served their suspension order. The state government had on November 21 ordered a magisterial inquiry into alleged movement of prisoners of the jail outside its premises and use of various illegal facilities by some of them. It is, however, not known whether the report had been submitted. PTI PPB KK RCJ
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Wall Street climbs on optimism over fiscal deal

By Rodrigo Campos

NEW YORK (Reuters) - U.S. stocks rose in early trading on Thursday on optimism that Congress was progressing toward a fiscal agreement in Washington that would avert a possible recession.

Market participants are focused on discussions in Congress over avoiding big spending cuts and tax hikes, known as the "fiscal cliff," beginning in January. Still, equities may retreat, as they did Tuesday, if the upbeat negotiation environment in Washington deteriorates.

"There will be a deal before December 31 to avert the economy facing disaster," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"We're back on track for a year-end rally to continue," he said.

The yield on Italy's 10-year bonds fell to the lowest in two years at an auction, amid relief that immediate risks over Greece had diminished.

"The fact that the bond sales in Europe went well suggest confidence is beginning to reenter some of the peripheral nations and that is a good sign," Cardillo said.

The euro briefly touched the $1.30 level and is near its highs for November, boosting commodity prices. The S&P materials sector index <.GSPM> led gains with a 0.8 percent advance.

The Dow Jones industrial average <.DJI> rose 50.15 points, or 0.39 percent, to 13,035.26. The S&P 500 <.SPX> gained 7.07 points, or 0.50 percent, to 1,417.00. The Nasdaq Composite <.IXIC> added 20.21 points, or 0.68 percent, to 3,011.99.

Equity markets may also be supported by data showing the U.S. economy grew faster than first reported between July and September. Separate data showed the number of Americans filing new claims for unemployment benefits dropped for a second week, and a larger-than-expected 3.3 percent advance in third-quarter corporate profits.

Due for release later Thursday are pending home sales for October, at 10:00 a.m. (1500 GMT), and the Federal Reserve Bank of Kansas City November manufacturing survey at 11:00 a.m.

Kroger , the biggest U.S. supermarket operator, added 3.3 percent to $25.89 after reporting earnings.

Tiffany shares slumped 7.9 percent to $58.72 after the upscale jeweler reported quarterly results and cut its full-year sales and profit forecasts.

Top retailers said weak sales in early November, after superstorm Sandy, were a drag on the month. Target fell 2 percent and Kohl's Corp dropped 10.3 percent.

U.S.-listed shares of BlackBerry maker Research In Motion surged 8.5 percent to $12.06 after Goldman Sachs upgraded the stock to "buy" from "neutral."

(Editing by Bernadette Baum)



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Drizzle adds to winter chill in capital

New Delhi, Nov 29 (PTI) Drizzle hit the capital today adding to the winter chill even as the minimum temperature witnessed a slight dip. The drizzle was witnessed late in the evening but there was no heavy downpour. The capital has been experiencing winter chill for the past few days and today's drizzle added to it. The maximum temperature was recorded at 28.4 degree Celsius and the minimum was registered at 9.3 degree Celsius. While the maximum was three degrees above normal, the minimum was one degree below normal. PTI ETB PMS
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Messi, Ronaldo and Iniesta nominated for Ballon d'Or

REUTERS - Barcelona's Lionel Messi and Andres Iniesta and Real Madrid's Cristiano Ronaldo were named on the shortlist for FIFA's Ballon d'Or award on Thursday at a news conference in Brazil.

Argentine Messi has won the award, formerly known as World Player of the Year, for the past three years and is favourite again after more goal-scoring exploits.

Messi and the equally prolific Ronaldo often divide opinion over who is the superior player and this year has been no different as they appear to push each other to even greater heights on a weekly basis.

Ronaldo's manager at Real Madrid, Jose Mourinho, recently said it would be a crime if his player did not win the Ballon d'Or for a second time, after comments from Barcelona's coach Tito Vilanova describing Messi as the "greatest player in the world, by a long way".

"If Messi is the best on the planet, Ronaldo is the best in the universe. It would be a crime if Ronaldo did not win the Ballon d'Or," Mourinho said in October, shortly after the Portugal international became the first player to score in six consecutive 'Clasicos.'

Messi scored 50 goals in La Liga last season, four more than Ronaldo, and has scored 82 in the calendar year so far, three short of the record of 85 by Gerd Mueller in 1972.

However, 2008 winner Ronaldo was instrumental in Real Madrid's Spanish league title last season and helping Portugal reach the semi-finals of the European championship.

Iniesta is the only one of the three candidates to have won a World Cup as well as two European championships with Spain.

Should Messi win the award in Zurich on January 7 he would become the first player to win it four times.

The candidates for Coach of the Year are Spain's Vicente del Bosque, former Barcelona coach Pep Guardiola and Mourinho.

Alex Morgan and Abby Wambach of the United States and Brazil's Martha were the nominations for the FIFA women's World Player of the Year prize.

The nominations come from a poll in which the captains and head coaches of the men's and women's national teams, as well as selected media, vote for candidates.

(Reporting by Martyn Herman in London; Editing by Alison Wildey)



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Cost Guard deviated from prescribed procedures: CAG

New Delhi, Nov 29 (PTI) The Indian Coast Guard procured 12 air cushion vehicles "in deviation from the prescribed procedures" and critical requirements for the procurement were deleted from tender documents for the Rs 223 crore deal, the CAG said today. In its report tabled in the Parliament, the CAG said, "the ICG procured 12 Air Cushion Vehicles (ACVs costing Rs 223.26 crore, in deviation from prescribed procedure leading to doubts about optimality of economy in the price paid due to denial of level-playing field to prospective bidders." ACVs are used for multipurpose maritime operations such as high speed coastal patrol in shallow waters and marshy areas, seaborne amphibious operations, high speed interception and interdiction and search and rescue operations in shallow waters. "This procurement for coastal security is questionable, both on discovery of most economic price as also on the operational suitability of the very equipment," it said. The report said two vendors had qualified for the final stage of tendering including Griffon from the UK and EPS Corporation from the US from the 14 vendors who were issued the tender and ultimately the tender was awarded to the British firm. The CAG said RFP for the procurement stated that ACVs should have an endurance of nine hours with cruise speed of maximum 45 knots but it was found that the two selected vendors had showed their speeds to be 35 and 30 knots respectively. "Fresh tender was not issued despite their proposals not meeting the requirements and the solicited requirement for cruising speed was altogether deleted in a pre-bid meeting," the report said. (MORE) PTI AJD VMN
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Factbox: Luiz Felipe Scolari

REUTERS - Factbox on Luiz Felipe Scolari, who was named as coach of Brazil on Thursday.

Born: November 9, 1948 in Passo Fundo, Rio Grand do Sul, Brazil

PLAYING CAREER

* Plays for several Brazilian clubs, gaining a reputation as a tough central defender. Ended playing career with CSA in 1982 and took over as coach.

EARLY COACHING

* Coaches several unfashionable clubs including Brasil de Pelotas, Juventude and Criciuma. Also works at more illustrious Gremio and Goias, and enjoys stints in Kuwait and Saudi Arabia. Wins his first national trophy in 1991, the Copa Brasil with Criciuma.

* Makes name in Brazil with Gremio, winning Copa Brasil in 1994, the South American Libertadores Cup in 1995 and the Brazilian championship in 1996. Gremio are criticised for their physical style and gamesmanship.

* Coaches Palmeiras from 1997-2000 winning the Copa Brasil in 1998 and the Libertadores the following year.

CONTROVERSY

* By now Scolari is regarded as Brazil's outstanding coach alongside Vanderlei Luxemburgo. However, he is criticised for the rough-arm tactics employed by his teams and his explosive temperament.

* In one interview, he criticises his players for not committing enough fouls.

WORLD CUP WIN

* In June 2001, Scolari becomes Brazil's fourth coach in a year. It begins badly with a humiliating Copa America elimination at the hands of Honduras. But, despite a 2-1 loss to Argentina in a qualifier, they scrape into the 2002 World Cup finals and win the trophy.

* He quits after the tournament and becomes Portugal's coach three months later.

* Steers Portugal to the final of Euro 2004 in Lisbon but the hosts surprisingly lose to Greece. Portugal then finish fourth at the 2006 World Cup finals.

* Scolari's famous temper boils over after a Euro 2008 qualifying game against Serbia and he aims a punch at Ivica Dragutinovic after being pushed by the player.

* Qualifies Portugal for Euro 2008 finals in Austria and Switzerland.

DOMESTIC COACHING

* Despite Portugal still being involved Euro 2008, Scolari is named as Premier League Chelsea's manager on June 11.

* Criticised for his team selection, Scolari's Chelsea suffer an early League Cup exit and trail eventual Premier League champions Manchester United by seven points. He is sacked in February 2009.

* Scolari succeeds fellow Brazilian Zico as manager of Bunyodkor, and is reunited with forward Rivaldo who was part of Brazil's 2002 World Cup-winning team.

* In June 2010, Scolari returns to Brazil to coach Palmeiras. Two years later, he wins the Copa Brasil but with the team performing poorly in the league, he quits shortly afterwards.

* In November 2012, Scolari is re-appointed coach of Brazil to lead them at the 2014 World Cup.

(Compiled by Brian Homewood; Editing By Alison Wildey)



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Sandy adds to global air traffic gloom: IATA

The effects of Superstorm Sandy which devastated parts of the Northeastern US and the Carribean last month are deepening an already dire situation for the global airline industry, the International Air Transport Association (IATA) said today.
           
The massive hurricane "dealth the airline industry a USD 500-million (385-million-euro) blow at a time when it can least afford it," IATA chief Tony Tyler said in a statement.

Also read: Worst natural calamities in recorded history
           
The organisation calculated that nearly 17,000 flights were cancelled to the five US airports most affected by the storm, John F. Kennedy, Newark and LaGuardia in New York, as well as the Washington-Dulles and Philadelphia airports. "At the peak of the storm on Monday, October 29, 8.0-9.0 per cent of global capacity was grounded," IATA said, stressing that this was equivalent to 1.6 billion available seat kilometres.
      
"Hurricane Sandy delivered a concentrated punch to US domestic and North Atlantic travel. And its impact was felt globally," the organisation said. It pointed out that the storm had exacerbated already weak air travel demand due to "slowing world trade and weak business confidence."
           
All in all, passenger demand had risen 2.8 per cent last month compared to October 2011, but had fallen 0.5 per cent compared to September, IATA said. At the same time, though, freight demand slipped 3.5 per cent year-on-year and 2.2 per cent compared to September.
           
"Airlines are managing the softer passenger demand environment by limiting capacity growth to keep load factors high," it said, pointing out though that "the rapid decline in freight traffic is outrunning the industry's ability to respond."
           
Hurricane Sandy had hit the US domestic market the hardest, IATA said, pointing out that around two thirds of all air passengers impacted by Sandy were traveling internally in the United States.



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Govt to export extra 25 lakh tonne of wheat from own stocks

Sitting on huge reserves of foodgrains, the government today allowed additional exports of up to 25 lakh tonnes of wheat from its own stocks to clear the surplus in godowns and ease storage crunch.
    
The Cabinet Committee of Economic Affairs (CCEA) also decided to continue exports of wheat and non-basmati rice through private trade. The ban on exports of these items through private trade was lifted in September last year in view of bumper output.
    
Later in July, the government had allowed exports of 20 lakh tonnes of wheat from government stocks through PSUs such as MMTC, STC and PEC till March 2013. Of this, 15 lakh tonnes have been contracted and 8 lakh tonnes shipped out so far.
     
Through private route, 30.8 lakh tonnes of wheat and 73.4 lakh tonne of non-basmati rice have been exported so far. "The CCEA has approved an additional export of wheat from FCI godowns. The Cabinet did not mention any specific quantity for exports but there was an agreement to review exports once the shipments touch 25 lakh tonnes," a source said.
     
The CCEA allowed exports of additional quantity of wheat from the central pool as global prices are lucrative, the source added. Wheat shipments from India have got higher price of up to USD 322 per tonne in the contracts entered by PSUs so far.
    
Exports of surplus wheat will ease storage problems. The government at present has a wheat stock of 40.5 million tonnes, alomost double the stipulated buffer stock requirement of 21.2 million tonnes.

Aslo read: Maize prices may trade on negative bias: Karvy
    
The foodgrains stocks have piled up in the government godowns owing to record production and procurement in the last two consecutive years. India is exporting wheat mainly to neighbouring Bangladesh, South Korea, Thailand, Vietnam, Indonesia, Yemen, and Oman. Wheat production stood at a record 93.9 million tonnes in 2011-12 crop year (July-June). The country is all set for a bumper wheat crop this year as well.



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2G auctions: Spectrum winners will have to pay by December 1

Written By Unknown on Kamis, 22 November 2012 | 23.06

Winners of recently held 2G spectrum auction will have to make payment, either in full or at least 33 per cent of the due amount, by December 1, the Department of Telecom said today.

"... the last date for payment is December 1, 2012. If the payment is not received by the last date, the EMD (earnest money deposit) will be forfeited," DoT said in the notice.

Recently, the government concluded auction of GSM spectrum (1800 Mhz band airwaves frequencies) earning a total of Rs 9,407.64 crore against a minimum potential of Rs 28,000 crore.

As per the auction result, Telenor-promoted Telewings Communications won spectrum in six telecom circles and will have to pay maximum in the total amount at Rs 4,018.28 crore, followed by Videocon Telecommunications at Rs 2,221.44 crore, Idea Cellular Rs 2,031.31 crore, Vodafone Rs 1,127.94 crore and Bharti Airtel will have to pay Rs 8.67 crore.

Vodafone won spectrum in most of the circles. This include Jammu and Kashmir, Assam, Himachal Pradesh, Uttar Pradesh (East), Uttar Pradesh (West), Madhya Pradesh, West Bengal, Haryana, Bihar, Kerala, Orissa, North East, Punjab and Kerala.

Idea Cellular deposited the highest EMD of Rs 1,306.75 crore, followed by Telewings at Rs 1,096 crore, Videocon Telecommunications Rs 648 crore, Vodafone Rs 229 crore and Bharti Airtel Rs 102.75 crore.

Spectrum winners have been given option to opt for deferred payment under which they can pay 33 per cent upfront by December 1 and the rest in installments after two year moratorium.

In case these companies opt for defferred payments then Telewings will have to pay Rs 1,326.03 crore upfront, Videocon Rs 733.08 crore, Idea Cellular Rs 670.33 crore, Vodafone Rs 372.22 crore and Bharti Airtel Rs 2.86 crore.

Government will give option to companies whose licences were cancelled to adjust entry fee (paid for licences in 2008) in the amount they have to pay as per their preference, a DoT official explained.

"They can set-off entire amount from initial set-of payment or from the gross amount they have to pay. Based on their indication, we will re-calculate their installment amount," the official said.

Uninor, in which Telenor had majority stake, paid Rs 1,658 crore for licences in 2008, Videocon (then Datacom) gave around Rs 1,500 crore and 13 licences of Idea Cellular cost the company Rs 1,168 crore.

As per decision of Empowered Group of Ministers on spectrum, the benefit of adjustment is only for those companies who have not been found guilty or there is no case pending in court in 2G matter.



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Politicians must acknowledge economic crisis: Sardesai

The UPA-II government's best-laid plans to promote growth are in danger of going awry once again. The probability of an inconclusive Winter Parliament Session similar to the washed out Monsoon Session earlier in the year has increased as the Trinamool Congress, an erstwhile ally of the UPA and the Opposition feel slighted by the government's decision to move ahead with measures like allowing foreign direct investment in multi-brand retail.

Though the government breathed a relief for on the first day with the failure of Mamata Banerjee's bid to topple the government with a no-confidence motion, the uncertainty over the fate of the Parliament session continued and the day's session ended in a stalemate over the BJP calling for a debate with vote on allowing FDI in retail and the government refusing to concede ground.

CNBC-TV18's Reforms Reversal invites economy and political editor Siddharth Zarabi, CNN-IBN editor-in-chief Rajdeep Sardesai, BJP national spokesperson Nirmala Sitharaman and Hindustan Times political editor Vinod Sharma  to discuss if the political logjam would lead to another failed session, whether the Opposition's demand for a vote on FDI in retail would lead to a possible rollback and if the BJP would soften its stance on the crucial pension and insurance Bills.

Below is an edited transcript of the panel discussion on CNBC-TV18. 

Q: Sushma Swaraj and other leaders of your party have maintained that a discussion with voting is what they will agree to otherwise the lock-jam will continue. Are you willing to change that position on the basis of what you heard from the Commerce Minister?

Sitharaman: It is surprising that after all the commitments made in the house we still have the minister speaking in a press conference to explain himself rather than in the house. If we have answers for everything there is no need for a discussion here, that is exactly what the Parliament and the opposition parties are asking. The strategy of this government has always been, don't face it in the government or Parliament and leave everything to be floating in the air for people to address it. We have come with specific objections.

Q: If I may interrupt you and ask you will you change your position now on the basis of what you have heard from the government, they are willing to discuss any issue on the floor of the house. Are you willing to go forward with a discussion or you insistent that a discussion with a vote is the only way forward?

Sitharaman: I would like you to ask a question to Mr. Anand Sharma. With so much stated and given as notice in the Parliament already, would he want to go and face the parliamentary procedures and answer the same things there, rather than come out in the media to speak about it because it is important. And if you notice the language of the Minister it doesn't seem to want to negotiate, talk, consult, and meet the opposition. It is more like I have done my job.

Q: The government came out strongly, saying the process of consultation was taken forward. We have 16 chief ministers on record, 10 of them have actually consented and decided to go forward as far as the policy was concerned. Do you believe this logjam will continue for FDI in multi-brand retail or we will see softening of positions?

Sharma: I am optimistic because there is possibility of a meeting ground. The government perhaps, can concede a motion under vote on this issue by persuading two major parties, which are supporting it from outside, to abstain themselves when the vote is happening and can carry it through.

This will require a lot of persuasion and I will wait until the outcome of this evening's dinner meeting that the three major BJP leaders are having with the prime minister. Something should come out of it. Even BJP, despite its stated position wants a discussion in the house.

Q: Do you think BJP will agree for a discussion without a vote?

Sharma: No, I wonder whether it will agree without a vote because that will require a lot of brinkmanship. A lot of brinkmanship happens before political parties resile from their stated positions. I do not know who is going to resile in this scenario. I am surely, optimistic that you will see a debate in the house on FDI with or without a vote.



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Wozniacki pulls a Christmas cracker on boyfriend McIlroy

By Tony Jimenez

DUBAI (Reuters) - Caroline Wozniacki brought the house down on Thursday when she spiced up Rory McIlroy's post-round news conference at the DP World Tour Championship by asking her boyfriend what she was getting for Christmas.

The Danish tennis player, a former world number one, interrupted the normal talk about birdies and bogeys and five-irons and three-woods with a question out of the blue from the back of the room.

A smiling Wozniacki, dressed in all white, took the microphone from one of the reporters and asked McIlroy amid roars of laughter from the assembled media: "If you win this week am I going to get a really nice Christmas present?".

The world's number one golfer pulled his cap over his eyes before telling his girlfriend: "Have you not already got a lot of nice presents?

"I have been looking, I have been looking. But it won't take winning this week to buy you a nice present - I'll get you a nice present anyway."

It drew another smiling response from the golf-watching Wozniacki: "That must be because I'm an unbelievable cheerleader".

McIlroy prompted more giggles from the floor when he said: "You're a better tennis player", to which the Dane replied, "That's not very nice".

An expensive gift is sure to be heading Wozniacki's way next month with the Northern Irishman having already banked almost $13 million in official earnings by winning the money-lists on both sides of the Atlantic.

McIlroy can add $1.33 million to his bulging account by landing the first prize here this week plus a $1 million bonus from the end-of-season prize pool.

He is, however, more concerned about adding the Dubai title to his European money-list crown come Sunday night.

"It would be great to emulate what Lee Westwood did in 2009 and win both trophies," he told reporters after a first-round 66 left him one stroke behind tournament leader Luke Donald.

"That's the goal and the motivation this week. I've come to the last two DP World Tour Championships with a chance of winning the money-list and missed out.

"Having already wrapped it up this year, I guess I can go out there and play without thinking about it. It is definitely a nice thing to not have that pressure on your shoulders." (Editing by John Mehaffey)



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DHL fixes Blue Dart share sale price at Rs 1,720 apiece

DHL Express (Singapore) has fixed a price of Rs 1,720 per share, a discount of 16 percent to the today's closing price, for sale of 6.03 percent stake in its subsidiary Blue Dart Express.

The stake sale tomorrow could fetch the company at least Rs 246.29 crore. "With reference to earlier announcement regarding offer for sale of shares by promoter, DHL Express (Singapore) has now informed BSE that floor price for the sale of shares shall be Rs 1,720 per equity share," it said in a filing to the BSE today.

DHL Express (Singapore), which holds 81.03 percent stake in Blue Dart Express as on end of September, would sell 14.32 lakh shares in the company tomorrow.

In a notice of offer for sale last evening, Blue Dart had said the sale of 14,31,937 shares would take place on separate windows of both BSE and NSE on November 23. The sale process will start at 0915 hrs and close on the same day at 1530 hrs.

Following the announcement of the offer for sale, Blue Dart's shares hit the upper circuit limit on the BSE today to settle at Rs 2,056.56 apiece, up 20 percent over the previous closing.

"The seller shall declare the floor price for the sale on November 22 after closure of the trading hours of the stock exchanges, but not later than 5 pm. Orders or bids below the floor price shall not be accepted and will not be considered for allocation," it had said.

Regulator Sebi has earlier this year made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75 percent by June next year so that a minimum 25 percent public shareholding can be maintained in listed private companies.

Blue Dart said a minimum of 25 percent of the offer will be reserved for allocation to insurance companies and mutual funds. "No single bidder other than mutual funds and insurance companies shall be allocated more than 25 percent of the size of the sale," the document had said. Citigroup Global Markets India has been appointed as the seller's broker.



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Rolling Stones aim to roll back years with reunion

The Rolling Stones return to the stage on Sunday for a mini-tour they hope will prove that advancing years and bad blood are no barriers to satisfaction for sellout crowds.

In a burst of activity to celebrate 50 years in business, the veteran British rockers with an average age of 68 have produced a photo book, written two songs, collaborated on a documentary, released a greatest hits album, played warm-up gigs in Paris and committed to five concerts.

They also faced questions about high ticket prices to the two gigs in London and three in the United States that have given some followers the impression they are more interested in banking cash than bashing out the hits.

Yet that has done little to dampen broad enthusiasm for their return to the big stage five years after the "A Bigger Bang" tour became the most lucrative in pop history at the time, earning nearly $560 million.

Adding to the sense of occasion, the full-time quartet of Mick Jagger on vocals, Keith Richards and Ronnie Wood on guitar and Charlie Watts on drums will be joined by former members Bill Wyman and Mick Taylor at London's O2 Arena on Sunday.

Even before they step out for the first of two gigs in the British capital, the question on every Stones fan's lips is what more they have up their sleeves, amid hints of a full tour and the possibility of a new studio album.

"It would be nice to think that wouldn't be it," said Paul Sexton, a music journalist who has met and interviewed the band in the run-up to the latest concerts.

"Once the machine gets fired up again, it's hard to imagine there won't be more live shows to come. If these dates went well, you could imagine sufficient momentum for some kind of recording project."

BICKERING, BUT NO DIVORCE

The Stones first played at the Marquee Club in London in 1962, and with a changing lineup that settled with today's foursome the band who had to compete with the Beatles quickly became one of the biggest groups in pop history.

Their blues-infused output slowed from the 1980s, and some critics argue they peaked in the 1960s and 70s, but the Stones' longevity and a catalogue of hits like "(I Can't Get No) Satisfaction", "Jumpin' Jack Flash" and "Honky Tonk Women" have ensured the music world still cares.

Despite the promise of a major payout and another chance to enhance their legacy, the 50th anniversary celebrations were not always a certainty.

Jagger and Richards have bickered in the past and were at it again recently with Richards calling the charismatic frontman "unbearable" amid a stream of insults in his 2010 memoir "Life".

He eventually apologised, clearing the way for the reunion.

"If you was married to somebody for 50 years, you can have your little spats here and there, and we don't mind having them in public occasionally," the guitarist told Rolling Stone magazine. "We can't get divorced - we're doing it for the kids!"

The Stones will play two gigs at the O2 Arena, where tickets cost 95 to 950 pounds for a VIP seat, before crossing the Atlantic for a show at Barclay Center, Brooklyn on December 8 and two at the Prudential Center, Newark on December 13 and 15.

Jagger has been quick to defend the pricing, saying that the shows were expensive to stage and tickets being traded on secondary sites for greater than their face value did not mean more money for the band.

As to what the five concerts could lead to, Richards said in a recent interview: "My experience with the Rolling Stones is that once the juggernaut starts rolling, it ain't gonna stop."

Jagger and Richards are the only two members of the Stones who were there at its inception in 1962. Watts joined in early 1963 and Wood was recruited in the mid-1970s to replace Mick Taylor when he left.

They are widely acknowledged as the greatest rock and roll band in history, producing more than 20 studio albums, selling an estimated 200 million copies, conquering the United States and charting the social and sexual mores of their time.

Their longevity is all the more surprising given their reputation for living in the fast lane. Wood is in his third year of sobriety after struggling with alcohol addiction and Richards said he is drinking less and "gave up smack" (heroin).



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Puerto Rican boxing champ Camacho brain dead after shooting

SAN JUAN, Puerto Rico (Reuters) - Former three-time world boxing champion Hector "Macho" Camacho is brain dead following a drive-by shooting in Puerto Rico, a doctor said on Thursday.

Relatives are expected to decide on Thursday whether to remove Camacho, 50, from life support, said Dr. Ernesto Torres, director of the Rio Piedras Medical Center in Puerto Rico.

Camacho "is clinically brain dead," Torres told reporters. "We have done all we can do."

Camacho was shot in the neck and face late on Tuesday when he sat in a parked car in Bayamon, a San Juan suburb. The driver was killed, and police have no motive for the shooting.

Camacho was hit in the jaw by a bullet that fractured two vertebrae and lodged in his shoulder.

Torres said Camacho was in a deep coma and unresponsive. Brain studies taken overnight were negative and the results were taken to a neurologist for a final determination.

Camacho's mother, Maria Matias, and other relatives were going to be updated about the former boxer's condition, Torres said.

(Reporting by Reuters in San Juan, Writing by Ian Simpson, Editing by Stacey Joyce)



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Mkt disappoints as Parliament stalls on Day 1: Udayan

CNBC-TV18 managing editor Udayan Mukherjee explained that the market was disappointing today because at one point it looked like the market would build on Wednesday's upmove, maybe get past 5,650, but that was not to be.

Towards the end of the session, selling came in and the market closed below that overhead resistance of 5,630. So, the market did not make too much headway, with a high level of uncertainty on the first day of the Parliament session.

But stocks that helped the Nifty today include SBI and Axis Bank . Both those bank stocks did well. L&T was strong. Ambuja , ITC and NTPC were some of the other heavyweights which pulled the Nifty along and the CNX-IT Index led by Infosys , Wipro and HCL Tech did quite well.

But Tata Motors had a bad day and lost 2.5 percent. Stocks like Reliance , ICICI Bank also disappointed somewhat and that's why the Nifty could not quite cross over that hump.

The breadth was okay, just slightly ahead on the advanced line compared to the declines and some big moves in stocks like Hindustan Copper , because of the low float ahead of the government's stake-sale, was up 10 percent today.

Other stocks which did well - Apollo Tyres , Crompton Greaves , Zee , TV18 , Union Bank , IRB Infra and some of those state-run NBFCs like PTC and REC also did quite well.

But Pantaloon reacted on the way down because of the lingering uncertainty due the stalemate in Parliament on FDI in retail on which the BJP and the Left pressed for a vote and the government refused to consent. Pantaloon was down 5 percent.

Jet Airways also was down. City Union Bank came off quite a bit and stocks like Tata Coffee , Titan and S Kumars were causalities in today's trade on the midcap side.

All-in-all, a flat session tinges of disappointment that important resistances could not be crossed today.



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NTPC hopes to begin construction of Odisha project from Jan

Optimistic of completing land acquisition process for its proposed mega power plant at Odisha's Darlipali in Sundergarh district by December, the NTPC today set a target of beginning construction work for the project from January 2013.

"We have assured the state government to start construction work of the the proposed project at Darlipali within one month of getting land. The Chief Minister has assured us to hand over the required land by December 10.

The dispute over 35 acre of forest land has already been cleared by the state government," NTPC's CMD Arup Roy Choudhury told reporters after meeting Chief Minister Naveen Patnaik here.

Also read: Govt clears 9.5% stake sale in NTPC, may get Rs 13,000cr

Stating that NTPC would invest Rs 12,000 crore for establishment of a 1600 (2x 800) MW thermal power plant at Darlipali, Roy Choudhury said that 1600 acre of land was required for the proposed project.

"The project will be completed within four years from the date of commencement," the NTPC CMD said adding that the state government would be allocated 50 per cent of electricity to be generated from Darlipali thermal power plant.

The proposed project had already got coal linkage and water linkage, sources said. 

Odisha Energy secretary P K Jena said "the collector of Sundergarh district has already solved certain land related problems through negotiation with the ocal people. Land acquisition is not a problem now."



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Cong withdraws its 2nd list of nominees for Guj after tieup

Thu, Nov 22, 2012 at 21:06

Cong withdraws its 2nd list of nominees for Guj after tieup

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Cong withdraws its 2nd list of nominees for Guj after tieup

Cong withdraws its 2nd list of nominees for Guj after tieup

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Cong withdraws its 2nd list of nominees for Guj after tieup

Cong withdraws its 2nd list of nominees for Guj after tieup

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with NCP New Delhi, Nov 22 (PTI) Congress today withdrew its second list of 46 candidates for Gujarat assembly polls in the wake of firming up of an alliance with NCP. The list was withdrawn by the AICC without citing any reason within two hours of its release. The list was released close on the heels of the first list of 52 candidates which included PCC Chief Arjun Modhvadia and CLP leader Shaktisinh Gohil and a number of sitting MLAs. Congress General Secretary Oscar Fernandes said the AICC move was prompted by the alliance with NCP. Fernandes, who held talks with some central leaders as also state leaders, said the second list would now be released by the AICC tomorrow. NCP General Secretary D P Tripathi said that under the alliance worked out with Congress, his party has been allocated nine of the 182 seats in the state to contest. NCP has three sitting MLAs and the seats allotted to it by Congress in the last polls were eight. (more) PTI SPG PAL

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Turmoil in Gujarat Congress after first list for candidates

Ahmedabad, Nov 22 (PTI) Scuffle, demonstrations and a series of resignations were the order of the day in Gujarat Congress as those left out from the first list of 52 candidates for the assembly polls expressed their disappointment and anger. As state party leaders camped in New Delhi for finalisation of the full list of nominees for the first phase, four Dalit leaders, who were also office-bearers, tendered thier resignations to protest candidature of Shailesh Parmar from Danilimda (SC) seat in Ahmedabad district. Girish Parmar, Jayanti Parmar, Gunvant Solanki and Khemchand Solanki resigned from the posts of vice president, Gujarat Congress, spokesperson, general secretary and vice president of Ahmedabad City Congress, respectively. "We all have submitted our resignations to protest the decision to field Shailesh Parmar," said Jayanti Parmar. Supporters of Congress ticket aspirants from Kalol constituency, Praful Talsania and Kanti Thakor, were unhappy over the selection of Baldevji Thakor from the seat and demanded that party high command reconsider its decision. They entered the Gujarat Congress headquarters here and started shouting slogans against Thakor, who they claimed was an "outsider" to the constituency. A minor scuffle broke out between them and other Congress workers when they were asked to go out of the office and protest. "Candidature of Baldev Thakor, who is an outsider, has been imposed on us by the party. We are opposing this and asking the party high command to change the decision," said Talsania. "Ticket should be given to a local candidate if the party wants to win the Kalol seat." Election to the 182-member Gujarat Assembly will be held on December 13 and 17 and Congress last night declared 22 candidates for the first phase and 30 for the second. The main Opposition party had declared another list of 46 candidates, but it was withdrawn after two hours. Announcement of the partial list of candidates for the first phase of the poll has brought the internal turmoil in Gujarat Congress to the fore. Several party office-bearers have tendered resignation over selection of candidates. Demonstrations by rival factions were held in Mangrol and Amreli district Congress offices also. PTI ADT PD RSY ZMN
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India calls for concerted efforts to combat terrorism

Written By Unknown on Kamis, 15 November 2012 | 23.06

From Yoshita Singh United Nations, Nov 15 (PTI) India has called for concerted global efforts to dismantle terrorist safe havens to isolate groups like Pakistan-based Haqqani network which threatens peace and security in the South Asian region. "The international community needs to step up its collective efforts with real cooperation among member states to confront the scourge of terrorism squarely and decisively," India's Permanent Representative to the UN Ambassador Hardeep Singh Puri said during a Security Council joint debate on counter terrorism here yesterday. "We need concerted action against terrorists and their sponsors, including the complete dismantling of terrorist safe havens, sanctuaries, training grounds and financial and ideological support structures," he said. India, which chairs the UNSC Counter Terrorism Committee, said the international community needs to adopt a holistic approach that ensures zero-tolerance towards terrorism. Welcoming the UN sanctions against the Haqqani network, Puri said the terror group has targeted Indian interests in the past. "The unity of the international community is critical in isolating such terror groups which threaten peace and security in our region, and other parts of the world," he said adding that the linkages between Al-Qaida and Taliban need to be comprehensively and objectively examined as these pose a serious threat to international peace and security. Puri voiced India's "unwavering" commitment to support international efforts in preventing non-state actors and terrorists from acquiring weapons of mass destruction and their means of delivery. "The international community must continue to strengthen its efforts to eliminate the risks relating to sensitive materials and technologies falling into the hands of terrorists and non-state actors. The international response to the threat needs to be national as well as multilateral and global," he said. PTI YAS NSA


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NRHM scam: UP official, middleman arrested by CBI

Thu, Nov 15, 2012 at 21:02

NRHM scam: UP official, middleman arrested by CBI

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NRHM scam: UP official, middleman arrested by CBI

NRHM scam: UP official, middleman arrested by CBI

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NRHM scam: UP official, middleman arrested by CBI

NRHM scam: UP official, middleman arrested by CBI

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New Delhi, Nov 15 (PTI) CBI has arrested a former Director of an Uttar Pradesh's PSU and an alleged middleman in connection with its probe in National Rural Health Mission scam in which the then Minister Babu Singh Kushwaha is the main accused. CBI sources said the then Director in Construction and Design Services P K Bhukesh, an engineer in UP government and alleged middleman D K Singh were arrested in connection with its probe in the alleged corruption in the upgradation of 134 district hospitals using central government funds. Kushwaha, the then Secretary Pradeep Shukla among others are main accused in the case. "It was revealed during investigation so far that officials of C and DS in connivance with private persons allegedly misappropriated and cheated 68 per cent of the total amount received by C&DS for the upgradation of 134 district hospitals under the NRHM, thereby causing a loss of Rs.7.94 crore to the government exchequer in the case," the agency had alleged in its charge sheet in the case. The CBI had alleged that the former BSP minister and his close aide, former MLA R P Jaiswal, misused their official position to benefit local company Surgicoin Medequip Pvt Ltd. "The matter pertained to upgradation of 134 district hospitals for an amount of Rs 13.4 crore under NRHM. It was alleged that the said work was given to Ghaziabad and Lucknow-based private firms without following any codal formalities and on the basis of bogus and forged documents," the CBI had said in a statement. CBI sources said that during the investigation they found that of every Rs 100 allocated for hospitals, nearly Rs 68 was siphoned off by officials while the remaining Rs 32 was utilised in the project. PTI ABS RT

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Committee decides to recommend ILP to Meghalaya govt

Shillong, Nov 15 (PTI) A high-level committee today decided to recommend the introduction of Inner Line Permit to the Meghalaya government. "We unanimously decided to recommend the introduction of the ILP in the state for protecting the people from illegal migration to Meghalaya," Deputy Chief Minister B M Lanong told reporters after a meeting of the committee. The mandate of the Lanong committee was to review the situation of influx in the state and to suggest a multi- pronged strategy and a practical approach to tackle it. The committee also sought to recommend the introduction of a three-tier Identity Card system besides the ILP. The ILP is issued under the Bengal Eastern Frontier Regulation, 1873, by a few state governments in the North East region. Lanong said it would depend on the government which recommendation to implement and how to implement it. Federation of Khasi, Jaintia and Garo People (FKJGP), along with eight other organisations, has sought restrictions like the ILP, required by Indian citizens to enter Arunachal Pradesh, Nagaland and Mizoram, saying that the influx in Meghalaya might go out of control given its proximity to Bangladesh and Assam. Businessmen in the hospitality sector have, however, opposed the implementation of the ILP. "Our state cannot survive in isolation. The committee's decision will adversely affect the tourism industry of Meghalaya if ILP is implemented," former home minister and chairman of the Meghalaya Tourism Development Forum R G Lyngdoh said. PTI JOP PC MNS


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Four women injured as police chases with agitators

Phulbani (Odisha), Nov 15 (PTI) Four women were stated to be injured today as the police chased them away as they were marching towards a police station here during the second day of the two-day Kandhamal bandh call given by a tribal body to protest against recruitment process in the posts of Sikshya Sahayaks. A goup of people mostly women demonstrated before the collector's office during the bandh and proceeded towards the Town police station when police baton charged them and, in the process, four women sustained minor injuries, Kui Samaj Samanoy Samiti (KSSS) leader Lambodar Kanhar. The police, however denied making lathi charge. "Police chased the agitators away while they were marching towards the police station," said additional SP G C Maiilck adding that the bandh was earlier declared illegal. The police took at least 52 persons including Kanhar into custody and later released them on personal release (PR) bond in the evening. Boud-Kandhamal Milita Kriyanustan Committee, a joint action committee led by KSSS is demanding a district cadre of sikshya sayayaks (SS) instead of having the state cadre. The tribal body has been opposing appointment of SS from outside the districts in Kandhamal and Boud. During the bandh, shops and commercial establishments were found shut in the district headquarters town of Phulbani where educational institutions, banks, petrol pumps were also closed, police sources said. The bandh has been peaceful with no major untoward incident reported from anywhere so far. PTI COR AAM NN


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HP CM asks UPA chairperson to get additnl financial assistance

Shimla, Nov 15 (PTI) The Himachal Pradesh goverment has asked the UPA chairperson Sonia Gandhi to help the state get additional financial assistance of Rs 5,214 crore and the details of other unutilised funds propagated by her and other Congress leaders during the election campaigning. The request has been made to Gandhi in a letter written to her by the Chief Minister Prem Kumar Dhumal, an official release said here today. Dhumal in the letter has stated that repeated requests had been made to the Centre to provide additional assistance of Rs 5,214 crore to the state to meet the emergent financial committed liabilities but it has turned its cold shoulder towards the demand. The chief minister also requested Gandhi to get the state details of the so called un-utilised central funds amounting to Rs 10,000 crores as she had stated in her speeches during electioneering followed by other senior Congress leadership. The state had received Rs 9,597.25 crore under state plan from the year 2008-09 to 2011-12 from the centre while the state plan size was approved at Rs 11,400 crore despite the actual expenditure done was Rs 11,507.17 crore, he said. PTI PCL DBR


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Proposal on concurrent evaluation of rural schemes

New Delhi, Nov 15 (PTI) The long-pending proposal for setting up a dedicated agency for conducting concurrent evaluation of schemes run by Rural Development Ministry is likely to be discussed during the meeting of Union Cabinet next week. "The matter will be presented before the Union Cabinet for discussion on November 22 here," sources said. In the proposal drafted for the meeting, the Ministry has proposed setting up a Concurrent Evaluation Office (CEO) which will evaluate the schemes through a dedicated Concurrent Evaluation Network (CENET). The Rural Development Ministry has prepared and finalised the structure and functioning of the CEO for conducting business and has circulated a draft note to the concerned Ministries and departments. "The CEO would establish and manage CENET, which will consist of a panel of reputed independent researchers and institutions with requisite capabilities to undertake concurrent evaluations," the sources said. The Ministry has also proposed redrawing the panel after monitoring its effectiveness. The decision has been taken by the Ministry keeping in mind the manifold increase in its budget over the last decade, without any commensurate increase in required manpower for conducting monitoring and concurrent evaluations of programs. "Even as the budget and coverage of various programmes has increased manifold over the decade, there has been no commensurate increase in the required manpower for 'Monitoring and Concurrent Evaluation' for the Ministry's programmes," they said. The annual financial outlay of Rural Development Ministry has reached Rs 76,376 crore in 2012-13. (More) PTI AD RT


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WB govt plans to set up ITIs in each block

New Delhi, Nov 15 (PTI) West Bengal government today said it will set up ITIs in all the 341 blocks and a polytechnic college each in sub-divisions of the state. During an interactive session at the India International Trade Fair, officials of the Technical Education and Training Department of the West Bengal (WBTET) said that the government is planning to set up new institutes under the 12th Five Year Plan. Every year, 3563 vocational institutes in the state trains to 2.22 lakh students and WBTET has also tied up with the industry to provide short term employment training on hospitality, IT, ITEs and BPO, a statement said. Interactive session was organised with the members of the industry, chambers, representative from the World Bank and Asian Development Bank and senior officers of central and state governments, it said. PTI JTR SJY ZMN


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Suu Kyi for export of Burmese orchids, bamboo products

Gwal Pahari (Haryana), Nov 15 (PTI) Myanmar opposition leader Aung San Suu Kyi plans to give India a run for its money through export of exotic Burmese orchids and bamboo products. On a visit to The Energy Research Institutes's campus here on the outskirts of Delhi, Suu Kyi evinced keen interest in tissue culture laboratories which micropropagate varieties of bamboos and Indian varieties of orchids. "If we can cultivate our species of orchids, we will give a run for your money as well," Suu Kyi said when TERI Director General R K Pachauri told her about success of cultivation of orchids which are exported to several countries. The pro-democracy leader also spoke of plans to start vocational training centres in Myanmar to train people in making various products from bamboo, which is grown in abundance in her homeland. Bamboo products can be a money spinner for people in Myanmar as it could help the growth of local economies, which was necessary for strong local governments, she contended. Suu Kyi also sought assistance from TERI on formulating energy policy for Myanmar which has rich deposits of natural gas and crude oil. "Burma is rich in energy resources, but also needs investment. We look for responsible investment that is not only sensitive to the environment, but also secures the future of our country. We need to learn more about handling our energy resources. Moreover, Burma also needs an effective energy policy," she said. Suu Kyi also visited various research facilities and eco-friendly installations developed by TERI, including an innovative building that relies on efficient construction design and integrated use of renewable energy to conserve power and the Micropropagation Technology Park. PTI SKU SMI


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RURAL 2 LAST

The Ministry has also proposed participation of experts The Ministry has also proposed participation of experts from Rural Development, Panchayati Raj and other departments in the 11-member Governing Body of the CEO. "Members will include Secretary Rural Development and the Chief Economic Adviser (CEA) of the Ministry. Two Principal Secretaries of Rural Development and Panchayati Raj from the States will also be made ex-officio members on a rotating basis," the sources said. The CEO will be tasked with swiftly identifying inefficiencies as they emerge, and liaising with the scheme heads to implement improvements, they said. In the draft, the Ministry has proposed an initial outlay of Rs 25 crore for the CEO along with annual grants to conduct studies and specific evaluations. PTI AD RT


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Ram Jethmalani embarrasses BJP, says Ram was a bad husband

Written By Unknown on Kamis, 08 November 2012 | 23.06

In what could be a major embarrassment for the Bharatiya Janata Party (BJP), senior member Ram Jethmalani on Thursday called 'Ram', the protagonist in the epic 'Ramayana', a bad husband. Jethmalani was attending the release of a book on man-woman relationship when he made the remark.

Responding to a query, Jethmalani said that Ram was a bad husband as he sent his wife Sita to exile for no specific reason. "Ram was a bad husband. I don't like him at all. Just because some fisherman said something, he sent that poor woman (Sita) to vanvaas (exile). Lakshman was even worse. When Sita was abducted, Ram asked him to go find her as she was abducted during his watch. Lakshman simply excused himself saying she was his sister-in-law and he never looked at her face, so he wouldn't be able to identify her." Jethmalani said to laughter from the audience.

Jethmalani is currently engaged in a probity battle with BJP president Nitin Gadkari, whom he has been pressing to resign in the face of corruption allegations against him.


The statement is bound to raise hackles within the party that has just emerged from an equally controversial remark made by Gadkari, who equated the IQ level of Swami Vivekananda with underworld don Dawood Ibrahim.



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MMTC net loss at Rs 113.73 cr in Q2

State-owned trading firm MMTC today reported a net loss of Rs 113.73 crore for the quarter ended September 30, largely due to an ad-hoc provisioning of Rs 194.67 crore against a transaction done in the last fiscal. The company had reported a net profit of Rs 18.85 crore during the corresponding period of last fiscal.

Net sales of the company was also down by about 45 per cent to Rs 8,846.98 crore during the quarter as compared to Rs 16,046.64 crore of the July-September period of FY'12, it said in a filing to the BSE. According to the filing, MMTC reported extraordinary items (net of tax expense) of Rs 131.51 crore during the quarter, which represents ad hoc provision of Rs 194.67 crore.

The provisioning has been "made against amount recoverable from customer arising out on account of certain acts of commission and omission at regional office, Hyderabad, relating to bullion transactions during 2011-12 pending investigation," the filing said.

It added that the company has received security in the form of equitable mortgage of land valued at Rs 108.90 crore and jewellery of about Rs 46.50 crore. The valuation has been done by a government approved valuer, the company said, adding that the company has received legal notice in respect of ownership of land, which has been legally replied to.

"However, keeping in view the uncertainty in realisability of these securities, ad-hoc provision has been made," the MMTC filing said. The company, which is on the disinvestment radar of the government during the current fiscal, also reported an exceptional item of Rs 12.62 crore but did not provide details.

During the quarter, its total expenses were at Rs 8,823.46 crore, while it paid a tax of Rs 8.54 crore. Shares of the company closed today at Rs 727.65 apiece on the BSE, down 0.82 per cent from their previous close.



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Guj court frames charges against Bhatt in custodial death case

Jamnagar (Guj), Nov 8 (PTI) A local court today framed charges of murder and other offences against suspended Gujarat IPS officer Sanjiv Bhatt, who has been at loggerheads with Narendra Modi government, and six other accused policemen in a 22-year-old case of custodial torture. Jamkhambaliya Sessions judge N T Solanki, after rejecting the applications of the accused policemen, today completed the process of framing charges and fixed December 4 for recording of evidence. Apart from Bhatt, who has alleged complicity of Chief Minister Narendra Modi in 2002 post-Godhra riots, the six accused policemen are Dipak Bhagwandas Shah, Keshubhai Jadeja, Shailesh Pandya, Pravinsinh Jorubha Jhala, Pravinsinh Babubhai Jhala and Anopsinh Jethwa. The case pertains to the death of one Prabhudas Vaishnani who allegedly succumbed to injuries inflicted on him while in custody at the Jamkhambaliya police station. The police had allegedly thrashed him on the night of October 30, 1990. Bhatt was Assistant Superintendent of Police then in Jamnagar. He had arrested Vaishnani and more than 100 other people for rioting and other offences. They were protesting the arrest of BJP leader Lal Krishna Advani who had embarked on the Rath Yatra at that time. The court framed charges against all the seven accused in the case under various sections of the Indian Penal Code(IPC) including 302 (murder), 323 (voluntarily causing hurt), 504 (intentional insult with intent to provoke breach of peace), 506(1) (criminal intimidation) read either with 114 (abetment) or 34 (common intent). "After the delay of so many years, finally the trial has commenced and now the first thing we have to do is to finalise the list of witnesses whom we want to examine," said public prosecutor Vimal Chotai. Prabhudas's brother, Amrutlal Vaishnani, had lodged a complaint against Bhatt and six other policemen in the case. PTI ADT PD DK PAL
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Harsimrat pays obeisance at historic Sikh shrine in Lahore

Attari, Nov 8 (PTI) Shiromani Akali Dal (SAD) MP Harsimrat Kaur, wife of Deputy Chief Minister Sukhbir Singh Badal, today paid obeisance at historic Sikh shrine Nankana Sahib in Lahore, the birth place of founder of Sikhism Guru Nanak Dev. She later joined her husband, who is in Pakistan on an official tour. Before crossing over to Pakistan, the MP from Bathinda told reporters here that she would urge the Pakistan government to liberalise visa policy for Indian Sikh devotees to frequently visit the Sikh shrine in Pakistan. "Punjab government was always in favour for the opening up a visa centre at Amritsar for simplification of visa procedure. We have taken up this issue with appropriate authorities to facilitate the people. "To procure visa for Pakistan one has to visit Delhi, which is not easy and affordable for everybody," she said. PTI Cor VJ HU
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Law Min Suresh Kumar asks 3 weeks time to appear before BMTF

Bangalore, Nov 8 (PTI): Law Minister S Suresh Kumar today sought three weeks time to appear before the Bangalore Metropolitan Task Force on a notice issued to him in connection with a transfer of land case. Counsel representing Suresh Kumar handed over the letter seeking in this regard to the Investigating Officer (IO),BMTF. Responding to the request, BMTF Chief R P Sharma told reporters that the IO would examine whether three weeks time can be given or not. "Right now we are not drawing any conclusion", he said. BMTF had yesterday ordered issue of notices to Suresh Kumar, former Housing Minister S N Krishnaiah Setty and others in connection with a transfer of land. Notice was also issued to V P Baligar, the then principal secretary to the Chief Minister. Complainant Dinesh Kallalli had alleged rules were violated in ordering return of 4.2 acres allotted to Karnataka Slum Development Board to K Gopinath, a relative of RSS functionary K Narahari. BMTF has directed the accused to appear before it today. PTI BH MSR APR BS
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COMPAT refuses to stay 'Jab Tak Hai Jaan' screening

The Competition Appellate Tribunal today refused to stay the screening of 'Jab Tak Hai Jaan' produced by Yash Raj Films but issued notices to the production house on Ajay Devgn's plea that alleged abuse of dominant position. Ajay Devgn Films (ADF) had moved the tribunal after the Competition Commission rejected the plea against Yash Raj Films for alleged abuse of dominant positions.

Both Ajay Devgn's 'Son of Sardar' and 'Jab Tak Hai Jaan' are slated to release on November 13 and advanced bookings have already started. The tribunal said huge economic interests are at stake for both the parties' films and there could be irreparable loss, if the release is stayed. "We desist from passing any order," it said and noted that "it would not be proper on our part to freeze the agreements" between Yash Raj Films and the single screen film exhibitors.

However, the tribunal has issued notices to Yash Raj Films (YRF) along with its distributor entities, following ADF's appeal. The tribunal bench headed by chairman Justice VS Sirpurkar also said that "it was not expressing any opinion (about the matter) at this stage".

On the second day of hearing today, film maker Prakash Jha, a close friend of Ajay Devgn, was present and was assisting ADF's lawyers during the proceedings. Fair trade regulator Competition Commission had rejected Devgn's complaint against Yash Raj Films, saying that there are no violations of competition norms in the case. ADF had moved the Commission alleging that Yash Raj Films was using its dominant position to ask exhibitors to dedicate more screens to its own upcoming release, Shahrukh Khan-starer 'Jab Tak Hai Jaan', affecting Devgn's film 'Son of Sardaar'.

The Commission had said Devgn did not place on record any data related to market share or economic strength to show how the YRF was in a dominant position in the relevant market. Last Friday, the Delhi High Court had asked the CCI to "expeditiously" decide on Ajay Devgn Films' complaint that 'Son of Sardaar' was allegedly not getting enough single-screen theatres as Yash Raj Films allegedly has used its dominant position for better exhibition of 'Jab Tak Hai Jaan'.

As per the Commission, the grievance of Ajay Devgn Films arose due to fear that it would not get enough theatres for 'Son of Sardaar' because of the agreement of single screen theatres with Yash Raj Films at the time of releasing 'Ek Tha Tiger'.



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Manappuram Fin Q2 net drops 20% on higher finance costs

Moneycontrol Bureau

Kerala-based gold loan company Manappuram Finance on Thursday reported more than 20% year-on-year drop in its second quarter (July-September) net profit at around Rs 108 crore in 2012-13; due to rise in borrowing costs and some operating expenditures.

Finance costs or the cost of borrowings rose nearly 13% YoY to Rs 287 crore. Employee benefit expenses increased 11% to Rs 85 crore while rest costs soared 62% to around Rs 23 crore.

"In the second quarter, we have de-grown our business. However, our loan book is likely to grow by Rs 600 crore in the next two quarters," I Unnikrishnan, managing director of Manappuram Finance told moneycontrol.com briefly.

When asked to explain the key reasons behind Q2 numbers, he suggested to contact Perfect Relations - the Mumbai based PR agency, for getting further clarification. The company is yet to issue any detailed press release for its Q2 numbers.

Other income rose marginally to Rs 11 crore from Rs 10.40 crore a year back. Short term loans (credit against pledging gold jewellery) expanded at a slower pace of 4.50% to Rs 10,101 crore. Cash and bank balances fell more than 10% y-o-y to Rs 733 crore.

Manappuram shares on Thursday rose more than 1% to close the day at Rs 38.10. In the last one year, those tanked nearly 39% as against more than 1% rise in the share price of Muthoot Finance , another Kerala-based rival gold loan company.

Earlier in March, 2012; the Reserve Bank of India (RBI) had issued a notification directing all non-banking finance companies engaged in gold loan business to maintain a loan to value (LTV) ratio of 60%. This means, a borrower has to pledge gold jewellery worth Rs 100 to get a loan of Rs 60. Prior to it, the same companies were reportedly giving loans with an LTV upto 70-80%.

RBI's revised norms were expected to hit their margins badly. Thereafter, a media report suggested that some gold loan companies had continued to violate the revised LTV norms by devising new strategies.

saikat.das@network18online.com


 



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Growth rate will improve in 2nd half, says Montek

Indian economy is showing signs of turnaround and growth rate in the second half of the current fiscal is likely to be over 5.5 per cent, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today. "I think there is some signal of turnaround... In the second half of (the fiscal) we will do better than 5.5 per cent", he said while addressing the concluding session of the three-day World Economic Forum on India here.

As regards the likely growth rate in the second half, Ahluwalia said, "...somebody thinks we will be lucky to reach 6 per cent. I don't think it is too important to put a number currently, but really important thing is that the economy is turning around. Three months later we will have much better idea," he said. India would achieve a higher growth rate in 2013-14, he said, adding "my feeling is that in the next fiscal year it is not impossible to target the growth rate of about 7 per cent if we fix problems."

Impacted by ongoing global crisis and some domestic factors, India's growth rate slipped to nine-year low of 6.5 per cent in 2011-12. The growth rate in the current fiscal, according to Reserve Bank's projection, is likely to slip to 5.8 per cent.

As per the data released by the Central Statistical Organisation (CSO), the growth rate in the April-June quarter of the current fiscal was 5.5 per cent. The figures for the second quarter would be released on November 30. Referring to the global situation, Ahluwalia said the things were improving and hoped that investments into the country would get a boost.

The government, he added, has given "lot of signals" to attract overseas investment and was putting in place a mechanism to accord speedy clearances of infrastructure projects. "There were many tax related issues that came up in the last Budget and the government has said that they will fix those problems," he said.

On fiscal deficit, he said, the government was making efforts to contain it. Finance Minister P Chidambaram has recently said that he would try to restrict the fiscal deficit to 5.3 per cent, marginally higher than the 5.1 per cent envisaged in the budget for 2012-13.



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HC order against marketing of Cipla's drug stay

The Supreme Court today stayed for a month a Delhi High Court order restraining pharma major Cipla from marketing its anti-cancer drug "Sunitinib." A bench of justices KS Radhakrishnan and Dipak Misra put on hold the operation of the high court's order on a plea by Cipla against it and sought replies of the Centre and two US drug companies, Sugen Inc and Pharmacia and Upjohn Company.

"Issue notice, returnable on December 5, 2012. There shall be interim stay of operation of the impugned orders of October 12, 2012 and October 8, 2012 of the high court for a period of one month," the bench said. Cipla had moved the apex court against the high court's decisions restraining it from marketing its medicine on a plea by the US firms Sugen Inc and Upjohn against the revocation of the patent granted to them for a similar drug.

Senior advocate Harish Salve and advocate Pratibha Singh mentioned the petition on behalf of Cipla before the bench. The US companies patent had been revoked by the Assistant Controller of Patents and Designs on September 24, 2012 on a plea by Cipla.

In its special leave petition, Cipla has contended that the high court's order was without jurisdiction as the US firms should have appealed against the revocation of their patent before the Intellectual Property Appellate Board (IPAB) and not in a writ petition.

The division bench of the high court had later confirmed its single-judge bench's order against which Cipla approached the apex court. Cipla has said in its plea that the medicine it intends to market costs only a quarter of the price of the similar drug made by the US companies.



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Ashok Leyland Q2 net profit dips 7.45% to Rs 142.59 cr

Hinduja Group flagship company Ashok Leyland today reported a 7.45 per cent dip in net profit to Rs 142.59 crore for the quarter ended September 30. The company had posted a net profit of Rs 154.08 crore for the quarter ended September 30, 2011.

Total income of the company however rose to Rs 3,319.91 crore for the quarter under consideration from Rs 3,128.27 crore for the corresponding period previous fiscal, Ashok Leyland said in a BSE filing. Shares of Ashok Leyland today closed at Rs 24.10 on BSE, down 2.82 per cent from their previous close.



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HC directs govt to take action against Tiruvarur Collector

Written By Unknown on Kamis, 01 November 2012 | 23.06

Chennai, Nov 1 (PTI) Madras High Court today directed Tamil Nadu Government to take action against the Tiruvarur Collector for not complying with its earlier order on filling up vacancies of noon meal organisers in the district and file a report within two weeks. Justice D Hariparanthaman also directed the Secretary, Social Welfare (Non Meal Scheme) department, to take necessary action for filling up of the vacancies in Muthupettai Block of the district. He said that the matter was listed more than once occasion, but the District Collector had chosen not to comply with the order. "I am constrained to issue a direction .. to take action against the District Collector, Tiruvarur district for not complying with the direction issued by this court," the judge said. On a petition seeking regularisation of the service of the petitioner as an Anganvadi Assistant, the high court had in August last issued a direction to the Collector to file a report regarding the filling up of the posts. PTI DSJ VS


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No gifts please; donate to PM National Relief Fund: PM

Thu, Nov 01, 2012 at 21:02

No gifts please; donate to PM National Relief Fund: PM

Like this story, share it with millions of investors on M3

No gifts please; donate to PM National Relief Fund: PM

No gifts please; donate to PM National Relief Fund: PM

Like this story, share it with millions of investors on M3

No gifts please; donate to PM National Relief Fund: PM

No gifts please; donate to PM National Relief Fund: PM

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New Delhi, Nov 1 (PTI) Don't send me gifts during the festival season, donate to the Prime Minister's National Relief Fund. This is Prime Minister Manmohan Singh's simple message to scores of people who send him gifts and greetings during the festival season every year. In a statement here, the Prime Minister thanked all those who have been sending him greetings and good wishes this festival season. He appealed to his well wishers to make donations to the Prime Minister's National Relief Fund instead of sending gifts for him, a PMO statement said. PTI SKU VMN

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18


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HC-SCHOOLS 2 LAST

In August this year after setting up the committee headed In August this year after setting up the committee headed by Justice Anil Dev Singh, the bench had said the job of the committee was primarily to sift through the accounts of these schools numbering around 200, so they should foot the bill for its smooth functioning. When the court proposed the schools to bear the expenses, their counsel had agreed to bear 90 percent of the expenses and the city government was asked to pay 10 percent. Meanwhile, the bench today expressed its displeasure over the Comptroller and Auditors General (CAG) of India and Delhi Government's Directorate of Education for their "failure" to perform their statutory duty for auditing the accounts of the unaided private schools here. Recently, the court committee has submitted its findings, saying fee hike by most schools is unjustified since meeting the increased salary grade of its teachers as per the Sixth Pay Commission was only a pretext to increase the fee. PTI PNM RAX


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Lt Gen N C Marwah relinquishes command of ANC

Thu, Nov 01, 2012 at 21:02

Lt Gen N C Marwah relinquishes command of ANC

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Lt Gen N C Marwah relinquishes command of ANC

Lt Gen N C Marwah relinquishes command of ANC

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Lt Gen N C Marwah relinquishes command of ANC

Lt Gen N C Marwah relinquishes command of ANC

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Port Blair, Nov 1 (PTI ) Commander in Chief Lt Gen N C Marwah has relinquished the command of Andaman and Nicobar command. He was given a ceremonial tri-services guard of honour at Naval Jetty in Port Blair yesterday. Later interacting with media persons, Lt Gen Marwah said the Unified Command was sensitive to environmental issues and local sentiments while undertaking any security development in the region. He said the command will identify an alternate place for the radar installation project planned earlier in Narcondum island owing to environmental concerns. He added that the project was vital to strengthen the security cover all along the region. Marwah said during his tenure of two years, the command witnessed successful anti poaching operations, largest ever conglomeration of littoral navies in the biennial mega event 'Milan', besides achieving high level of preparedness to deal with humanitarian assistance and disaster relief operations. He said the commissioning of naval air station INS Baaz at Campbell Bay in the southern most tip of the country a few months back was a major step to enhance defence capabilities in the region. (More) PTI Corr CR AGL

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18


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Another privilege issue raised against DMDK MLAs

Chennai, Nov 1 (PTI) For the second successive day, Tamil Nadu Assembly Speaker V Dhanapal today referred the conduct of five opposition DMDK MLAs to the Privilege Committee for alleged breach of privilege. Acting on a letter by AIADMK Whip Vaigai Chelvan, the Speaker referred to the Committee the incident involving DMDK MLAs L Venkatesan,P Sampath Kumar, K Nallathambi, V C Chandrakumar and T Suresh Kumar when they gave a letter to the Chief Minister's Office seeking appoitment to meet Jayalalithaa. Vaigai Chelvan in his representation said the DMDK MLAs took the media along with them to the CM's office earlier this week which showed their "cheap politics." Their action affected the privilege of Chief Minister Jayalalithaa and therefore there was prima facie breach of privilege, he said. Under relevant rules, Dhanapal referred to matter to the Privileges Committee. On another representation by C K Tamilarasan (AIADMK), the Speaker also once again referred to the Committee the behaviour of five other DMDK MLAs when they gave a letter to him seeking for an appointment with Jayalalithaa to discuss constituency-related issues, under which pretext of which four dissident MLAs of the party had called on her last week. He had already referred the matter to the committee and the DMDK MLAs involved in this matter include its Whip V C Chandirakumar, S Senthilkumar, R Santhi, R Arulselvan and Murugesan. Meanwhile, the DMDK members staged a walk-out after the Speaker denied them permission to raise a particular issue. However, the four dissident MLAs -- R Sundararjan, K Tamil Azhagan, C Michael Rayappan and Arun Pandian -- remained in their seats. PTI SA VS BS


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Tweet tastefully, dress like 007 with UK style guides

LONDON (Reuters) - Should you keep your mobile phone on display at lunch? Can you tweet with taste and how does James Bond maintain that polished look in those dashing dinner jackets?

Two new guides from British etiquette authority Debrett's offer modern men some time-honoured tips on shoe care and shaving alongside 21st century advice on how to handle your mobile phone, email punctuation and an answer for any modern digital Hamlet: "To tweet or not to tweet?"

The sartorial bible "Men's Style" includes advice on formal wear and tailoring traditions as well as how to mix and match casual clothing, picking the right aftershave and "essential" advice on maintaining luxuriant beards and moustaches.

"Netiquette" helps navigate the dos and don'ts of the digital age with useful suggestions on mobile phone use, golden rules for emails and texting faux pas. It demystifies technical terminology, offers ways to protect your privacy and advice on getting your Twitter persona just right.

"Men's Style is packed with subtle advice and practical hints to help the modern man to appear effortlessly stylish, while at a time when web-based communication is threatening to take over all our lives, Netiquette is an indispensable guide on how to deal with every digital dilemma," Debrett's Managing Editor Jo Bryant said in a statement.

Both guides are part of a series of titles, which include "Debrett's People of Today", listing people of distinction and achievement, "A Guide to Civilised Separation" and "Debrett's A-Z of Modern Manners".

Besides its modern-day etiquette and grooming guides, Debrett's has been the indispensible record of the British aristocracy for centuries, tracking the fortunes of titled families since the late 18th century.

(Reporting by Paul Casciato)



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Bangladesh could tour Pakistan this year

DHAKA (Reuters) - Bangladesh have provisionally committed to a tour of Pakistan at the end of the year depending on security arrangements and the results of discussions with the government, Bangladesh Cricket Board (BCB) president Nazmul Hasan said on Thursday.

"We have had a correspondence with the Pakistan Cricket Board over a tour to their country at the end of this year. I would say this is a commitment," Hasan told a news conference.

"However, it all depends on security and many other issues including the cost benefit. We have to see how the Bangladesh cricket team will be benefited by touring Pakistan.

"We also have to discuss the matter with the government before making a final decision."

Pakistan media recently reported that Bangladesh would play three one-day internationals and two Twenty20 internationals. The BCB denied the reports.

Bangladesh were scheduled to tour Pakistan in April for a short series but it was cancelled after a High Court division bench ordered the visit be suspended following a petition filed by a lawyer and a private university teacher.

No international teams have toured Pakistan since the 2009 attack by militants on the Sri Lanka team bus in Lahore.

(Reporting by Azad Majumder; Editing by John Mehaffey)



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Apple's iPad mini includes LCD display driver from rival Samsung

Thu, Nov 01, 2012 at 21:12

APPLE-IPAD-MINI-SAMSUNG:Apple's iPad mini includes LCD display driver from rival Samsung

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SAN FRANCISCO (Reuters) - Apple Inc's

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Murdoch re-elected to BSkyB board as profit climbs

By Kate Holton

LONDON (Reuters) - James Murdoch was re-elected to the board of BSkyB on Thursday, ensuring his family's media empire retains a direct influence at Britain's biggest pay-TV company despite being weakened by a phone hacking scandal.

James Murdoch, forced to quit as BSkyB chairman in April over his role in the scandal at his father Rupert's News Corp , was re-elected as a BSkyB director with around 95-percent support in a shareholder vote at an annual meeting.

The re-appointment came after BSkyB, which is 39-percent-owned by News Corp, posted strong first-quarter earnings growth, with price rises and the sale of additional products to subscribers reassuring investors who had feared a slowdown.

BSkyB shares were up 7 percent in afternoon trade. The stock had come under pressure from fears the provider of pay-TV, broadband and telephone services would struggle to grow in a weak economy and maturing market.

"Solidly reassuring, with all key metrics showing improvement over Q1 2012," said Peel Hunt analyst Patrick Yau of the results.

News Corp had planned to buy up the rest of BSkyB last year, but was forced to drop its bid after its British newspaper News of the World was discovered to have hacked phones.

James Murdoch, who also managed the newspaper, was criticised by parliament and regulators for failing to get to the bottom of the criminal activity, and BSkyB shareholders took turns at last year's annual meeting to tell him to step down as chairman to prevent the firm from being tarred by association.

REASSURING

In the first three months of its new financial year, BSkyB signed up 48,000 new households, in line with forecasts, with 20,000 additions to its core pay-TV offering.

That is some way off the 100,000-plus pay-TV subscribers it often used to sign up per quarter, but the group said one in three of its customers now took TV, broadband and telephone services, which helped to lift the average amount each customer spent with the group.

Customer loyalty also remained strong, despite the first price rise in two years kicking in.

"Despite market fears over new competition, TV adds (customer additions) continued to grow," Morgan Stanley analysts said in a research note. "This puts into perspective recent concerns that Sky might suffer a fall."

The solid operating performance, the price rise and a share buyback programme lifted earnings per share 16 percent to 13.4 pence, while revenue climbed 4 percent to 1.7 billion pounds and adjusted operating profit rose 5 percent to 310 million pounds.

All three numbers were either in line with or slightly above forecasts.

At 1500 GMT, BSkyB shares were up 7 percent, within a UK benchmark index up 1.3 percent <.FTSE>. (Reporting by Kate Holton; Editing by Helen Massy-Beresford and Mark Potter)



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Infy defers campus recruitment; Bansal is CFO designate

With a challenging environment, and low visibility into client spend, Infosys has said that it will be deferring its campus recruitment, and the management is also putting some cost saving measures in place, reports Shreya Roy of CNBC-TV18.

Infy had decided that with its current business needs in mind it will defer its campus recruitment process. The company had initially made 27,000 campus offers, but now the company says that 17,000 of these will be deferred by up to three months.

However, the firm has reiterated that it plans to honour each of these offers in due course of time. In fact the company which prided itself on a six-month long extensive training programme for fresh intakes has also decided to cut the period short by two months, four months of this training programme will be conducted at its sprawling Mysore campus, while two months will be an online programme.

The company is also taking a few more cost-cutting measures, such as the senior management has decided to forgo privilege travel. Until recently, Infosys has also deferred increments for its employees, but last quarter it had eventually gave its employees a hike of six percent.

CNBC-TV18 also learns that Rajiv Bansal, vice president finance and CFO designate will take over from V Balakrishnan , CFO, Infosys.

Rajiv Bansal, CFO designate, Infosys Bangalore, says that it is going to be challenging, but a very exciting role. The company is going through some tough times. The first important thing will be to reassure all the stakeholders whether it is investors, customers or employees that Infosys is a great company has a right strategy. We are all working on the new strategy Infosys 3.0, which will change the business model of Infosys. 



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