Guj riots: Modi questioned by SIT for five hours!
Indian Holocaust My Father`s Life and Time - THREE HUNDRED Twenty THREE
Palash Biswas
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6 Nov 2009 ... On the eve of the Indian Prime Minister's state visit to United States, ... we Commuters were engaged in intense debate on Indian Economy as the debate .... Troubled Galaxy Destroyed Dreams, Chapter 416 Palash Biswas ...
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- [ Translate this page ]Face of the RESISTANCE MANIK MANDAL Troubled Galaxy Destroyed Dreams: Chapter 210 Palash Biswas News results for Indian Economy Rate cuts fail to revive ...
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25 Nov 2009 ... Obama Welcomes Manmohan Singh, Indian PM, At Start Of State Visit .... Palash biswas द्वारा 3 जनवरी, 2009 11:34 PM पर पोस्टेड # … .... ASIA: Civil Society Steps Up Efforts Towards Alternative Economy ...
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22 Nov 2009 ... Palash biswas द्वारा 24 जुलाई, 2009 3:39 PM पर ... Pakistan with Indian Cooperation. Palash Biswas. Contact: Palash C Biswas, … .... to place a greater emphasis on exports in order for the economy to grow. ...
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Humanitarian catastrophe: How money rules lives - by Palash Biswas (144 views) ... Indian economy rebounds with a bang - by Ramanathan A V (1351 views) ...
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Realty INFERNO in KOLKATA Spread COUNTRYWIDE! Indian Holocaust My Father`s Life and Time, Three Hundred Twnty. Palash Biswas ...
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Troubled Galaxy Destroyed Dreams, Chapter 416 Palash Biswas . ... 1.85 million or EUR 1.25 million) and the budget for 2011 is CHF . ...
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- [ Translate this page ]RECESSION FALSE and DEFENCE DISINVESTMENT Plus EXPENDITURE Troubled galaxy Destroyed Dreams, Chapter 278 Palash Biswas Union Budget HighlightsTotal budget ...
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- 9 visits - 6 FebTrouble Galaxy Destroyed Dreams, Chapter 284 Â Palash Biswas ... BUDGET 2009:Killer Machine Emerges with HUMAN Face to Hold On the DEMOGRAPHIC Readjustment ...
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17 Dec 2009 ... Palash Biswas … The horrific multiple terror strikes in Mumbai, ...... It said the next Budget should offer this incentives to those ...
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18 Nov 2009 ... Palash Biswas China Daily Fear is in driver's seat — for now San Antonio ..... General Budgets and State Budget in respect of Jharkhand. ...
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Available from: http://knol.google.com/k/palash-biswas/aarakshan-ko-dilli- ... percent per head Budget allocation is Granted for the OBC Communities as they ...
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Friends! Just Wake Up!
Mulnivasi Aboriginal Indigenous Majority Bharat is going to Burn the Bundle of economic Reforms meant Economic Ethnic Cleansing, the BUDGET tomorrow, on 28 th March. Bharat Mukti Morcha led by MULNIVASI Bamcef would Burn the Budget as an Awakening Progrramme to Resist the Monopolistic Aggression zionist Brahaminical against the Majority Aborigian Indigenous Landscape as well as Humanscape. We have been discussing the Exclusion of the SC, ST, OBC and Minority communities in Indian Polity and economy to sustain Manusmriti Apartheid Corpoarte Imperialist Fascist Gloabl Rule. We had been EXPLAINING the Budget and Finance, revenue Management and Resource Mobilisation, so Called social Concerna and commitment, Government Expanditure, UNIQUE Identity Number, displacement and Exodus on the name of development , the Realty Boom and Infrastructure, Industrialisation Urbanisation, Absence of fiscal Policy and foreign capital Inflow, FII and India Incs Raj, FDI and disinvestment, Load of taxation against the Enslaved Bonded majority Masses, economic ethnic Cleansing, Bailout and False Recession, inflated Economy, Poverty and Food Insecurity, Man Made calamities and pandemics, Agrarian crisis, genocide culture, Growth Rate and poverty line, false statics and Mind control game.
Now it is for ACTION!
Please Act Now.
Post Ambedkarites deviated from Ambedkarite ideology and inspite of annihilition of caste , they Engaged in so called Power sharing Socila Engineering to strike favourable Election Equations with coupling of Powerful castes including the brahmins and the caste Hindu. Co option Policy of Ruling Brahaminical Hegemony and LPG policies already killed Constitutional Safeguards, Indigenous production system and Livelihood DIVASTATED. Foreign Territories emerged in Scheduled areas and sea Coast Line as SEZ, Chemical hub and Nuclear Plant. Natural resources were sold out. Brahmin Pranab spelt Major Disaster in the Current budget to be passed with Excellent Fllor Adjustment under IPL Circumstances of Mind control. Media justifies and supports the Economic Ethinic Cleansing.
The Marxists and Maoists with corporate Link and Brahamincal Lead , helps the Ruling Hegemony in the Best way to make the Space for Super High way of FOREIN Capital Inflow destroying, Betraying ABORIGINAL Indigenous India!
It is first time that an Ambedkarite Organisation, Mulnivasi Bamcef led bY Waman Meshram does Address the Burning Economic Issue to liberate Black Untouchables which means Back to the Ideological ROOTS dealing wityh the basci Problems of land Reforms, Asset Distribution, Equality, Emplyment Generation, Resource and Human resource management dalt byu Dr BR ambedkar.
| About Bamcef |  |
'BAMCEF' is the abbreviation of an organization known as "The All India Backward (SC, ST, and OBC) and Minority Communities Employees Federation", where 'B' stands for Backward (SC,ST, and OBC), 'A' stands for and, 'M' stands for Minority, 'C' stands for Communities, 'E' stands for Employees and 'F' for Federation. Here the word Backward is used to indicate the Scheduled Castes, Scheduled Tribes and Other Backward Classes. However, it does not mean that all these communities are backward equally. Some are more backward and some are less backward. Thus, all of these communities are backward. Therefore, we have called them backward. As far as the class of Minorities is concerned, we include in it all those people from Scheduled Castes, Scheduled Tribes, and Other Backward Classes who in historical times accepted conversion and became Muslims, Christians, Sikhs, Jains and Buddhists. | |
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BUDGET JALAO! BURN The BUDGET!
The finance ministry can now approve foreign direct investment (FDI) proposals up to Rs 1, 200 crore and only bigger proposals will have to go to the Cabinet Committee on Economic Affairs (CCEA).
The Foreign Investment promotion Board (FIPB) can approve proposals worth Rs 600 to Rs 1,200 crore.
The approval is expected to save time and also expedite foreign investment inflow.
The Department of Industry Policy and Promotion (DIPP) has notified the changes in the Foreign Direct Investment (FDI) rules.
According to the DIPP Press Note, cases below Rs 1,200 crore can be referred to the CCEA in special cases by the FIPB or the Finance Minister. The new FDI norm was approved by the CCEA on February 11, which would now consider cases of foreign equity above Rs 1,200 crore.
Guj riots: Modi questioned by SIT for five hours!
Chief Minister Narendra Modi was today questioned for five hours by the Supreme Court -appointed SIT on his alleged role in the Gujarat riots, the first time he was being probed since the carnage eight years back. The questioning which lasted for five-and-a-half-hours remained inconclusive and will resume in the night.
India's legal and judicial system reflects 'great contradiction', Prime Minister Manmohan Singh said Saturday urging that the justice delivery mechanism needed to be expedited to strengthen the country's democratic roots.
"I am taking a break from questioning" a smiling 59-year-old BJP leader told reporters putting up a brave face, as he emerged out of the Special Investigation Team (SIT) office at the old state secretariat building here. Modi said he will try to come back around 9 pm.
SIT Chief R K Raghavan was not present at his office when Modi appeared in response to the panel''s summons. The SIT''s second-in-command A K Malhotra and a former CBI DIG questioned the chief minister.
Modi suffered the ignominy of being the first-ever chief minister of any state to be questioned in a criminal complaint of mass murder after he and his administration were accused of aiding and abetting riots in one area in Ahmedabad. Ending the suspense as to where and when he would appear after he was summoned for questioning in connection with a complaint of Zakia Jaffery, widow of former Congress MP Eshan Jaffery, Modi reached the SIT office around noon.
Jaffery was killed in the riots in Gulbarg society in 2002 along with 69 others. The complaint among other things alleged there was a wider conspiracy by Modi and his administration and that he had instructed officers not to take action.
"My appearance here is a "kara jawab" (fitting reply) to my detractors. I have given a resounding reply to those who doubted my intentions.
I hope such talks by vested interests will stop," Modi said. Modi injected some humour in his interaction with waiting reporters saying he has come to give them "some masala".
When asked whether he was given tea, he tried to impress the media corps saying he had made arrangements for beverages to be served to them. He also said that he wanted to given some time to SIT to do some "homework" before the resumption of questioning.
Attempting to take a high moral ground, Modi said the SIT probe is impartial and does not have any Gujarat officer. Modi claimed he had anwsered all questions put by SIT and that he would prefer questioning to end in one day.
"Vistak se batcheet ki (we spoke in detail)," he said adding, "In Indian constitution, law is supreme. As a common man, CM, I am bound by the Indian constitution and law.
'The Indian legal and judicial system is one of the solid pillars of our democracy... Our government attaches great importance to the legal empowerment of the common man,' Manmohan Singh said, addressing a day-long national convention of Law, Justice and the Common Man.
The prime minister said democracy held 'little meaning for the common man' unless he or she is able to secure basic rights and gain easy access to speedy justice.
'The Indian legal and judicial system in some sense reflects great contradiction Our democracy and legal system have strengths that are admired all over the world. We have a free press, a true independent judiciary and independent institutions like the Election Commission and Comptroller and Auditor General of of India, which underpin our democratic framework,' he said.
'However, all these strengths are somewhat diminished due the backlog of cases,' the prime minister added.
He asked state governments to initiate immediate action for the operationalisation of the Gram Nyayalaya Act, passed by the government last year and according to which 5,000 rural courts will be set up at the village level to dispense speedy justice.
'I urge state governments to initiate immediate action to operationalise this act in their states. Once the act is fully implemented, we will have more than 5,000 courts at village panchayat level. These will bring justice at the doorstep of common people,' the prime minister said.
According to official figures, there are over 3.10 crore cases pending across the country and the rural courts are aimed to help speed up the justice delivery system.
These courts will deal with cases at a level below the subordinate courts but in the same capacity. The act provides for first class judicial magistrates dispensing justice. Judicial magistrate first class (JMFC) will be posted at the rural courts and will be called Nyaya Adhikaris.
Bankers see future in villages
Financial inclusion will fast become a business opportunity, provided banks are able to reach out to the masses in a cost-effective way and offer a package deal of deposits, loans, insurance and mutual funds.This was the consensus among leading bankers who attended Mint's Annual Banking Conclave in Mumbai on Wednesday to discuss "Inclusion Through Competition".
"In course of time, this stipulation might become meaningless because many of the businesses we do in rural areas under this segment are going to become more and more profitable," said State Bank of India (SBIN.NS : 2072.85 +23.3
) managing director R. Sridharan.
ICICI Bank Ltd (ICICIBANK.NS : 947.5 +13.65) CEO and MD Chanda Kochhar said her bank is chasing financial inclusion not because of a social obligation but because of the future potential of the rural market.
"We believe the entire rural India is in a way going to be the next driver of growth," she said.
Naina Lal Kidwai, HSBC Ltd country head, India, said the banking sector as a whole will have to find a profitable deliverymodel if inclusion has to be successful.
"The challenge for us is how can we as a banking sector deliver a low-cost model which makes doing business at the grass roots profitable," she said.
Standard Chartered regional CEO (India and South Asia) Neeraj Swaroop said, "There has to be an incentive of sorts to make this happen faster than what the natural market forces will allow to happen."
| Tuesday March 23, 04:31 PM | Source: Indian Express Finance |
Govt allows pvt firms to issue infra bonds
By AgenciesThe government said that the private sector will be allowed to raise resources by issuing long-term infrastructure bonds carrying tax benefits.
"It (proposal to issue long-term infrastructure bonds) will of course be for private sector as well as public sector," Finance Minister Pranab Mukherjee said in his address to a conference on infrastructure sector in New Delhi.
In order to promote investment in the infrastructure sector, the Budget for 2010-11 proposed to exempt investment up to Rs 20,000 in long-term infrastructure bonds from income tax. The amount is in addition to the existing overall tax exemption limit of Rs 1 lakh per annum for personal income tax payers.
The long-term infrastructure bonds entitled for the benefit would be notified by the government later.
Noting that funding was a major constraint, Mukherjee said, the decision will help in augmenting resources of public as well as private sector for developing the country's infrastructure.
The investment requirement for the infrastructure sector was pegged at USD 500 billion during the Eleventh Plan (2007-12) and is expected to double to over USD 1 trillion in the Twelfth Plan (2012-17).
Final GST draft could be out by May
Tuesday March 23, 02:10 AM Source: Indian Express FinanceBy Tanu Pandey
The final draft for the goods and services tax (GST), the much-awaited indirect tax reform, could be out by May this year, after the empowered committee of state finance ministers meet next month. The draft's release, an important step for introducing GST by April next year as scheduled, has to be carried out by May. This is because the 2011 elections in West Bengal will decide if the chairman of the empowered committee of state finance ministers, Asim Dasgupta, will continue in his capacity. Dagupta is expected to play a crucial role in steering states to a consensus on the rates and the tax base the contentious issue among states and the Centre.
The final GST draft, which will sketch out the contours for the tax structure, has to be completed by May if the Centre wants to meet the 2011 deadline prescribed by finance minister Pranab Mukherjee, a senior finance ministry official told FE. "May seems to be the appropriate time for the presentation of the final draft. If the draft is not presented in May, bringing in GST by the next year would be extremely difficult," the official added.
Moreover, there are fears that after the elections in West Bengal, Dasgupta, who is known to have immense persuasive powers, may not remain in the position to iron out differences among states and arrive at a consensus regarding the rate and tax base, a few ministry officials pointed out.
Amid all this, the April meeting of the empowered committee assumes significance since it is slated to give the final touches to the GST's structure. Though the rates would be somewhere around 15% considering both states and the Centre there were reports that the Thirteenth Finance Commission had recommended a 12% GST rate 5% for the Centre and 7% for the states.
The goods and services tax would subsume most of the indirect taxes at the central and the states level, including excise duty, service tax and state VAT. The tax structure proposed earlier was scheduled to be implemented by April, 2010 but the deadline had to be postponed owing to the lack of a single voice among the states regarding the tax rates and the base.
The empowered committee has already come out with a discussion paper on GST saying it would have a dual structure a central levy and a state levy an issue not disputed by any stake holder till now. The finance ministry has also come out with its comments on the GST discussion paper.
| Friday March 26, 07:39 PM | Source: ANI |
India's growth would transform economy in 15 years: Krishna
By ANISingapore, Mar 26 (ANI): External Affairs Minister S. M. Krishna on Friday said that India's present speed of growth would qualitatively transform its economy and society in 15 years.
Addressing the non-resident Indians (NRI) and people of Indian origin (PIO) in Singapore, Krishna said: "More than ever before, we (India) are poised for a growth spurt which over the next decade and a half will qualitatively transform our economy and society."
Explaining the growth of Indian economy, Krishna said the fiscal year 2009-10 was a challenging year for the Indian economy.
"The significant deceleration in the second half of 2008-09 on account of global financial crisis and economic recession brought the real GDP growth down to 6.7 per cent, from an average of over 9 per cent in the preceding three years," Krishna said.
"It was also a year of reckoning for the policymakers, who had taken a calculated risk in providing substantial fiscal expansion to counter the negative fallout of the global slowdown," he added.
Krishna further elaborated that a delayed and severely subnormal monsoon added to the overall uncertainty.
"Yet, over the span of the year, the economy posted a remarkable recovery, not only in terms of overall growth figures, with the advance estimates placing the likely growth for 2009-10 at 7.2 per cent, but, more importantly, in terms of certain fundamentals, which justify optimism for the Indian economy in the medium to long term," Krishna said.
Recalling India's exemplary and excellent bilateral relations with Singapore, Krishna said both countries are committed to take their relations to even greater heights.
"Our bilateral relations are not only civilizational, but also modern and contemporary, covering areas such as investment, trade, financial services, etc," he said.
"At the leadership level, we have a consensus that the potential to develop our relations to even greater heights is immense in all fields of bilateral relations," Krishna added.
Krishna further asked Indians in Singapore to contribute positively for the development of that country which would reflect on bilateral relations.
"Your achievements and attainments reflect positively on India and you. Both brand a new India as also add cement to the India-Singapore bilateral relationship. What is most gratifying is that your diversity reflects the full range of our pluralistic society," he said.
"Every overseas Indian is a representative of India. As an overseas community you have made a distinctive contribution by virtue of your dedication, hard work and success," Krishna added.
The External Affairs Minister highlighted that India is fortunate to have in Singapore a representative and gifted cross section of its own society.
He also expressed happiness over growing social exchanges and tourism traffic between India and Singapore.
"I believe that visa on arrival scheme for Singapore nationals coming to India for tourism will prove popular. I believe that air connectivity between different cities in India and Singapore has expanded dramatically," he said.
During his stay in Singapore, Krishna had a series of meetings with a number of Singapore's leaders and exchange views on bilateral relations as also on the regional and international ituation. (ANI)
| Friday March 26, 02:10 AM | Source: Indian Express Finance |
Sectoral take
By Prashant SinghalTelecommunications has been the biggest success story in the liberalised Indian economy. The government target of 500 million subscribers by 2010 was achieved over a year in advance. With close to 550 million mobile subscribers, India has the most mobile users after China. Today, mobile telephony has come of age and is changing the way India communicates.
The sharp growth in the subscriber base has been driven by intense competition, key policy decisions and regulatory initiatives. There are close to a dozen telecom service providers in each of the 22 telecom circles. This includes a clutch of international operators making India among the most globalised telecom markets. The introduction of Mobile Number Portability (MNP) and Mobile Virtual Network Operators (MVNOs) later this year will raise the level of competition by a few notches.
Over the next few years as the Indian telecom market matures, there will be consolidation. It is quite likely that there will be 5-6 large nationwide telecom service providers offering the entire gamut of services be it 2G, 3G, mobile broadband and IPTV. By then, some of the leading domestic operators are expected to extend their footprint across the globe. Already, some of that has begun to happen.
The launch of 3G services later this year will result in an improvement in the quality of service. Call drops should come down substantially as operators start migrating high-end customers to the 3G network. That will in turn create additional capacity on their 2G networks.
The continued growth in subscribers has ensured that teledensity is now just below 50%. Yet, there is enough scope for further growth. As new subscribers from rural India get connected, the average revenue per user (Arpu) is expected to fall from the current $4.5. That however, is not a cause of concern for telecom service providers.
Over the last few years, telecom service providers have redefined the way services are provided. Today, some of these are being replicated by operators in other emerging markets. For one, Indian telecom service providers are interested in ensuring that their network is utilised at all times. They treat airtime as a perishable commodity and attempt to maximize network capacity utilisation at all times. Service providers reduce tariffs to benefit from usage buoyancy. Operators have also kept capital expenditure in check by outsourcing networks and IT needs to global vendors.
The author is telecom industry leader, E&Y
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Palash Speaks
Budget Exercise and INCOME TAX Notification Troubled Galaxy Destroyed Dreams ... Mr. Waman Meshram says that the subject designed for this session is very ...
palashspeaks.blog.co.uk/palashscape: Waman Meshram on SHAMBHAJI Maharaj
21 Mar 2010 ... Waman Meshram on SHAMBHAJI Maharaj. Waman Meshram on SHAMBHAJI Maharaj .... Bharat Mukti Morcha Declares BURN BUDGET Campaign,. ...
palashscape.blogspot.com/.../waman-meshram-on-shambhaji-maharaj.html - CachedIndian Holocaust My Father`s Life and Time: Waman Meshram on Mass ...
24 Mar 2010 ... Waman Meshram on Mass Mobilisation as Reported in Mulnivasi nayak ..... Bharat Mukti Morcha Declares BURN BUDGET Campaign,. ...
indianholocaustmyfatherslifeandtime.blogspot.com/.../waman-meshram-on-mass-mobilisation-as.html - CachedIndian Holocaust My Father`s Life and Time: Bharat Mukti Morcha ...
12 Mar 2010 ... Bharat Mukti Morcha Declares BURN BUDGET Campaign, Budget Jalao Abhiyan ... Vaman Meshram Explains Caste system and Discrimination in ...
indianholocaustmyfatherslifeandtime.blogspot.com/.../bharat-mukti-morcha-declares-burn.html - Cached- [FLASH]
2 UK, Dhammachari Lokamitra, Karuna Trust, Mr. N.C. Naithani ...
File Format: Shockwave Flash
She was a highly intelligent woman although illiterate; her life could have been so ... Mr. M C Raj, Mr. Waman Meshram and Mr M.K.Parmar from India, ..... policy positions of various governments 6) Budget analysis – Policy Analysis 7) ...
www.vodintl.org.uk/Reports/Newsletter2.swf - Similar VODI newsletters
Visiting scholars and activists included Professor Kancha Ilaiah, Dr John Dayal, Mr. M C Raj, Mr. Waman Meshram and Mr M.K.Parmar from India, ...
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Fwd: MARICHJHAPI - THE KING FALTERED LIKE NERO · Waman Meshram on SHAMBHAJI Maharaj .... Bharat Mukti Morcha Declares BURN BUDGET Campaign,. ...
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handvil (English)_Layout 1
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Mr. Waman Meshram (National President, BAMCEF) will preside over the .... Government then made provisions in the UP State Budget for the implementation of ...
www.mulnivasibamcef.org/handbill_eng.pdf Convocation address in 3 minutes! - Worldnews.com
17 Feb 2010 ... The Siasat Daily: Brinda warns of movement if Budget ignores disabled .... waman meshram speech on indian bipolar system at bamcef ...
article.wn.com/view/2010/02/.../Convocation_address_in_3_minutes/ - Cached2009 June « Sheetalmarkam's Blog
Only one percent of budget is spent on primary education. ...... BAMCEF and Rashtriya Mulniwasi Sangh presided by Mr. Waman Meshram seems to be working at ...
sheetalmarkam.wordpress.com/2009/06/ - Cached - Similar
Markets gain for seventh week
The equity market recorded its seventh straight weekly gain on Friday, adding 0.38% over the previous week. Foreign institutional investors (FII) continued their shopping spree for the 19th consecutive session since the Budget on February 26. The BSE Sensex (^BSESN : 17644.76 +85.91) is just 145.57 points shy of its 52-week high of 17790.33 it hit on January 6, 2010.
"The FII interest continues, especially in sectors like pharma and auto. Going forward, the main trigger will be the quarterly results," said Ajay Parmar, head institutional research, Emkay Global Financial Services. According to BSE's provisional estimates, on Friday, FIIs were net buyers to the tune of Rs 590.90 crore, while domestic institutional investors bought shares worth Rs 49.41 crore. In the 17 trading sessions since the budget, FIIs have bought shares worth Rs 16,975 crore.
The BSE Sensex rose 85.91 points or 0.49% to close at 17,644.76 while the broader Nifty (^NSEI : 5282 +21.6) of the National Stock Exchange (NSE) gained 21.6 points higher or 0.41% at 5282.
The performance of the domestic market was largely in line with those of other Asian indices, which rose on easing concerns over Greece's debt crisis. The key benchmark equity indices in Hong Kong, Indonesia, Japan, Singapore and South Korea all gained. The Nikkei 225, Hang Seng Index and Shanghai Composite gained more than a percentage point, adding 1.55%, 1.32% and 1.34%, respectively.
Of the 30 Sensex stocks, 18 ended higher while 12 closed in the red. In the broader market, laggards outnumbered winners on the Bombay Stock Exchange, with 56.18% or 1,651 stocks declining compared with 1,200 which ended higher.
Of the BSE 500, 28 companies hit their 52-week high.
"We are somewhere at the top of the market and I don't see much upside from here on. There has to be some profit booking," said Rahul Jain, VP, head India sales, Prabhudas Lilladher.
The NSE cash turnover on Friday was at Rs 13,546 crore, while the six monthly daily average stood at Rs 15,385 crore. Turnover in derivatives was Rs 57,814 crore and the daily average for the past six months is Rs 77,017 crore.
India VIX, a volatility index based on the S&P CNX Nifty index option prices, jumped 4.93% to 17.89. VIX is a measure of the market's expectation of volatility over the near term and in general increases when the market is bearish and decreases when the market is bullish.
Bharti airtel (BHARTIARTL.BO : 310.15 -3.6
) SCRIP slides, closes at Rs 310
Bharti Airtel scrip slid 3.6 points, or 1.15%, to close at Rs 310.15. The scrip fell sharply in the first hour of trading to below Rs 306, but then rose steadily before finally settling at the Rs 310 level. According to Ajay Parmar, head - institutional research, Emkay Global Financial Services, the market has not been totally taken in by surprise by the Bharti-Zain deal. "The share price has been correcting for about a month now since the deal first came to light. So the price dip was not substantial as the market had already accounted for the deal," he said.
| Saturday March 27, 04:40 PM |  |
Swiss regulator to draft rules on undeclared funds
GENEVA (Reuters) - Switzerland's financial regulator FINMA will shortly draw up rules setting out the conditions under which banks can manage funds of foreign clients that have not been declared for tax, it said on Saturday.
The aim of the directive on undeclared funds is to enable the country's multi-trillion-dollar wealth management industry to work without risk in foreign markets, FINMA director Patrick Raaflaub was quoted as saying.
"We haven't yet launched work on a draft directive of this kind but it will not be long before we do," he said in an interview in the Swiss daily Le Temps.
"A solution to this problem must be found this year to allow banks to be able to work again on their traditional foreign markets where the risks have increased greatly."
Raaflaub said the details of the mechanism had not yet been decided and could involve a withholding tax or some other system to ensure that the money was seen as fiscally "clean".
Swiss officials argue that Swiss banks cannot police their foreign clients' accounts on behalf of foreign tax authorities, but Switzerland has been forced to water down its banking secrecy rules and approach to tax evasion under pressure from the United States, Germany and other countries.
Switzerland and Germany agreed a double-taxation agreement on Friday as part of Swiss efforts to ensure that Switzerland is not viewed as an illegitimate tax haven.
(Reporting by Jonathan Lynn, editing by Mike Peacock)
| Saturday March 27, 09:47 AM | Source: Hindustan Times |
AI defers March salary to April 7
Mumbai, March 26 -- Air India has intimated to its employees that they would get their March salary on April 7, instead of the last day of March due to year-end financial commitments. As per law, companies can pay wages till 10th of a month.
"Due to heavy financial payout amounting to more than Rs 500 crore to be paid towards banks roll on and payments to oil companies and vendors, salaries would be paid on April 7 and employees have been informed," an Air India spokesperson said on Friday.
This is the second time in 10 months that Air India has had to pay salary after the end of a month. In June last year, the airline had postponed salaries by 10 days due to fund crunch.
| Thursday March 25, 11:00 AM | Source: Indian Express Finance |
RBI: better to act on rates now
By fe BureauDemand-side pressure on the economy can build up further and it is better to take some action now, Reserve Bank governor D Subbarao said on Wednesday, days after it surprised markets by raising interest rates.
"It is better to take some action now and continue with the exit strategy," Subbarao said on the sidelines of a convocation ceremony, referring to debate over whether the central bank should opt for small, gradual policy moves to quell inflation or act more aggressively.
In the medium term, high inflation would threaten sustained economic growth, he noted.
Subbarao said the central bank will continue exiting stimulus to check the surging inflation even if it affects growth in short term.
The country is tightening monetary policy ahead of other countries, as growth is "consolidating" and inflation pressures are "stronger than we anticipated. The pace of price increases is worse than elsewhere," Subbarao said.
Referring to emerging pressures, Subbarao said factory capacity utilisation had risen to 72%, off the record level of 76% scaled in 2007-08. "Contribution of food to inflation was at 100% in November. By February, contribution of food to inflation has come down to 52%. These numbers say even if food inflation is high, non-food inflation is building up."
Real estate prices were reaching pre-financial crisis levels, reflecting a further increase in demand-side pressures, he added.
| Saturday March 27, 10:02 AM | Source: Hindustan Times |
Diamond sparkles as gold rises
Mumbai, March 26 -- Diamond has started to profit at the cost of high gold prices. As gold prices hover between Rs 16,000 and 18,000 per 10 grams, customers of the yellow metal have started switching loyalty in search of value and status symbol, according to dealers.
"Sales of gold jewellery have come down by 20 per cent since the rise in prices, while diamond sales have shot up 20 per cent during the period. We have seen a large number of conversions (of customers) from gold to diamond," said Mehul Choksi, cgairman and managing director, Geetanjali Diamonds. "There is a strong demand for diamond in the domestic market, especially in the sub-Rs 50,000 range, and diamond prices will go up by 15 per cent."
According to experts, many working women are now opting for diamond. "Many of our customers are in the age group of 18 to 35 and they are buying diamond ranging from Rs 10,000 to 4 lakh," said Nitin Goenka, managing director, Goenka Diamonds.
"There has been a definite shift for diamonds in north, west and east, while people in the south still prefer gold," he said.
Due to recession in the key US and European markets, diamond suppliers have started concentrating in the domestic market, where a large number of people are witnessing a rise in disposable incomes.
New Delhi among most influential cities: Study
Knight Frank and Citi Private Bank unveiled their latest research study worldwide - 'Wealth Report 2010' giving a global view on the performance of prime residential property markets with a focus on the key regions in the Asian Pacific property markets. Several key findings showcased that the Mumbai and New Delhi realty markets held a significant level of promise for potential investors.
Commenting on the prime property market in India, Pranab Datta, Vice Chairman and MD, Knight Frank India said, "There are growing prime markets in every city of India.
But, South Mumbai and South New Delhi are the markets which are most high in terms of prices followed by Bangalore, Chennai and Hyderabad. We anticipate that the prices especially in cities such as Mumbai and Delhi will return to the peak levels of 2008 in this year 2010."
The Wealth Report 2010 focuses on three major surveys conducted on the Prime International Residential Index (PIRI), World's most Influential Cities survey and a unique survey on the HNWI Attitudes to Property and Wealth.
Knight Frank's Prime International Residential Index (PIRI) finding indicates that the price growth in Mumbai has increased +11%. However, the proportion of mortgage debt to GDP is still around 6 - 8 % in India.
The report also bring out that the Asia Pacific Region is one of the most popular market for investment with economies like China, India have gained momentum for prime property markets. The findings forecast that the prime property price in India will change by 12 to 15%.
Knight Frank's World most influential cities survey was conducted on four parameters namely economic activity, political power, knowledge and influence and quality of life. "There are many ranking surveys, but our World Cities Survey, now in its second year, attempts to create the most rounded picture of the world's leading 40 cities by looking at all the facets that make places attractive to the worlds wealthy.
The results confirm that New York took the number one spot from last year's leader - London. One of the key themes this year is the strengthening power of the emerging centres, with big gains experienced by the likes of Beijing, Singapore, Kula Lumpur and Mumbai. Indian prime cities which are New Delhi and Mumbai both make it to top 40 influential cities of the world." said Liam Bailey, Head of Residential Research, Knight Frank
The last survey was the "Attitudes Survey" which brings out the thinking of wealthy investors and where they think performance is likely to be strong in 2010. The survey findings make an extremely interesting analysis that property accounts on average for 30% of the investment portfolios of those surveyed. However, 35% of the respondents feel that Equities would be the best performing asset class in 2010 where as just over 20% said property would show most growth. Besides, Capital growth and investment stability were considered more important when investing in property than yields.
India test-fires Prithvi-II, Dhanush successfully
India on Saturday successfully testfired indigenously developed ballistic missiles 'Prithvi-II' and 'Dhanush' from different locations off the Orissa coast, adding more firepower to the armed forces.
"The tests were successful. Both the missiles testfired early today met all the parameters," the director of the Integrated Test Range (ITR) at Chandipur, S P Dash said.
While the 'Prithvi-II' was testfired from complex-3 of ITR Chandipur, 15 km from here, from a mobile launcher at around 0548 hours, the 'Dhanush' was fired from INS-Subhadra in the Bay of Bengal near Puri at around 0544 hours by the Navy personnel as part of user training exercise.
The test firing of the short-range, surface-to-surface 'Prithvi-II' ballistic missile having a range of 295 km, which has already been inducted into the armed forces, was a user trial by the Army.
The sleek missile is "handled by the strategic force command", the sources said.
Prithvi, the first ballistic missile developed under the country's prestigious Integrated Guided Missile Development Programme (IGMDP), has the capability to carry 500 kg of warhead and has liquid propulsion twine engine.
With a nine-metre length and one-metre diameter, Prithvi-II uses an advanced inertial guidance system with manoeuvring trajectory and reach the targets with a few metre accuracy.
The entire trajectory of today's trial was tracked down by a battery of sophisticated radars and an electro-optic telemetry stations were positioned in different locations for post-launch analysis, defence sources said.
The nuclear-capable 'Dhanush', the naval version of Prithvi, followed the pre-designated trajectory with text-book precision and two naval ships located near the target have tracked the splash, sources said.
The 350-km range missile will give the Navy the capability to attack enemy targets with great precision.
The sophisticated radar systems located along the coast monitored its entire trajectory, the sources said.
The single stage missile, weighing six tonnes, is powered by liquid propellants.
Mock drill held to check rescue operations in deep sea
Mock rescue operations involving the three armed forces, Coast Guard and Air India were held in the Bay of Bengal here today in which the national carrier''s survival equipment in deep sea was tested for the first time. The exercise began with the ''distress alerts'' from the Aircraft Personal Locating Beacons (PLB) and Emergency Locating Transmitters (ELT), which were activated at the place of the ''accident'', official sources said.
These transmissions were picked up by the Indian Mission Control Centre (INMCC), located at Bangalore and accordingly it was received by Maritime Rescue Coordination Centre here. MRC rescue efforts included immediate launch of air sorties and sailing the ''ready duty'' ship at Chennai.
A number of steps were carried out as a part of the exercise, such as dropping of rafts by Dornier aircraft in the vicinity of the ''passengers'' in the water, they said. Those requiring ''urgent medical treatment'' were airlifted to Government General Hospital and Military Hospital.
Later, those who ''survived'' were taken by the coast guard and naval hospital ships to Kilpauk Medical College, Stanley Government Hospital and Chennai Port Trust Hospital. During the drill, Coast Guard successfully tested the Air India''s survival equipment in deep sea.
The drill was as per the laid down procedures by the International Maritime Organisation (IMO), an international governing body for marines, a release said.
Capacity of terrorists to strike India is very high: HM
In an apparent reference to Pakistan, Home Minister P Chidambaram today said the capacity of terrorists, operating from across the border, to strike places in India was high as they get support from the state. At the same time, he said the security forces have the capacity to give a "swift and decisive" response to any terror attack targeted against the country.
"The challenge before security is that the source of the terror lies across our border and they have the support of the state and therefore their capacity to reach here and strike is very high," he said addressing a AICC lawyers'' convention. Chidambaram said that cities in India were as vulnerable to terror as those in other parts of the world.
"Like any other country we are vulnerable to terror. We are no more vulnerable and no less vulnerable to terror than any other country," he said.
"Let me assure you, we will prevail as we have the capacity to face any challenge of terror. Should there be any terror attack on this country, our response will be swift and decisive and we will prevail upon any terrorist threat on this country," Chidambaram said.
The Home Minister asked every citizen to take at least minimum precaution saying: "Ultimately, we must defend ourselves. Each establishment, each shop must take minimum precaution to protect in case of terror attack.
" Chidambaram listed Maoist violence as one of the grave challenges facing the country and assured the gathering that the government would free areas held by Naxals in the next three years. He said the government was taking utmost precaution to ensure that the innocents are not affected by anti-naxal operations.
"Our security forces are observing the greatest restraint. They have been instructed not to fire until they are fired upon.
It is a carefully controlled and calibrated operation to establish civil administration in the Naxal affected areas," he said. Chidambaram said the security forces were fighting with "one hand tied to their backs" and added that no one who was innocent would suffer.
"Within two-three years, we will be able to free these areas from Naxals," he said. The Home Minister said the Naxals believe in armed liberation struggle and their stated goal was to overthrow the elected government and seize power by "liberating" areas.
Lashker militants using GPS for infiltration into J-K
Militants are using Global Positioning System for cross-border infiltration and locating safe routes in Jammu and Kashmir, police said here after a high-end GPS was found from Lashker-e-Toiba (LeT) militants today. "Militants are using GPS for finding infiltration routes and tracks for movement within J&K. The satellite based navigation system is being used by militants as a guide in mountainous terrain," Superintendent of Police (SP), Noushera, R K Bhat told PTI. A Taiwan-made ''Garmin GPS'' was seized from two LeT militants who had recently infiltrated from across Line of Control (LoC) and were killed in Dharamshal area of Rajouri district today, the SP said.
As the infiltrating militants are increasingly finding it difficult to get guides to help them move from one area to another, they are now using this GPS system, he said. Pointing that Pakistan is continuing to aide and abet the infiltrating militants, he said police recovered "two Nokia mobile sets with two simcards of mobile companies of Pakistan, 2 GB MP player" besides other goods made in that country.
The two militants had infiltrated from Pakistan along a group of six to seven militants some days ago in Akhnoor belt.
| Tuesday March 23, 04:47 PM | Source: Indian Express Finance |
IGL to hike CNG prices by Rs 1.1/kg
By ReutersIndraparastha Gas Ltd, which supplies gas in Delhi and surrounding region, aims to raise retail prices of Compressed Natural Gas (CNG) by about Rs 1.10 per kg from April 1, a senior official said.
Last week, the gas retailer had raised CNG prices by Rs 0.5 a kg to Rs 21.70 a KG.
"All input costs has to be passed through," Managing Director Rajesh Vedvyas said at the sidelines of a conference, as the state government has levied additional taxes.
The state-run firm plans to invest 15 billion rupees over FY11 and FY12 to strengthen its CNG and piped Natural Gas distribution network, Vedvyas said.
"Every year we aim to add 1 lakh (100,000) new connections of piped natural gas."
It expects gross turnover of Rs 12.5 billion in the year ending March 2010 and aims to achieve close to Rs 18 billion turnover in FY11.
The company also expects growth in profit after tax at 15 per cent for FY10 and 15-20 per cent for FY11, Vedvyas added.
Indraprastha Gas has 187 CNG retail stations through which it sells about 1.5 million kg or 2.4 MMSCMD gas.
At 12:43 p.m. shares in the firm were trading down 0.47 per cent to Rs 222.85, in a Mumbai market that was up 0.07 per cent.
| Saturday March 27, 02:12 AM | Source: Indian Express Finance |
Banks breaching exposure limits, finds RBI report
By Saikat DasWith seven instances of banks exceeding the permissible exposure to large corporate groups, of 40% of their net worth, credit concentration has emerged as a key risk.
The Reserve Bank's Financial Stability Report, released on Thursday points to another 37 instances where the level of funding by banks was between 30% and 40% of the their respective net worth.
As per RBI prudential norms on credit risk, the exposure ceiling limits are 15% of capital funds in the case of a single borrower and 40% of capital funds in the case of a borrower group. The capital funds for the purpose will comprise Tier-I and Tier-II capital as defined under capital adequacy standards.
However, bankers observe that if the credit risk of the concerned corporates is good, it is not a serious concern yet. Said S Raman, executive director, Union Bank of India (UNIONBANK.NS : 285.05 -2.45), "Risk concentration is always a risk but if the quality of corporate you lend money is good, it may not be an issue."
Those banks that may have lent to their large corporate clients must have taken special permission, as a temporary measure. Going forward, RBI would want them to bring down their exposure," said a top functionary of a large state-owned bank, who requested anonymity. HSU Kamath, executive director, Canara Bank, said, "I don't find any case of concern in such exposures. It depends on which sectors the exposures have been made to. Normally, in such cases, banks don't have exposures to sensitive sectors like capital goods, NBFCs and real estate." "Though it is not known which banks have lent more than the permissible amounts to their top borrowers, it is likely to be smaller banks with lower net worth," added Raman, who feels that at the end of the day, lending to large corporates depends on the bank's individual perception.
The banking regulator, however, is of the opinion that loan syndication and loan sales would be useful in distributing the exposure more evenly.
According to a section of bankers, the regulator might be looking for increased participation of banks in syndicated loans, which helps mitigate risk concentration. Said Canara Bank's Kamath, "It's true that loans being sold down will help banks reduce exposure" Observes Rana Kapoor, managing director & CEO, Yes Bank (YESBANK.NS : 251.4 +10.5): "The fact that so many banks are breaching the norms is an important indicator and it shows diversification of risk in the banking system is required."
| Saturday March 27, 07:02 PM | Source: Indian Express Finance |
GSPC files DRHP to bring out its IPO
By AgenciesState-run Gujarat State Petroleum Corporation (GSPC) has filed much awaited Draft Red Herring Prospectus (DRHP) with the regulatory body SEBI to bring out its Initial Public Offering (IPO).
The Gujarat government owned company which is into exploration and trading of petroleum products will raise Rs 3,050 crore from the market and will issue 48.5 crore new equity shares having face value of Re one per share, sources in the GSPC said.
The company will use IPO proceeds to funds its existing projects and repay the loans. Around Rs 1,200 crore will be used to fund the project of Deen Dayal Block in KG basin, they said.
The Director General of Hydrocarbon (DGH) has certified two TCF (trillion cubic feet) gas reserves in GSPC's Deendayal blocks in the KG basin.
Presently, exploration is underway in GSPC operated block KG-OSN 2001/3 located in Deendayal West field and so far 16 wells have been drilled in the area.
According to the state government, commercial production of oil and gas from the field is scheduled to begin from 2012-13.
| Saturday March 27, 02:12 AM | Source: Indian Express Finance |
PFC scurries to sanction Rs 15,000 cr in four days
By Noor MohammadIndia's largest power sector lender, Power Finance Corporation, is furiously writing out cheques for Rs 15,000 crore to beat the March 31 deadline.
By Wednesday, the company has to issue sanction letters for an additional loan of Rs 15,000 crore to state-level power projects. The urgency has come about after the Reserve Bank of India waived the cap, of 35% of net worth, on state-wise lending for power projects.
The cap is normally applicable to all non-banking financial companies to ensure their risks are not concentrated with one group.
The waiver is meant to spur investment in power, an acutely fund-starved infrastructure sector. But as the waiver has come almost at the last minute, PFC officials are rushing to clear up pending loans. Until November, PFC has sanctioned loans worth Rs 38,976 crore. The additional Rs 15,000 crore will raise its sanctions by 38%.
In July 2009, RBI had reviewed the PFC portfolio as it was nearing the ceiling for prudential norms in lending to state and central sector power projects.
According to RBI norms, banks and NBFCs have to restrict their lending up to 20% and 35% of their individual net worth for a company and a group, respectively. These norms are applicable to projects financed by state governments, too. For those states where PFC had reached the limit it had to freeze further lending. That freeze has now thawed.
It has taken several rounds of discussions between officials from the power ministry and RBI to sort this out. However, neither PFC chairman Satnam Singh nor other senior officials of the company was willing to comment on the development. The exemption will last until March 2012. It has come at a time when most banks have exhausted their exposure limit for lending to the power sector. RBI statistics show bank credit to the power sector stood at Rs 1,14,402 crore as of December 2009.
Meanwhile, Power Finance Corp has sold Rs 1,470 crore of 8.95% bonds, according to sources. The bonds were sold in 5-, 10- and 15-year strips by a group of 18 underwriters, they added.
| Friday March 26, 06:30 PM | |
FX reserves at $278.193 bln as on March 19
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MUMBAI (Reuters) - India's foreign exchange reserves fell to $278.193 billion as on Mar. 19, from $279.708 billion a week earlier, the central bank said in its weekly statistical supplement on Friday.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen, the central bank said.
Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund (IMF), the central bank said.
----------------------------------------------------------
FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
----------------------------------------------------------
Mar.19 Mar.12 Mar.20
2010 2010 2009
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Foreign currency assets 253,845 255,321 243,238
Gold 17,920 17,920 9,746
SDRs 5,039 5,069 1
Reserve Tranche Position 1.389 1,398 841
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Total 278,193 279,708 253,826
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(Reporting by Mumbai Treasury Desk)
| Saturday March 27, 07:02 PM | Source: Indian Express Finance |
Bank of India mops up $500 mn via bond issue
By AgenciesTaking a cue from its bigger counterparts like State Bank of India (SBIN.NS : 2072.85 +23.3) and ICICI Bank (ICICIBANK.NS : 947.5 +13.65), Government-owned lender, Bank of India has tapped the international market to raise USD 500-million through a bond issue.
The bank said that it raised USD 500-million under its Medium Term Notes (MTN) programme at an interest rate of 4.75 per cent. The bonds have been swapped into a floating rate of 175 basis points above Libor.
An MTN programme allows an issuer to raise funds on an ongoing basis through various products such as floating rate notes or on a fixed rate after obtaining prior regulatory and other approvals.
With this, Bank of India has so far raised USD 1-billion under its USD 2-billion MTN programme, which was launched in 2005.
The lender had approached international investors with its roadshow in February this year for the USD 500-million issue but later deferred it for sometime as market conditions were not favourable.
The book size of the issue was USD 4-billion and orders were spread over 300 quality investors, the bank said.
Liquidity to stay intact, say bankers
By fe BureausHike in key interest rates will virtually have no impact on the liquidity scenario, feel bankers. In a bid to control inflationary pressures, the RBI on Friday raised the repo and reverse repo rate by 25 basis points to 5% and 3.50%, respectively.
Advance tax outflows have sucked approximately Rs 40,000-50,000 crore from the banking system. However, bankers believe that the system will still be flushed with ample liquidity. The bankers are also confident that they would be able to meet their credit growth requirements in the next two months.
"There is sufficient liquidity in the system. Moreover, every bank is flushed with adequate liquidity despite credit growth picking up," explained HSU Kamath, executive director, Canara Bank adding that even after the government borrowing programme calendar is chalked out, there will be no pressure on the liquidity front.
Currently the industry has liquidity close to Rs 70,000 crore, despite the Reserve Bank of India (RBI) sucking out Rs 36,000 crore from the banking system.
Ananth Narayan, MD & head of rates for South Asia financial markets at Standard Chartered Bank pointed out that foreign institutional investors have been pumping in heavily into the economy following the announcement of the Union Budget 2010-11.
"With heavy FII investments into the economy, there is abundant liquidity. At the same time, government spending has added to more than sufficient liquidity," said Narayan.
The RBI has also made clear that the rate hikes will not impact the liquidity in the banking system. "As liquidity in the banking system will remain adequate, credit expansion for sustaining the recovery will not be affected," RBI said.
| Saturday March 27, 02:10 AM | Source: Indian Express Finance |
Core sector growth falls to 4.5% in Feb
By fe BureausIndia's infrastructure industries grew 4.5% in February 2010 against 1.9% in the corresponding month a year ago as a strong performance of crude oil and electricity sectors overshadowed the relatively weak growth in cement and finished steel output.
However, the February growth was lower than the upwardly revised expansion of 9.5% in January 2010. The growth was particularly lower in steel, crude oil, petroleum products and cement sectors.
Analysts blamed volatility, characteristic of core sector industries, for the shift. "I would not see it as a trend, as the infrastructure is basically very volatile," Crisis principal economist DK Joshi said. Nomura Holdings economist Sonal Varma said the weak growth in February doesn't mean that the core sectors are performing poorly. "It is still growing. The volatility is its characteristic," she said.
The decline in month-on-month growth rate, Joshi said, is likely to weaken the industrial production. The six core sectors-crude, petroleum refinery products, coal, electricity, cement and finished steel-have a total weight of 26.68% in the industrial output measured on the index of industrial production (IIP).
"We have been registering an IIP growth of more than 16% in the last two months. This cannot be sustained for long and has to come down. What we can sustain is 8-9% growth," Joshi added.
During February, electricity generation grew by 7.3% against 0.6% a year ago. Crude oil output registered a growth of 4% after contracting 6.2% in February last year. Coal production grew 6.8%, a tad higher than 6% registered in the same month last year. Finished steel and cement expanded by 0.9% and 5.8%, respectively, in the month against 2.4% and 8.3% a year ago. Petroleum refinery products recorded expansion of 0.8% against 0.5% in the corresponding month a year ago.
In January, steel recorded the most growth at 15.3%, while cement expanded at 12.4%. Crude oil clocked a growth of 9.7%, electricity 6.7%, coal 6% and petroleum products 3.8%. In April-February period, the infrastructure sector grew 5.3% against 2.9% a year ago. Crude oil grew 0.2% against decline of 1.7% in the year-ago period, coal expanded by 8% in comparison to 8.2% in the same period of 2008-09. Cement clocked a growth of 10.6%, electricity 6.4% and finished steel 4.5%. But the growth of petroleum refinery product has been negative (-0.4%).
Private cos cannot issue infra bonds: finance secy
Infrastructure bonds in India can be issued by certain banks and financial institutions, but not by private companies, the finance secretary Ashok Chawala said on Friday. "There is a certain amount of misunderstanding...It does not mean private firms per se will be authorised to raise infrastructure bonds. However, money thus raised will be lent to both private and public entities," Chawla told reporters after a meeting.
| Saturday March 27, 01:50 PM | |
ANALYSIS - Banks become owners, may open restructuring door
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By Caroline Humer
NEW YORK (Reuters) - Banks like JPMorgan Chase have found themselves the owners of a wide range of businesses, from distressed oil companies to hotels and newspapers, as a result of a recent wave of bankruptcies.
And that has created an opening for a new breed of restructuring expert, like Mark Dalton of the recently formed Halsey Lane Holdings, eager to help lenders turn around their unexpected acquisitions so they can sell them -- and make money.
For years, banks have ended up owning companies -- particularly in economic downturns -- because of bad loans and bankruptcies. But this time around, a broader variety of companies has failed, acquisitions of troubled companies are few, and the timing of the economic turnaround is uncertain.
Even companies that have restructured debt may present a liability for banks down the road. New bankruptcy regulations and an emphasis on financial restructurings due to high debt loads have shortened the time companies spend in bankruptcy court -- and they may not be operationally strong when they emerge.
That is what the new restructuring experts are counting on.
"A lot of the time, these companies may still be troubled because their time in bankruptcy period is short," said Dalton, who previously worked at hedge fund Avenue Capital and private equity firm Trimaran Capital.
Halsey Lane Holdings, AlixPartners and Loughlin Meghji are among the restructuring firms targeting opportunities to help banks manage the companies they acquired in the wake of the 2009 bankruptcy wave.
"During the last cycle, certain companies quickly utilized bankruptcy court to address financial restructuring needs as opposed to the operational restructuring," said Sanjeev Khemlani, senior managing director at restructuring advisory firm FTI.
"As a result, there is an opportunity for the new owners to create value -- cost-cutting exercises have helped, but revenue growth and margin expansion are needed," he said.
SWAPPING DEBT FOR EQUITY
With the resale markets moribund for many of the most troubled assets -- such as commercial real estate and media -- banks often have no choice but to swap their debt for equity and wait it out.
"The banks would be clobbered if they tried to get out at the bottom," said Charles Smith, a managing director at Loughlin Meghji, who previously worked in JPMorgan's syndicated and leveraged finance group.
But neither are banks seen as "natural owners" of these assets, he said. "They're not really known for being operational managers."
Whether banks want or need help operating these businesses is another issue. Banks already have specialized units charged with managing troubled companies and restructuring their loans as they go south.
One restructuring head at a commercial bank, who requested anonymity, said he has been bombarded with approaches from firms offering to manage specific assets -- or his entire portfolio of equity assets -- in return for a percentage of the gains in the value of the assets. But he's not interested.
"We'd much rather focus on making sure that we have solid corporate governance, the best people on the board (of directors), and the right people to add value to the company. We are looking for people not just with specific industry expertise, but that have financial expertise and audit expertise," he said.
Fred Crawford, chief executive of AlixPartners LLP, told Reuters, "I would expect that the motivation of a lender, be it a bank or private equity firm ... is to generate an appropriate level of return in a reasonable amount of time."
Still, what is clear is that banks, after one of the biggest years of corporate bankruptcies on record, are running more businesses.
Just this week, an oil and gas exploration company, Cross Canyon Energy Corp, emerged from bankruptcy in the hands of lender CIT Group, which received equity worth 95 percent of the new company.
JPMorgan Chase ended up with a piece of Reader's Digest when it emerged from bankruptcy earlier this year, and the bank also counts publisher Journal Register Co among its holdings.
Meanwhile, lenders including Credit Suisse Group, Citizens Bank of Pennsylvania and CIT are vying for control of the bankrupt publisher of the Philadelphia Inquirer and Philadelphia Daily News.
In the real estate sector, Credit Suisse took ownership of the Gansevoort Hotel in Miami Beach earlier this year, while Citigroup took over the St. Regis Monarch Beach Resort last year before putting it back up for sale. Wells Fargo and others took over hotel-casino Resorts Atlantic City late last year.
(Reporting by Caroline Humer; editing by John Wallace)
| Friday March 26, 07:30 PM | |
GLOBAL MARKETS - Euro up on Greece plan but concerns remain
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By Emelia Sithole-Matarise
LONDON (Reuters) - A euro zone and IMF safety net extended to debt-laden Greece boosted the euro and commodities on Friday but broader market reaction was muted as longer-term worries about fiscally vulnerable European economies persisted.
The deal offers Athens loans and cash but only as a last resort and can only be disbursed with unanimous euro zone approval.
It did not spell out how Greece's debt burden would be managed in practice and failed to alleviate longer-term worries about Greece and other fiscally vulnerable economies in Europe such as Portugal and Spain.
The premiums investors demand to buy these countries' government debt over euro zone German benchmarks fell modestly in a guarded reaction to the deal.
"The fact that there will be a mechanism in place reduces the risk of the euro zone breaking up," said Johan Javeus, currency strategist at SEB in Stockholm. "But going forward the market will be focusing more on whether Greece will be able to deliver the austerity measures it has promised."
The euro rose as much as 0.9 percent to $1.3402 by 1146 GMT, rallying off a 10-month low versus the dollar as the Greece deal eased immediate pressure on the single currency.
The euro initially weakened on news of the deal as investors took the view that IMF involvement suggested the 16-country euro zone was unable to handle its problems by itself.
But dealers later began to close out some of the bets they had made against the euro, pushing the currency up. Dollar weakness in turn helped lift oil prices toward $81 and boosted gold.
Investors have been concerned about stability in the euro zone on the back of the ongoing Greek troubles and a downgrade this week of Portuguese debt. There has also been renewed market focus on debt woes in Dubai.
For a graphic on the euro zone crisis see http://graphics.thomsonreuters.com/0210/EUROZONE_REPORT.html
SHORT-TERM BOOST
Under pressure from the Greek debt crisis, the euro has fallen around 12 percent versus the dollar since early December, when it was trading above $1.51.
The U.S. dollar index, a gauge of the dollar's performance against six other major currencies, slipped 0.5 percent.
"The fact a rescue deal for Greece has been agreed will no doubt give risk sentiment a short-term boost and is partially behind the gains seen this morning (in) gold ... and silver," said James Moore, an analyst at TheBullionDesk.com.
"However, issues with Dubai and Portugal this week have been a stark reminder of the huge debt problems facing many of the world economies that will continue to overshadow market risk appetite for many months, and potentially years, to come."
Asian share markets advanced but European shares fell from 18-month highs with analysts saying a correction may be due as equities become fully valued and the risk of higher interest rates intensify.
Greek government bonds outperformed euro zone benchmark Bunds, narrowing the gap between their yields by 12 basis points on the day to 309 bps. The cost of protecting against a Greek government debt default also fell.
Waning demand this week at auctions of U.S. Treasuries were also adding to worries about government bonds.
The benchmark yield on the 10-year U.S. Treasury note hit a nine-month high on Thursday and it has gained 17 basis points on the week after a series of poor debt auctions. The yield was down two basis points from late Thursday in New York, at 3.86 percent by 1200 GMT.
Oil hovered around $81 a barrel but gains were limited by worries global recovery could still falter and keep crude demand weak.
((Additional reporting by Jessica Mortimer and Veronica Brown; Editing by John Stonestreet)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
| Wednesday March 24, 01:10 PM | |
JPMorgan closes in on tax refund deal with FDIC - WSJ
REUTERS - JPMorgan Chase is closing in on a deal with the Federal Deposit Insurance Corp (FDIC) that could result in a tax refund of about $1.4 billion for the bank, the Wall Street Journal reported, citing people familiar with the talks.
JPMorgan was not available to comment on the report.
As part of a larger settlement with Washington Mutual's bondholders, JPMorgan can claim $1.4 billion of funds in the FDIC receivership to protect itself against exposure to mortgages that WaMu serviced, the Journal said.
Washington Mutual Inc, which is tied to the biggest bank failure in U.S. history, is eligible to receive about $5.6 billion in tax refunds as part of a court settlement. WaMu was seized by the FDIC in 2008 and was later sold to JPMorgan for $1.9 billion.
On March 12, Washington Mutual agreed to split the two potential tax refunds with JPMorgan and the FDIC.
WaMu agreed to receive $900 million of a $2.6 billion expected return, with the rest going to JPMorgan. A second $2.6 billion return will be bring in $1.04 billion for Washington Mutual with the rest going to the FDIC.
(Reporting by Anuradha Ramanathan in Bangalore; Editing by Dan Lalor)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
| Tuesday March 23, 06:50 PM | |
Steel secy favours higher iron ore export tax
NEW DELHI (Reuters) - Steel secretary, Atul Chaturvedi, said on Tuesday he wanted the export tax on iron ore to be doubled to 20 percent.
India's iron ore sector has been rife with talks that the government may raise export duty in a bid to boost local supplies so that the steel industry gains.
"We are seeking 20 percent," Chaturvedi told Reuters on the sidelines of an industry event.
Indian government last raised the export duty on iron ore lumps to 10 percent from 5 percent earlier and on fines it imposed a 5 percent duty at the end of December.
India's iron ore trade has slowed down in anticipation of duty hikes in the last few months and prices have remained firm amid good demand from China that houses the world's largest steel industry.
For a graphic on India's iron ore exports, click http://graphics.thomsonreuters.com/310/IN_IRNORPR0310.gif
(Reporting by Nidhi Verma and Ruchira Singh; Editing by Editing by Surojit Gupta)
| Tuesday March 23, 04:30 AM | |
UK to unleash 200 pct tax fines in budget - source
LONDON (Reuters) - Britain's Labour government will announce plans to impose up to 200 percent fines on the most devious tax evaders in Wednesday's budget, a government source said on Monday.
The fine will mean those who have gone to the greatest lengths to avoid paying tax by hiding cash in the most secretive offshore havens could end up paying the amount they owe and then the same amount twice again.
Britain, which currently imposes 100 percent fines on tax evaders, is cracking down on tax avoidance to bolster revenues as the Labour government seeks to cut a budget deficit set to hit 12 percent of gross domestic product this year.
"Everyone must pay thier fair share of tax," the source said. "The message is very clear to tax cheats -- if you try and hide what you owe the the penalties will be very severe."
(Reporting by Matt Falloon)
| Thursday March 25, 01:10 PM | |
U.S. charities hit by recession's impact on spending
By Michelle Nichols
NEW YORK (Reuters) - Thousands of small U.S. charities are likely to close this year as cautious donors and governments tighten spending and some states consider removing nonprofit tax breaks, experts said on Wednesday.
The nonprofit sector is preparing for this year to be harder than 2009 as the delayed effects of the worst U.S. recession hits philanthropic budgets, experts said during a panel discussion on "The New Nonprofit Reality."
"States are looking for any opportunity for tax revenue this year and nonprofits are increasingly a very big target," said Stacy Palmer, editor of The Chronicle of Philanthropy.
"Foundation leaders are very worried that this economy is not doing so well and it's time for caution, so the groups that they're supporting are the tried and true groups -- the universities, the hospitals."
Hawaii has proposed a 1 percent tax on charities, Kansas is considering making nonprofits pay sales taxes and Pennsylvania is thinking about removing a property tax break for charities, The New York Times reported.
In a closely watched court battle, an Illinois hospital lost its property tax break last week as nonprofit hospitals come under pressure to justify the breaks they get.
"The nonprofit sector is like the caboose ... of the economy, so we often go over the cliff last and then we stay over the cliff even after the economy starts going up the other way," said Ken Berger, president and chief executive of Charity Navigator, which evaluates the nation's big charities.
"The teeny-weeny, little local community-based, grass-roots charities are hitting a brick wall."
LOST GEMS
There were 1.9 million nonprofit groups in the United States in 2006 accounting for 5 percent of gross domestic product, according to figures from Independent Sector. All are exempt from federal income tax.
The most prominent include the Red Cross and the Bill and Melinda Gates Foundation, but such organizations range from soup kitchens to religious congregations and cultural groups as well as the National Rifle Association.
U.S. donations to charities reached an estimated $307.65 billion in 2008, according to the Giving USA Foundation. It said 75 percent of that money came from individuals, 7 percent from charitable bequests, 5 percent from corporations and 13 percent from foundation grants.
Berger said just 6 percent of U.S. charities received 94 percent of donations and funding and almost half the country's charities had received less than $25,000 a year.
"The silver lining is that maybe there are too many super small organizations," he said. "But I also think some really wonderful groups could be closing their doors."
Tough times did not mean great nonprofits would rise to the top and weak groups would be culled, Palmer said.
"This is a year when we're going to see more nonprofits go under and ... it's not the fairest system," she said. "The scrappy nonprofits, the innovative groups, the grass-roots groups, those are the ones that lose out," she said.
"If states are pulling back, local communities can't provide these services, some nonprofits are faltering -- who's going to take care of some very needy people?"
(Editing by Mark Egan and Chris Wilson)
| Thursday March 25, 03:10 AM | |
FACTBOX - World central banks contemplate exit strategies
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REUTERS - With the global economy apparently on the mend, key central banks around the world have slowly begun dismantling emergency lending measures put in place to grapple with the worst financial crisis in decades.
Ben Bernanke, Federal Reserve chairman, will testify before the U.S. House of Representatives' Financial Services Committee, on "Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery," on Thursday.
Below are some of steps toward the exits taken by top central banks.
U.S. FEDERAL RESERVE
- In February, the Fed raised the discount rate it charges on emergency loans to banks by 25 basis points to 0.75 percent. It described the move as a step to further normalize its lending facilities and emphasized that it did not represent a tightening of policy. Analysts expect further hikes in the discount rate very soon.
-The Fed has also shuttered a number of emergency lending facilities and returned the term for discount rate loans to overnight where it stood before the financial crisis struck.
- Bernanke said on Feb. 10 that the Fed could lay the groundwork for a tightening of financial conditions by first removing some of the cash it has pumped into the banking system. The Fed would then raise borrowing costs by hiking the rate it pays on reserves banks hold at the central bank or conducting large-scale reverse repurchase agreements. Bernanke said the Fed was not likely to sell assets in the near term but could sell securities in a gradual manner once the economic recovery is more fully established.
BANK OF CANADA
- The Bank of Canada pledged in April 2009 to keep its benchmark overnight rate at a historic low of 0.25 percent until the end of the second quarter of 2010, conditional on inflation staying on track. It has reiterated that commitment at ever opportunity since, most recently in a speech by BoC Governor Mark Carney on Wednesday. Its first opportunity to hike rates after this period expires is July 20.
- The BOC has begun to gradually withdraw its emergency liquidity support to financial markets, which peaked at C$41 billion ($39 billion) in December 2008 and now totals about C$23 billion. It has said it will continue to slowly reduce the frequency and amount of its liquidity operations as conditions improve. It discontinued two special lending facilities in late 2009 and shortened the terms for its term PRA (purchase and resale agreement) to coincide with the end of the second quarter. The BOC did not engage in quantitative easing.
EUROPEAN CENTRAL BANK:
- The ECB started unwinding its emergency lending measures in December by not renewing six and 12-month operations and linking the rate at the last 12-month operation to its main policy rate, a move repeated in the rate for the last six-month operation in March.
- On March 4 it extended its policy of lending banks unlimited funds at fixed interest rates until October for one-week and one-month operations, but three-month operations will return to a competitive auction procedure in April.
BANK OF JAPAN
- The BOJ has kept interest rates near zero since the end of 2008. It announced purchases of corporate bonds and commercial paper from banks and the provision of low-interest loans to support corporate funding.
- On Oct. 30, the BOJ announced it was withdrawing from credit markets, saying it will stop buying corporate bonds and commercial paper at the end of 2009. However, under pressure from a government concerned that deflation could undermine the pick-up in the economy, the BOJ in December announced a funding facility offering three-month loans to banks at the policy rate of 0.1 percent. In March, faced with government pressure once again, it doubled the funds available under the scheme to 20 trillion yen
- The BOJ has consistently pledged to maintain very easy monetary conditions.
BANK OF ENGLAND
- Britain's central bank halted its quantitative easing program on Feb. 4, having bought 200 billion pounds of assets since the scheme was launched in March 2009. It left open the option of resuming the scheme should the economy worsen. UK interest rates have stood at a record low of 0.5 percent since March2009 and are not expected to rise until the fourth quarter of this year.
- When the time comes to tighten policy, the BoE has said it is likely to use a combination of interest rate rises and asset sales. It has not specified which will come first.
NORGES BANK
- Norway's central bank became the first European central bank to raise rates since the crisis with a 25 basis point move at the end of October. That took rates to 1.5 pct and since then the central bank has raised them in mid-December to 1.75 pct. In the latter half of 2009, Norges Bank also stopped using a dollar swap program and other liquidity measures for the banking sector that were introduced during the financial crisis.
- They are talking about another rate hike in March or in May, so the Norwegians have been ahead of the curve. The IMF advised Norway in January to gradually withdraw its fiscal and monetary stimulus, noting a limited degree of spare capacity in the economy.
RIKSBANK:
- The Riksbank in February sped up its timetable for when it will lift rates from their record low 0.25 percent. Sweden's central bank said it expected rates to rise in the summer or early autumn (a slightly earlier timeframe than its previous forecast for higher rates in the autumn). The Riksbank this month also withdrew some of the massive stimulus it had introduced, saying it would no longer offer 12-month loans but would continue to offer three and six-month loans.
- The Riksbank has not been buying securities, unlike other central banks, and a top policy maker said in December this made the phasing out of its measures relatively uncomplicated.
SWISS NATIONAL BANK:
- The SNB has already ended some of the unconventional measures it took to fight the recession and deflation risks. It has stopped longer-term repo operations and ended Euro-franc swaps to provide franc liquidity outside Switzerland. The SNB has also relaxed its currency intervention stance, now only trying to stem an "excessive" rise in the Swiss franc versus the euro rather than any appreciation. It has also ended its offer to buy Swiss franc corporate bonds if needed.
PEOPLE'S BANK OF CHINA
- The PBOC cut 1-yr lending rate by 216 bps and 1-yr deposit rate by 189 bps in Q4, 2008. Last year it presided over record credit growth of 9.6 trillion yuan, equivalent to 29 percent of GDP.
- Premier Wen Jiabao reaffirmed on March 5 that China would stick to an "appropriately loose" monetary policy. Within this framework, however, the central bank has already increased required reserves twice this year and has been draining some liquidity from the banking system through its open market operations. Nevertheless, banks are still sitting on excess reserves and so are not constrained in their lending. Instead, the PBOC is relying on window guidance, or moral suasion, to get banks to reduce their net new lending this year to 7.5 trillion yuan. And while the PBOC has nudged up money market yields, it has not raised its benchmark interest rates. On March 6, PBOC Governor Zhou Xiaochuan fanned speculation of renewed yuan appreciation by calling the currency's peg to the dollar that has been in place since July 2008 a "special" response to the financial crisis. China would have to drop this policy sooner or later, Zhou said, but would be extremely careful about doing so.
RESERVE BANK OF AUSTRALIA
- The RBI cut its cash rate to a record low of 3 percent. In Sept. and Oct. 2008, it injected A$20 billion to banks in U.S. dollar repurchase auctions.
- On Oct. 6, RBA became the first G20 central bank to raise rates since the crisis blew up. It raised rates again in Nov, Dec and March, taking the cash rate to 4.0 percent.
.It sees further hikes as likely toward a more normal level in the range of 4.25 percent to 4.75 percent. A swap agreement with the U.S. Federal Reserve was phased out last month as demand for U.S. dollars dried up.
- Treasurer Wayne Swan says fiscal stimulus will be gradually withdrawn from last three months of 2009 through to 2011. The government also plans to end a guarantee of banks' wholesale funding from the end of March.
RESERVE BANK OF INDIA
- The central bank cut its short-term lending rate by 4.25 percentage points to 4.75 percent between October 2008 and April 2009 and its deposit rate by 2.75 percentage points to 3.25 percent between December 2008 and April 2009.
- The RBI surprised financial markets on March 19 by raising both its main policy rates by 25 basis points from record low levels, citing intensifying inflation pressures. It raised the repo rate to 5.00 percent and the reverse repo rate to 3.5 percent.
- A Reuters poll shows expectations that both rates will rise another 1 percentage point by the end of 2010.
- On Oct. 27, it had started to exit its stimulus measures by announcing it would remove emergency liquidity support, including a special repurchase facility for banks and another for non-bank financial companies, mutual funds and housing finance companies. It also raised its statutory liquidity ratio
- With the economy picking up and inflation rearing its head, the central bank followed that move by raising bank reserve requirements by 75 basis points in February.
| Thursday March 25, 07:10 PM | |
ANALYSIS - Obama tackles Wall Street reform in next big push
 |
By Caren Bohan
WASHINGTON (Reuters) - Fresh from his victory on landmark healthcare legislation, U.S. President Barack Obama is ready to take on Wall Street.
In the same week Obama signed into law his sweeping healthcare plan, his administration began a publicity blitz to sell his proposal to reshape the financial regulatory system.
Obama held a strategy session on Wednesday with two Democrats, Senate Banking Committee Chairman Christopher Dodd and House of Representatives Financial Services Committee Chairman Barney Frank, who are leading the effort to pass the plan in Congress.
Democrats hope the healthcare win will lend momentum to the push on financial reform, an issue the White House hopes will be a political winner as the party seeks to stave off potential losses in the November congressional elections.
"The good news is that, whereas the Republican message machine managed to convince a lot of Americans that the healthcare bill was bad for them, I think they will have a harder time with the financial reform," said Princeton University professor Alan Blinder. "Rightly or wrongly everybody hates Wall Street and the banks right now."
The White House has sought to tap into public fury over Wall Street's excesses to push its case for financial reform.
Carroll Doherty, an associate director at the Pew Research Center, said that anger at big financial companies cuts across the party lines of Republicans, Democrats and Independents.
A Pew Research poll in February showed that while Republicans are less supportive than Democrats of tougher financial regulations, 67 percent of Republicans held an unfavourable view of major banks. That was almost as high as the 72 percent of Democrats who felt that way.
Obama, who last year lashed out at the big bonuses of "fat cat" bankers, devoted his Saturday radio and Internet address to financial regulation.
Treasury Secretary Timothy Geithner and other officials have fanned out to hammer the message that a crackdown on Wall Street is needed to prevent another financial meltdown.
CRITICAL PHASE
The financial regulation bill moved into a critical phase on Monday after Dodd's committee approved it on a Democratic party-line vote, clearing the way for the full Senate to take it up once Congress returns next month from a two-week recess.
Dodd said he hopes the Senate can pass the bill within a month. The House has already passed a version of it, so the two chambers would need to iron out their differences.
Obama's healthcare win seemed to give an initial boost to the financial reform effort.
Republican Senators Judd Gregg and Bob Corker on Wednesday gave upbeat assessments on financial reform's prospects though they both differed with aspects of the Dodd bill.
The measure could gain further political traction in the next few weeks, predicted Calvin Jillson, a political science professor at Southern Methodist University.
Jillson said he believed Obama's approval rating -- now at just below 50 percent -- might tick upward by about five percentage points because of the passage of the healthcare bill, strengthening his ability to push other initiatives.
"I do think the outcome of the healthcare debate will rejuvenate the Democrats and Obama," Jillson said.
But former Bush administration official Tony Fratto saw little overlap between the healthcare win and the prospects for for financial reform.
COMPLEX BILL
"There is not a rush of support for the agenda of the Obama administration," he said, adding that steering the complex bill through the Senate will be an extremely difficult task. "It's the single most broad and complex piece of legislation ever to be brought to the floor of the Senate," Fratto said.
Blinder, a former Federal Reserve vice chairman, said Obama must use "a combination of cajoling, persuading and arm-twisting" of lawmakers if he wants to pass a strong bill.
A procedural maneuver known as "reconciliation" is enabling Democrats to pass some changes to healthcare with a simple majority of 51 votes, rather than the 60 votes usually needed to cut off debate. On financial reform, that avenue won't be available so any bill will need some bipartisan support.
Some Republicans have suggested that their outrage over Democratic procedural manoeuvres could hurt the chances for potential compromises this year.
Financial industry analysts also wonder whether the White House may decide it is less interested in cutting a deal with Republicans in a congressional election year than in giving the Democrats a potent issue to run on in November.
The White House insists it is committed to getting a bill and one that is robust.
White House deputy communications director Jen Psaki cast the financial reform debate as "a choice between changing outdated rules that hurt the American people and standing with the financial sector that's fighting against reform."
"That's a choice that Republicans and people who oppose the legislation are going to have to make," Psaki said.
"We feel good about where we are," she added.
(Editing by Mohammad Zargham)
| Friday March 26, 04:10 AM | |
EU plans recall of Indian-made generic Plavix
By Ben Hirschler
LONDON (Reuters) - The European Medicines Agency has recommended the recall of all batches of generic Plavix from Swiss drugmaker Acino made at a factory in India, due to quality concerns about the heart drug.
Plavix, or clopidogrel, is sold as a brand by Sanofi-Aventis and Bristol-Myers Squibb. It is the world's second biggest selling medicine, with worldwide sales of more than $9 billion a year.
However, the medicine is off patent in some European markets, where Acino is among the companies that have been supplying a cheaper generic version.
Europe's drugs watchdog said on Thursday it was taking the action because of good manufacturing practice (GMP) failure at a factory in Visakhapatnam, India, where the active substance for the affected Acino product is produced.
It added there were other clopidogrel-containing medicines, both branded and generic, available in the European Union to ensure adequate supply. Acino has now changed its supplier and future batches will be made at a site that is GMP compliant.
Acino said in a statement it could face writedowns on returned and existing goods if individual country authorities requested a recall of the clopidogrel products concerned.
"This would in all likelihood have a significant negative impact on the annual result 2010," Acino said.
While there have been no reports raising concerns from patients, pharmacists or prescribers, agency experts decided a recall was the appropriate precautionary measure.
Its recommendation that clopidogrel made at the Glochem Visakhapatnam factory be removed from the supply chain, starting at the level of pharmacists, has now been forwarded to the European Commission for the adoption of a legally binding decision.
The recall will cover eight clopidogrel-containing medicines for which Acino is the licence-holder, some of which are marketed by other generic drug companies.
The products are Clopidogrel A1 Pharma, Clopidogrel Acino, Clopidogrel Acino Pharma, Clopidogrel Acino Pharma GmbH, Clopidogrel Hexal, Clopidogrel Ratiopharm, Clopidogrel Ratiopharm GmbH and Clopidogrel Sandoz, the agency said.
Hexal and Sandoz are units of Novartis, while Ratiopharm is an unlisted German drugmaker that was sold last week to Israeli generic drugs group Teva.
Plavix is used widely in treating heart attack patients. It works in a similar way to aspirin by stopping platelets -- tiny blood cells vital for the normal clotting process -- from clumping together and forming life-threatening clots.
(Additional reporting by Jason Rhodes; Editing by Karen Foster, Gary Hill and Bernard Orr)
Infrastructure News
Infrastructure
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- PepsiCo adds fizz to growth plan
- Indian Express - Sat 27 Mar, 02:11 AM - Core sector growth falls to 4.5% in Feb- Indian Express - Sat 27 Mar, 02:10 AM
- Floor area ratio may be eased: Reddy- Indian Express - Sat 27 Mar, 02:10 AM
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- Indian Express - Sat 27 Mar, 02:10 AM - Banks, institutions can sell infra bonds - secy- Reuters - Fri 26 Mar, 07:30 PM
Banking News
Banking
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- Southern banks in focus amid consolidation talk- HT - Thu 25 Mar, 09:52 AM
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- Indian Express - Wed 24 Mar, 02:12 AM - Shinsei sayonara to MF venture- Indian Express - Wed 24 Mar, 02:10 AM
Commodities News
Commodities
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EARLIER HEADLINES
- India gold buyers stay away as prices rise- Reuters - Fri 26 Mar, 03:50 PM
- Feb oil product sales up 0.4 pct y/y - govt- Reuters - Fri 26 Mar, 01:10 PM
- Oil rises; Greece plan boosts commodities appeal- Reuters - Fri 26 Mar, 12:30 PM
- AIG's near-collapse yields gold for Wall Street- Reuters - Fri 26 Mar, 10:00 AM
- Haryana govt gears up to start wheat procurement- Indian Express - Fri 26 Mar, 02:11 AM
Energy Sector News
Energy
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- M&A rises 18 pct in Q1 as Asia, energy deals grow- Reuters - Fri 26 Mar, 10:50 AM
- Essar buys Indonesian coal mine for $175 mn- HT - Fri 26 Mar, 10:07 AM
- Essar buys Aries coal mines in Indonesia- Indian Express - Fri 26 Mar, 02:12 AM
- IOC issues first June sweet crude tender- Reuters - Thu 25 Mar, 08:00 PM
- ONGC to invest $712 mln in oil fields development- Reuters - Thu 25 Mar, 07:50 PM
Automotive News
Automotive
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- Nikkei climbs to 2-mth high- Indian Express - Fri 26 Mar, 05:45 PM
- Nano catches fire, Tata says 'stray incident'- Indian Express - Fri 26 Mar, 05:40 PM
- Renault-Nissan, Daimler to take mutual stakes - media- Reuters - Fri 26 Mar, 10:40 AM
- Samsung moves in- HT - Fri 26 Mar, 10:07 AM
- No local assembly: JLR- HT - Fri 26 Mar, 10:07 AM
Financial Express News
Financial Express News
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- Union Bank, Belgian KBC to invest 50 mn euros in JV- Financial Express - Fri 26 Mar, 04:32 PM
- Polaris Software buys IndigoTX- Financial Express - Fri 26 Mar, 04:32 PM
- No plan to raise lending rate soon: Union Bank- Financial Express - Fri 26 Mar, 04:32 PM
- Samsung launches 3D television in India- Financial Express - Fri 26 Mar, 04:32 PM
- And now, a currency crisis likely- Financial Express - Fri 26 Mar, 04:32 PM
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Hindustan Times News
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- Competition panel goes headhunting- HT - Fri 26 Mar, 10:07 AM
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- Samsung moves in- HT - Fri 26 Mar, 10:07 AM
- No local assembly: JLR- HT - Fri 26 Mar, 10:07 AM
- Reliance media in satellite deal to grow- HT - Fri 26 Mar, 09:57 AM
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Dalit Voice - The Voice of the Persecuted Nationalities Denied ...
A report in the Times (Feb.2, 2010) said the Dalits were so far .... English as the flagbearer of knowledge economy but the role of the Queen's language as ...
www.dalitvoice.org/Templates/march2010/articles.htm - CachedEDITORIAL - Dalit Voice - The Voice of the Persecuted ...
This zionist group had enslaved the British economy in the 18th century, ... So instead of asking uncomfortable questions to Dalit Voice — "Whom shall DV ...
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And to that extent the Indian economy has been stripped of its wealth. ... The future is for revolutionary media led by Dalit Voice. ...
therearenosunglasses.wordpress.com/dalit-voice.../dalit-voice-march-1st-15th-2009/ - CachedHow to Exterminate Muslims in India? by Dalit Voice
Dalit Voice, Editorial, May 16-31. 1999. Muslims ruled over Spain from 712 ... Burning of Muslim houses and shops was encouraged to destroy their economy. ...
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13 Dec 2008 ... At Dalit Nation, Arvind Adiga's book gets a good fisking. ... 0 Responses to "A Dalit voice on the 'White Tiger'" ...
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29 Apr 2005 ... Economy of the People, For the People and By the People! ... 'Dalit Voice' Speaks Out. According to Rajshekar, Brahmins will never forget ...
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31 Aug 2009 ... Rupees & Paisas Watch. Pakistan Economy Page ... Dalit Voice on "Incredible India". Posted on August 31, 2009 by Moin Ansari ...
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Palash chandra Biswas's Blog at BIGADDA
Palash chandra Biswas. BIGADDA Blogs …. with Aboriginal Tribes and Muslims ... continue to face discrimination, exclusion, and acts of communal violence. ...
blogs.bigadda.com/pal4868546/category/general/page/2/ - CachedPalash chandra Biswas's Blog at BIGADDA >> JATI Hi PUCHHO SADHU KI ...
15 Jan 2010 ... Dear Palash Biswas. We are a Dalit Movement in Karnataka known as the … ... face discrimination, exclusion, and acts of communal violence. ...
blogs.bigadda.com/.../jati-hi-puchho-sadhu-kicaste-names-in-bihar-congress-list-fir-against-jagdish-tytler-anil-sharma/ - Cachedsingurkatha - Sunday, January 11, 2009 Entries
11 Jan 2009 ... Chapter Palash Biswas - Blogs, Pictures, and more on Blogged ..... Low marriage ceremony only required exclusion for five and three ...
o3.indiatimes.com/singurkatha/archive/2009/01/11.aspx - Cached - SimilarDalit literature and culture of Bengal Under Left Rule
18 Jul 2007 ... Contact: Palash C Biswas, C/O Mrs Arati Roy, Gosto Kanan, ..... after courses namely MA in Social Exclusion & Inclusive Policy and P G ...
o3.indiatimes.com/dalitbanga/archive/2007/07/18/4750047.aspx - CachedArya-Brahmin Vengeance on Bengali-Tamil Dalits & Chakma Adivasi ...
- 3 visits - 11 Feb7 Apr 2009 ... The exclusion of the Bhadralok from power led to the Arya-Brahminist elite and ...... Palash Biswas, C/O Mrs Arati Roy, Gostokanan, Sodepur, ...
sheetalmarkam.wordpress.com/.../arya-brahmin-vengeance-on-bengali-tamil-dalits-chakma-adivasi-indigenous-refugees/ - Cached - Similarnandigramunited: Amidst NREGA Focus and BUDGET Lobbying,Blood bath ...
Economics of EXCLUSION and Politics of Coding and Decoding to Manufacture Consent ..... Palash Biswas - Palash India. Indian Holocust My Father`s Life and . ...
nandigramunited-banga.blogspot.com/.../amidst-nrega-focus-and-budget.html - CachedIndian Holocaust My Father`s Life and Time: Human Rights in a ...
1 Mar 2010 ... Pl contribute. Palash Biswas. Palah Biswas On Unique Identity No1.mpg .... Social ,Political EXCLUSION, Persecution , Segregation and ...
indianholocaustmyfatherslifeandtime.blogspot.com/.../human-rights-in-marxist-state.html - CachedArticles - Welcome to ambedkartimes.com
... Vision of Equality: Political Sociology of Social Exclusion and Jat-Dalit Conflicts in Punjab .... Palash Biswas. All of these articles by L. R. Balley ...
www.ambedkartimes.com/articles.htmNepali Dalit News « MY OPINION:: MY PRIDE :: RajendraOnline
Discrimination and Persecution Marxist By Palash Biswas(Palash Biswas) The Framers ... February 19th, 2007OHCHR Nepal Urges Elimination of Social Exclusion, ...
rajendraonline.wordpress.com/english/ - Cached - SimilarDolphin Man Phelps, Black Indigenous People in Olympic and We
Speak Out Palash Biswas Friends you have to speak out Singur peasnt ...... caste discrimination and exclusion as an aberration of their faith, ...
newsgroups.derkeiler.com/Archive/Talk/talk.politics.../msg00024.html
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