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IPL Life style in Free Market, Resistance and IPL Economics

IPL Life style in Free Market, Resistance and IPL Economics
 
Indian Holocaust My Father`s Life and Time- Three Hundred Nineteen
 
Palash Biswas
 
 

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  1. Indian Premier League | IPLT20

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Where from comes money for Indian Premier League in so called risilient Economy inflicted with global Recession as Stimulus has to continue amounting no less than Rs. Four Lac Eighteen Crore! We have been consistently writing and speaking on this most Destructive Fraud meant Economic Reforms on Keyence line followed by Washington Super Slave Immoral Imposter Anti National Hegemony leader. IPL life style and Economics EXPOSE the Indian Parliamentary league as well. The issues of financial newpapers in India present a Shining Gliitering India and Shocase Blooming Free Market while the Masses suffer from Unprecedent Violence and Aggression Monopolistic, a Sustained Manusmriti War Civil war campaign to finish aboriginal Indigenous communities. Most amusing is the so called commitment and concern and allocations for so called social sector, Infrastructure and development excluding the Majority Eighty Five Percent Population who have no survival kit or stategy in this world on fire! Many NRIs, including some from Kerala, were associated with the RSWL bid, sources in Thiruvananthapuram claimed. On the other hand, LIC Unit Link Policies are being used for Divestment as the Fund is diverted to buy the Issues released by the PSUs selected for Disinvestment! Earning, Livelihood, Property,land,Resources,Job, Food security - EVERYTHING Finished and Black Untouchable People are tageted for Deportation, Displacement, ethnic Cleansing, Exodus and Holocaust! This is the REAL IPL, which we oveseee in an Stimulated Cheargirs dominated Reality Show of IPL!

I could not write anything on the day Time as  it was load shedding till Mid Night at home and Sabita indulged herself enjoying the late Night Retelecast of IPL Match between chennai super Kings and Punjab. The Engagement was so Magnatic that it ate out the whole Night and I had to sleep all the day. Meantime , I spent the day sleeping and reading Newspapers which reported and showcased IPL Lifestyle as per as the Electronic Media. I also noted that Bengal  Intelligentsia led by Mahashweta devi is slightly DISILLUSIONED with Ms Mamata Banerjee, who declaring and launching Projects involving hundreds and thousands crores without any resource mobilisation, waging a VIOLENT CIVIL war!

It is 1.2 Billion Dollar in total INVESTED in IPL Reality show! That is NOT Cricket in sporting spirit. With this 1.2 Billion dollar, Twenty Seven Mig 27 GFighter Planes may be achieved. An Airport Post Modern may be erected. This amount may FEED all the school Children all the year round their Mid day Meal. This amount if deposited in a Post Office under MIS, it would earn Rs 1.31 crore interest Per DAY, mind you. But it is devoted to Cricket Circus led by Chear Girls! This is HIND Swaraj, emerged from the Launching Pad of BRAHMIN Bania Corporate capitalist Raj ensured by Gandhi with pune Pact.

Irrepressible Shashi Tharoor added a new dimension to his expansive profile when he got leading businessmen to come together as Rendezvous Sports World Ltd., that bagged a team for Kochi in the Indian Premier League (IPL).Tharoor gave Kerala a reason to cheer for. IPL chairman Lalit Modi confirmed Minister of State for External Affairs Tharoor was the brain behind Rendezvous Sports World Ltd. A little-known consortium picked up the IPL's new Kochi team for a spectacular sum today, setting off a buzz around its dark-horse promoters and getting linked to minister Shashi Tharoor.Tharoor, the junior foreign minister, admitted to giving RSWL his "blessings" but denied involvement in the bid. In the IPL's power corridors, the talk was that the man behind the consortium could be Abu Dhabi trillionaire Sheikh Mansour bin Zayed Al Nahyan, who had paid a record price for Manchester City.

Thus,Tharoor inspired Kochi bid as Sahara Adventure Sports of the Sahara Group won the Pune franchise with a record bid of $370 million, while a consortium called Rendezvous Sports Group, which has the blessings of minister of state for external affairs Shashi Tharoor, made Kochi a surprise IPL host with a $333-million bid.The record bids — the highest bid last time around was $112 million that Mukesh Ambani paid for Mumbai Indians — reflect the enormous success the Twenty20 tournament has had since its inception in 2008, though some analysts thought it might take years for the bidders to break-even.In fact, the two winning bids, working out to Rs 3,235.5 crore at an exchange rate of Rs 46/US dollar, beat the Rs 2,840 crore that the eight teams fetched in the previous auction, IPL commissioner Lalit Modi told a crowded press conference in Chennai on Sunday.Together, the Indian Premier League's ninth and 10th franchises — which will start playing from next year — almost equalled the combined bids for the eight older ones two years ago, with Kochi bringing in almost thrice the sum that Mumbai did.

Tharoor, on his part said, his role is of a mentor and he encouraged the business houses to think of Kerala. He also gave a lot of insight about the popularity of cricket in the state.

"All I did on my part was to offer encouragement, blessings and expert advise when required to the bidders. Beyond that, I had no role to play," Tharoor said.

"IPL is an extremely valuable activity that is here to stay and grow. It will go a long way in terms of its popularity," he said.

"I do not own the team but I will certainly give my opinion when asked for it," a beaming Tharoor added.

However, Tharoor denied the involvement of any group from the Middle East. "This (bidding) could have gone anywhere. Mumbai-based promoter was the key. Believe me, I am not looking into who are the others involved and how much money is involved. To the best of my knowledge, there is no Middle East group involved," he said.

Secretary of Kerala Cricket Association T.C. Mathew said an IPL team from Kochi will change the face of cricket in the state.

UPA gets food security bill off the block as the Act -- Congress's big ticket poll promise and an initiative that has Sonia Gandhi as the main driver -- was cleared on Thursday by the empowered group of ministers headed by Pranab Mukherjee. The bill, promising 25kg of foodgrain to the poor at Rs 3 a kilo, will soon be opened to public discussion and is expected to be tabled in Parliament at the latest by the Monsoon Session, to fulfil a a poll pledge that bolstered Congress's "aam aadmi" plank in the Lok Sabha elections.In terms of importance, the NFSA is seen as equalling the National Rural Employment Guarantee Act, which is believed to have earned the Congress rich dividend in the polls.When enacted, the law guaranteeing provision of cheap foodgrain to the poor will expand the social safety net considerably at a time when food output has been stagnating, though at huge cost to the exchequer. n line with the EGoM's decision to keep the bill brief and less controversial, other finer details that could turn contentious have been kept out and would only be mapped out in the subordinate rules and notifications.

Before the clearance on Thursday, the food ministry had also sought the view of the law ministry on issues where the proposed bill stood in contravention of existing Supreme Court orders. The law ministry, sources said, had suggested several options on key trenchant issues, informing the food ministry that the orders of the court were of interim nature. The government would have to await the final orders in the long running case where the apex court has also appointed commissioners to advise it.

Meanwhile,Bad news for residents of Delhi, as the state government announced its decision to increase the price of the LPG cylinders on Monday.On the other hand,Reacting for the first time on the Supreme Court appointed Special Investigation Team's (SIT) summon to him in a 2002 Gujarat riots case, Chief Minister Narendra Modi on Monday claimed he was not asked to appear before the SIT on March 21. While, Hindustan Times reports that Maoists are slowly gaining a foothold in Gujarat, which despite of having a large tribal population has so far remained unaffected from the 'red terror', police said.

PUNE and Kochi have won the race to host the two new Indian Premier League (IPL) teams from the next season with massive bids three times the highest bid in the first auction three years ago.

IPL commissioner Lalit Modi tweeted: "Rendezvous group has Vivek Venugopal, Anchor Switches, Rosy Blue Diamond, Mukesh Patel, Ravi and Sanjay Gaikwad as part of the consortium." The tweet did not mention any Shailendra.

It wasn't clear if Anchor Earth or Anchor Switches was associated with Anchor Electricals, a well-known home appliances company in Kerala. The only promoter with a pan-Indian reputation appeared to be Rosy Blue Diamond, which owns the retail diamond jewellery brand Orra.

Rendezvous is a Maharashtra-based firm and a highly placed source said Shailendra Gaekwad was a long-time friend of a top cricketer.

The Thrissur-headquartered Elite is a 45-year-old group with activities in international trade, food processing, distribution, real estate and construction. Tharoor is said to have ushered it into the consortium to lend the RSWL a local flavour.

Soon after the RSWL wrapped up Kochi, Tharoor tweeted: "I am NOT part of the bid but was pleased 2give Rendezvous Sports World my encouragement & blessings."
 

The central government will be legally bound to procure wheat and rice for the central pool, its allocation and transport to the state. In case the Centre is unable to deliver the allocated foodgrain, it will have to compensate the states in cash for the amount of shortfall.

"There is no recession and IPL's upward swing continues," he said, adding that bids from all the five qualified bidders — Rendezvous Sports, Aman Vohra, Sahara Adventure Sports, Adani Infrastructure and VC Digital Solutions (belonging to Venugopal Dhoot, chairman & MD of Videocon Industries) — were competitive.

Sahara had made $370-million bids for Ahmedabad and Nagpur as well and chose Pune. The western India city also received bids from VC Digital Solutions ($320 million) and Aman Vohra ($261 million).

"It's sad that we lost by just $10 million. We had a foreign investor backing us financially," said Mr Dhoot.

Sahara Group chief Subrata Roy said the group is strengthening its 12-13-year relationship with Indian cricket by getting into the business of cricket. Sahara is the Indian cricket team's sponsor.

"Naturally, the valuations have risen exponentially from what they were three years ago. So, we believe the bid we placed is justified," said Mr Roy.

It's an interesting diversification for a group that has been going through tough times. The Reserve Bank of India (RBI) has barred its financial arm from raising deposits since 2008, it sold off its loss-making airline business to Jet Airlines and the real estate business has just begun to come out of a market crash.

A person close to the group said there are interested parties to pick a stake in the Pune franchisee and Sahara may consider this option to raise resources.

One such interested party could be Mr Dhoot. "We are still keen on cricket, if any existing team is willing to offload a 10% stake to us," he told ET. The second-highest bid was received from Rendezvous Sports, a five-member consortium based in Kerala — Vivek Venugopal (Elite group), Anchor Switches, Rosy Blue Diamond, Mukesh Patel and Shailendra Gaikwad.

"This consortium has taken shape over the last year and half and we look upon Shashi Tharoor as our mentor and guide," said Vivek Venugopal of the Elite group, who is in the consortium in his personal capacity.

The state shall be legally answerable for the distribution network (starting from the state depots), delivery to the beneficiary families and the correct identification of the poor. In case the state government is unable to supply food to the beneficiaries, it will have to provide them a food security allowance. For the purpose of making such payments, the state will be obligated to maintain a dedicated Food Security Allowance.

State governments will also set up vigilance committees to monitor the implementation of the Act. Provision has also been made for social audits of the scheme.

Cooking gas to cost Rs 40 more in Delhi

Delhi finance minister A K Walia presented Rs 26,000 crore budget for the capital on Monday and allocated Rs 4,224 crore for transport sector and Rs 1,443 crore for health.

Cooking gas(LPG) will now cost more in Delhi with the city government withdrawing Rs 40 subsidy on LPG cylinder. High-end mobiles, luxury watches will also cost more in Delhi.

Diesel will also cost more in Delhi as VAT has been increased to 20% from 12.5%. CNG, fertilizers, household plastic items, utensils will also cost more.


 
  • Dalit is a Dalit even in a 'free' market
    RADHIKA RAMASESHAN

    DIE IS CASTE

    A would-be Dalit entrepreneur approaches a bank for a loan. He is
    told he can get one to buy a cow or a buffalo but not to start a business

    While others' businesses are known by their ware or the service they provide, Dalits' shops are known by their caste name. It tends to keep away upper-caste customers

    Source: A JNU professor's study on first-generation Dalit entrepreneurs

    New Delhi, March 21: Caste is feudal, the market free and equal. Correct? Ask Ratan Lal Sirswal or Deepak Jatav.

    Sirswal, 75, had started off as a sweeper but is now one of the oldest businessmen in Panipat, Haryana. He quit his sweeper's job once his handloom unit was on its feet. His success, he says, came largely because he hid the fact that he was born a Valmiki Dalit.

    Customers who discovered his caste origins shunned him. Banks would not give loans because caste matters to them too, and Dalit entrepreneurs are too few and far between to work the system as a group like the upper castes do.

    Jatav, 51, is an established footwear manufacturer in Saharanpur, western Uttar Pradesh. Even today, he says, people refer to him by a caste label whose use is a non-bailable offence under the SC/ST Act.

    His non-Dalit peers, however, are respectfully called "businessmen". Upper-caste traders deal with Dalits only if they have to, he says.

    Theirs are some of the testimonies included in a pioneering study on first-generation Dalit entrepreneurs by Surinder S. Jodhka for the Institute of Dalit Studies in New Delhi.

    Jodhka, a sociology professor with JNU, contests the tendency of academic writings to look at caste as a "traditional system of social hierarchy and culture" that is expected to weaken and eventually get subsumed by the whirligig of development and modernisation.

    "In the mainstream understanding of textbook economics, development or the market were essentially secular or socially neutral and anonymous processes. Similarly, the social science understanding of entrepreneurship has typically revolved around the notion of a rational individual operating in a supposedly free-market economy," he has written in a paper titled "Dalits in business: Self-employed Scheduled Castes in northwest India".

    Jodhka's study aims to show just how "free" the market economy is for Dalits, two-thirds of whom are land-less or marginal farmers with virtually no employment or wealth-generating assets.

    The sociologist, who drew his samples from industrially prosperous Panipat and Saharanpur, found that most of the Dalit entrepreneurs ventured into basic businesses such as small shop-keeping, contracts and dealerships (like gas agencies), and skilled service (like plumbing or electrician's businesses). Hardly one or two per cent were into more capital-intensive enterprises such as hotels, factories and educational institutions.

    When the Dalit entrepreneurs were asked if caste mattered in the "secular" business space, a typical answer was: "They hate us; non-Dalits do not like us being in business."

    A doctor in Saharanpur said upper-caste patients came to him only as a last resort.

    Ram Kumar, 35, who set up a school against strong opposition in Saharanpur had to struggle to get it recognised by the education authorities. His students are drawn from among the Dalits, the most backward classes and low-caste Muslims. No landowner, Hindu or Muslim, would think of enrolling his child in Kumar's school.

    Even locating the entrepreneurs was a problem for the researchers: they had to rely on local activists.

    Barring one, the rest were first-generation entrepreneurs whose fathers were either unlettered or barely literate.

    All of them had a problem finding space to rent.

    Despite the hiccups, the study found that the Dalits' enterprises, however small, had grown — though they were reluctant to fill in the details because most of them kept no books nor filed tax returns.

    Most of them also felt that economic success had helped them enter the mainstream political space.

    They looked on themselves as "role models" for the community. But every one of them said that if they could, they would send their children abroad where caste did not exist.

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Purse open, lips pursed
- Group with Tharoor's 'blessings' snaps up IPL Kochi SAMYABRATA RAY GOSWAMI AND JOHN MARY

March 21: A little-known consortium picked up the IPL's new Kochi team for a spectacular sum today, setting off a buzz around its dark-horse promoters and getting linked to minister Shashi Tharoor.

Such was the speculation that swirled around the deal that at one point, some people were mentioning the name of the Arab owner of English football club Manchester City.

Although the Sahara group made the day's highest bid of $370 million to pocket the Pune franchise, Rendezvous Sports World Limited (RSWL) hogged the spotlight with its $333.33 million Kochi bid at the Chennai auction for the T20 league's two new teams.

Together, the Indian Premier League's ninth and 10th franchises — which will start playing from next year — almost equalled the combined bids for the eight older ones two years ago, with Kochi bringing in almost thrice the sum that Mumbai did. (See graphics below)

Tharoor, the junior foreign minister, admitted to giving RSWL his "blessings" but denied involvement in the bid. In the IPL's power corridors, the talk was that the man behind the consortium could be Abu Dhabi trillionaire Sheikh Mansour bin Zayed Al Nahyan, who had paid a record price for Manchester City.

"To the best of my knowledge, there is no Middle East group involved," Tharoor said.

Tharoor was the chairman of a Dubai-based company but he had given up the post after entering politics.


RSWL sources said the consortium was led by Shailendra Gaekwad's Rendezvous and comprised the Kerala-based Elite group of Vivek Venugopal, Anchor Earth, Mumbai-based realtor Parini Developers, Anand Shah Developers and Film Waves.

IPL commissioner Lalit Modi tweeted: "Rendezvous group has Vivek Venugopal, Anchor Switches, Rosy Blue Diamond, Mukesh Patel, Ravi and Sanjay Gaikwad as part of the consortium." The tweet did not mention any Shailendra.

It wasn't clear if Anchor Earth or Anchor Switches was associated with Anchor Electricals, a well-known home appliances company in Kerala. The only promoter with a pan-Indian reputation appeared to be Rosy Blue Diamond, which owns the retail diamond jewellery brand Orra.


Rendezvous is a Maharashtra-based firm and a highly placed source said Shailendra Gaekwad was a long-time friend of a top cricketer.

The Thrissur-headquartered Elite is a 45-year-old group with activities in international trade, food processing, distribution, real estate and construction. Tharoor is said to have ushered it into the consortium to lend the RSWL a local flavour.

Soon after the RSWL wrapped up Kochi, Tharoor tweeted: "I am NOT part of the bid but was pleased 2give Rendezvous Sports World my encouragement & blessings."

The minister's officer on special duty and right-hand man Jacob Joseph was at the auction and "cheered the loudest", an IPL source said.

A source in the Ashok Piramal group, which too bid for Kochi, said Tharoor had initially backed a bid by an Uttar Pradesh-based industrial group.

"We know this as this UP group was initially part of our consortium. Tharoor then supported its bid for an IPL team along with some friends from Kerala and the Gulf. But differences cropped up as the UP firm wanted to bid for Noida, and Tharoor was keen on Kochi. So the minister moved on," the source said. Rosy Blue Diamond and Anchor Electricals, which too were in the Piramal consortium, followed the minister out, he said.

Many NRIs, including some from Kerala, were associated with the RSWL bid, sources in Thiruvananthapuram claimed.

IPL sources said Sheikh Mansour had indicated interest in buying a franchise, leading Modi to announce in February that an English Premier League club might be a prospective bidder.

Today, Modi said: "I thought the bids would be in the region of $320-325 million, but this is a little above my expectations. "

Venugopal described Tharoor as "our mentor, who lent us his emotional support and overall guidance, without which we would not have made it at all".

He said that while the other teams were city-specific, the RSWL team was Kerala's IPL team. "One thing is sure. If we had not come in now, there would not have been a Kerala team in the next 10 years," he said.

 

http://www.telegraphindia.com/1100322/jsp/frontpage/story_12246526.jsp
 
Patta power to fight rebel menace
SANTOSH K. KIRO
Saranda forests

Ranchi, March 21: Implementation of the Forest Act may have been dismal in Jharkhand so far, but Operation Greenhunt has made the district administrations realise that speeding up the task of distributing pattas or land documents to tribal villagers would only add teeth to the ongoing fight against Maoist rebels.

In some areas, deputy commissioners have got down to implementing the Act in the face of stiff opposition from Maoists, who do not want them to succeed so that the villagers can continue to feel "disillusioned".

In other districts, the process of withdrawing cases of encroachment in forests, filed against villagers by the forest department, too has picked up tempo, in a bid to woo tribals away from the Maoists.

"People are not coming to claim the land they are tilling. Those whose pattas are ready, are also not coming to take them. And it's all because the rebels have threatened them not to take any benefits from the government," said Sunil Kumar, deputy commissioner of West Singhbhum.

Kumar has already distributed 950 pattas and another 200 would be distributed within the next three or four days. He said the district was carrying out a special drive in 14 forest villages of Chaibasa, considered Maoist strongholds.

"In Manoharpur and Goelkera blocks, the Maoists have warned villagers against collecting pattas from us. I am sending my officials to the villages — which are inaccessible by road — to get the pattas distributed," Kumar added.

Jharkhand has a sizeable tribal population and over one lakh tribal households stand to benefit from the Act. Former Governor K. Sankaranarayanan had taken the implementation of the Act very seriously and even ordered the administration to distribute one lakh pattas by December 2009. However, only 800 pattas could be distributed during the period.

The state has since made rapid progress and till date has distributed 4,835 pattas. Another 27,000 applications are being verified by different district administrations. "The work of inviting and verifying the applications and making pattas has now picked up tempo. We are speeding up the work so that the faith of the villagers in the government increases," said M.N. Kerketta, tribal welfare commissioner, the nodal officer ensuring implementation of the Act.

In the rebel heartland of Palamau, deputy commissioner Amitabh Kaushal has already distributed 174 pattas and another 300 applications are being verified. He has also instituted a committee to study the cases of encroachment of forests filed by the forest department, so that they can be withdrawn.

"After verifying the authenticity of encroachment cases, we will refer them to the public prosecutor in order to legally withdraw them," said Kaushal.

The districts of West and East Singhbhum, Ranchi, Latehar, Lohardaga, Palamau, Gumla, Simdega and Khunti are areas with large concentration of tribal population. Though 18 of the 24 districts of the state are considered rebel prone, it is in these districts with huge forest tracts that they are at their strongest. Therefore, winning the confidence of the tribal villagers is important for the battle against the Naxalites to be won.

"The anti-Naxalite operation has not deterred the work of implementation of the Act. In fact, we are speeding up the task," said Rahul Kumar Purwar, DC of Latehar. He, however, accepted that he had not been able to perform well in implementing the Act. He blamed it mainly on lack of circle officers and forest range officers in the district.

His Gumla counterpart Rahul Sharma will distribute 250 pattas in the next couple of days. "We are now verifying about 800 applications," he said.

The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 grants title rights or ownership to land that is being farmed by tribals or forest dwellers as on December 13, 2005, subject to a maximum of four hectares. Ownership is only for land that is actually being cultivated by the concerned family as on that date.



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Market Update

Mon, Mar 22 - 2:53PM IST
The benchmark index continued to remain volatile in the late afternoon session and is trading in negative zone as the investors are cautious ahead of the expiry of equity derivative contracts on Thurs...

» Read more

India mulls differential pricing for Euro IV: Govt

- Reuters

The government is considering differential pricing for Euro IV-compliant fuel to be sold in select cities from April 1, Oil Secretary S. Sundareshan said on Monday....

 

Finance ministry and Reserve Bank of India officials will meet in New Delhi on March 29 to decide on the borrowing for the first half of fiscal year 2010/11, a RBI deputy governor said on Monday.

 

"Issue is not frontloading but how to do and how much to do," Shyamala Gopinath told reporters on the sidelines of an event in the southern city of Bangalore.

 

India is budgeted to borrow a record gross 4.57 trillion rupees ($100 billion) in the fiscal year starting April 1, and a majority of this is expected to be borrowed in the first half of the year.

 

India on Friday unexpectedly raised interest rates from record-low levels for the first time since it began cutting in 2008, citing intensifying inflationary pressures and a steady economic recovery.

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ODAY - 22 March, 2010


Rahul, a dedicated politico

Here's an indication of how seriously the Gandhi scion takes politics. Rahul abandoned his business venture for elections. More


 
 
Monday March 22, 02:50 PM Reuters

Greece, India, healthcare worries hit world stocks

Click to enlarge photo

By Jeremy Gaunt, European Investment Correspondent

LONDON (Reuters) - World stocks slipped and the euro wobbled on Monday on renewed investor worries over Greece's debt crisis and after a surprise interest rate hike by India last week stoked concern about riskier assets.

Pharmaceutical stocks were particularly in focus after the U.S. House of Representatives gave final approval to a sweeping healthcare overhaul.

MSCI's all-country world stocks index was down around a third of a percent, with the emerging markets sub-index down 0.8 percent.

The falls took this year's gains for emerging market stocks -- widely considered the best bet for returns by many investors -- to barely even.

There was continued confusion about what kind of support Greece might need or get to help it sort out its debt crisis. Germany urged Athens to solve its problems alone while Italy backed European Union support.

At the same time, equity markets in Europe were being dragged lower by the pharma sector, now facing a new healthcare climate in the United States.

"You might find the pharmas are somewhat friendless out there at the moment," said Stephen Pope, chief global equity strategist at Cantor Fitzgerald in London.

The pan-European FTSEurofirst 300 was down 0.5 percent. The STOXX Europe 600 health care index lost around 0.6 percent.

India's stock market was down 0.7 percent after the central bank's surprise 25-basis point rate hike on Friday, which came after local markets had closed.

Japan's markets were closed on Monday for a holiday.

GREEK FIRE

The euro slumped to a three-week low against the dollar, pressured by uncertainty over whether Greece would be able to secure sufficient aid this week to deal with its deficit problems.

"It seems there's agreement there will be some sort of assistance to Greece, but it's not clear what form that will take," said Carl Hammer, currency strategist at SEB in Stockholm, adding that this would keep the euro under selling pressure.

India's rate rise also helped prod the dollar to a two-week high against a currency basket by curbing risk appetite.

The euro was at $1.3523 .

Yields on benchmark euro zone government debt were lower as equities slipped. But the premium investors demand to hold Greek government debt rather than euro zone benchmark Bunds rose to 338 basis points, its widest since March 1.

The cost of insuring Greek debt also rose to 337,500 euros per 10 million euros of exposure from 330,100 euros at Friday's New York close, according to prices from CMA DataVision.

(Additional reporting by Dominic Lau and Naomi Tajitsu, editing by Mike Peacock)

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

Monday March 22, 11:52 AM Source: Hindustan Times

Hotel war: India firms counter global chains

Mumbai, March 21 -- It is a war in which rooms are being built like army barracks.

The Tata-owned Indian Hotel Company and ITC's Welcomgroup are on an aggressive campaign to counter a host of foreign hotel chains expanding their reach in India.

Using a mix of franchises and property management contracts, the hospitality chains are furiously expanding.

Industry officials say the market is hot as India has a total of 120,000 hotel rooms while there is an additional requirement of 160,000 over the next two years.

Carlson, Starwood, Choice, Marriott, Accor, Hyatt, Intercontinental and Hilton are among global names increasing their Indian presence. Between they will add well over 150 properties over the next year or so, taking their tally beyond 200.

ITC Welcomgroup is adding 40 hotels to its 113 under four brands. Of this 25 are under the Fortune brand of business hotels.

Pawan Verma, senior executive vice-president at ITC, said the Welcomgroup plans to add six to eight hotels every year in addition to those announced.

"We are attached to the ground unlike them (international chains)," he said. "We excel in Indian hospitality."

The Taj Group is growing aggressively both in India and abroad. It is planning more than 70 new hotels in four categories including its budget brand Ginger to add to the portfolio of 105 hotels including 17 abroad. "This is a natural progression," he said.

Monday March 22, 10:00 AM Reuters

EXCLUSIVE - In wake of crisis, public eyes corporate ethics

Click to enlarge photo

By Scott Malone

BOSTON (Reuters) - Major consumer product and industrial companies dominated an annual list of the world's most ethical businesses, while after a government bailout of the U.S. financial system, no Wall Street banks were represented for a second straight year.

Some of the best-known U.S. companies, including General Electric Co, Gap Inc and Google Inc, made The Ethisphere Institute's 2010 ranking of the 100 most ethical companies, released on Monday.

Automaker Ford Motor Co, iconic American brand Campbell Soup Co and software company Adobe Systems Inc appeared in the top 100 this year, while automaker Toyota Motor Co and fast-food company McDonald's Corp dropped off.

Investors have had their confidence shaken in recent years, by episodes like the huge fraud of Bernard Madoff's $65 billion Ponzi scheme and a bribery scandal at Siemens AG, and questions like how much it is appropriate for banks propped up by government infusions to pay their top executives.

The companies that made the list stood out for focusing on ethics at top executive levels, said Alex Brigham, executive director of Ethisphere.

"The issue of ethics, reputational risk, is now in the board room," he said. "That just didn't exist a couple of years ago. Boards of directors have started really caring about this."

Top ethics officials at several major U.S. companies said honest business practices are critical after a brutal downturn that pushed the U.S. jobless rate as high as 10 percent, savaged retirement savings and home values and left many Americans less trustful of big business.

"Shareholders are much more activist. People are much more tuned in to what's going on behind the curtain," said Patricia Nazemetz, chief ethics officer at Xerox Corp, the U.S. office document management company. "Building the public trust is critical."

Ethisphere evaluated more than 3,000 firms on seven factors, ranging from how seriously their top executives take corporate citizenship, to how they manage compliance, to the effect their ethical leadership has on industry rivals.

The New York-based think tank evaluates companies with more than $50 million in annual revenue and at least 100 employees.

SEEING 'YOUR OWN REALITY'

Beyond building goodwill with consumers and investors, creating a culture of honesty can help companies to admit to themselves when their businesses are suffering -- which can allow them to better weather tough times.

"Part of being ethical is looking at your own reality with clear vision," said David Leitch, chief counsel at Ford. "It's being honest with yourself and your peers in the company ... having a real vision of our own reality and not fooling ourselves."

Internal candor helped prompt the Detroit automaker to borrow more than $23 billion to shore up its cash position, sell some brands and cut jobs ahead of the recession. Analysts have cited those moves as a key reason why Ford was able to avoid filing for bankruptcy and seeking government money, unlike rivals General Motors Co and Chrysler Group LLC.

Rival Toyota's image has taken a blow in the United States since November 2009, when the world's largest automaker began recalling vehicles to fix gas pedals linked to bursts of unexpected acceleration. The Japanese company had played down complaints about the issue for several years.

EXPORTING ETHICAL CULTURE

As many U.S. firms tap into higher economic growth in emerging economies, where businesses and governments might be more inclined to corruption, executives are developing systems for teaching their ethical standards.

"What you try to do is have some leadership resources in places that are challenging early on," said Brackett Denniston, general counsel at GE, the largest U.S. conglomerate. "We hired a lawyer in Vietnam before we really had much business in Vietnam, because it's a tough culture."

(Reporting by Scott Malone, editing by Ros Krasny and Gerald E. McCormick)

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



Stocks eye health reform, housing, Greece

Washington's bid to put finishing touches on healthcare reform this weekend should help lift uncertainty on Wall Street, but there may be some turbulence along the way next week as the recent rally appears to be fraying.


All Business News

All Business
  • India's $8.8 bln stake sale target feasible
    - Reuters - Mon 22 Mar, 03:31 PM
    NEW DELHI (Reuters) - The government will achieve its targeted 400 billion rupees ($8.8 billion) for stake sales in companies in the fiscal year that begins in April, a senior finance ministry official said on...
  • Banks see stable lending rates, profits in near term
    - Reuters - Mon 22 Mar, 03:30 PM
    MUMBAI (Reuters) - Banks see stable lending rates and profits in the near term despite an unexpected repo rate hike by the Reserve Bank of India (RBI) on intensifying inflationary pressures, bankers said, though short-term lending rates may go...
  • Biocon unit to develop drugs with U.S. firm
    - Reuters - Mon 22 Mar, 03:30 PM
    MUMBAI (Reuters) - Biocon said on Monday its unit, Syngene International, has entered into an agreement with Endo Pharmaceuticals USA to develop new cancer...
  • INTERVIEW - IMF's Lipsky: yuan should be seen in global context
    - Reuters - Mon 22 Mar, 03:30 PM
    HANOI (Reuters) - China's controversial currency policy is best considered in a broad, global context, and while policy changes are ultimately made at the national level they are never made in a vacuum, a senior IMF official said on...
  • Realty firms do not see rate hikes denting sales
    - Reuters - Mon 22 Mar, 03:30 PM
    NEW DELHI (Reuters) - The surprise interest rate hike by the Reserve Bank of India (RBI) will not significantly dent property sales, but another widely expected rate hike in April may slow down sales marginally, developers and analysts said on...
  • China c.bank sees risks, uncertainties persisting
    - Reuters - Mon 22 Mar, 03:00 PM
    BEIJING (Reuters) - New problems and uncertainties are constantly emerging in the financial sector in the wake of the global credit crunch, the People's Bank of China said on...

EARLIER HEADLINES

http://in.finance.yahoo.com/investing

Where is the money, Mr Modi? IPL valuations

Cricketnext.com (blog) - ‎3 hours ago‎
of Mr Lalit Modi, IPL Commissioner yesterday when he said. "The IPL has nothing to do with recession". Frankly, he had reason for that casual condescension. ...

Chargers, KKR most popular IPL teams: survey

Business Standard - ‎26 minutes ago‎
PTI / New Delhi March 22, 2010, 20:06 IST Defending champions Deccan Chargers were rated the most popular side of Indian Premier League (IPL) while last ...

TRISHA CHEERS AT THE IPL

BehindWoods - ‎2 hours ago‎
The thrilling IPL match between the Chennai Super Kings and Kings XI Punjab will be worth remembering for sometime. The match did not only have nail biting ...

KKR vs MI – IPl t20 live between Kolkata knight Riders and Mumbai Indians

Fyoq News - ‎1 hour ago‎
The 17th match of Indian Premier league is all set to begin in few minutes from now. After the great start of Kolkata, they have seen a downward performance ...

IPL 2010: Chennai Super Kings set to take over Royal Challengers Bangalore

World News - ‎1 hour ago‎
Royal Challengers Bangalore team have topped the IPL 2010 Points Table List so far. They have managed to get 6 points. The Bangalore team have played 4 ...

Parnell ruled out of IPL due to groin injury

Cricketnext.com - ‎2 hours ago‎
The other injured players in IPL III include India and Chennai Super Kings (CSK) captain Mahendra Sigh Dhoni (elbow) and South Africa's Justin Kemp (back). ...

Hotel pays price for screening IPL match

Times of India - Chittaranjan Tembhekar - ‎15 hours ago‎
MUMBAI: Organising a 'special screening' of an IPL match on Sunday cost a five-star hotel in Navi Mumbai dear. The Navi Mumbai police on Sunday evening ...

'Fan'tastic TRPs for IPL, TV serials

Times of India - Roshni K Olivera - ‎2 hours ago‎
The IPL fever's on! Season 3 has been quite a success and that's evident in the figures released by TAM media that tracks TV viewership patterns in the ...

SRK: Kolkata's new King!

Times of India - Tapan Joshi - ‎7 hours ago‎
After all, financially, the Knight Riders were easily the most successful franchise in the IPL, making a profit of Rs 13 crore in the first edition itself. ...
Email this story

An English IPL could have solved listed events row

Telegraph.co.uk (blog) - Nick Hoult - ‎39 minutes ago‎
What the BCCI have done by inventing the IPL and taking forward a format of the game, Twenty20, which originated in England, is to create new wealth. ...

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World stocks hit by Greek debt, India rate hike

22 Mar 2010, 1717 hrs IST, AGENCIES

Stocks slipped on investor worries over Greece's debt and after a surprise interest rate hike by India last week stoked concern about riskier assets. Top gainers & losers

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