Friday, June 26, 2009
Tuesday, June 23, 2009
Jai Ho.... India fastest growing Economy till 2010...WB
India is projected to become the fastest-growing economy in the world by 2010, clocking a growth in gross domestic product (GDP) of 8 per cent.
China would by then have been pipped to second place, with a GDP growth rate of 7.5 per cent in 2010, says the World Bank's report 'Global Development Finance 2009', released on Monday.
This means that India is likely to be the country to have rebounded the fastest from the shattering impact of the global financial meltdown.
Although the global lending agency has painted an unusually stark picture of the state of the world's economy, and has sharply increased its estimate of the impact of recession on global economic growth as a whole, India and China have emerged as beacons of hope amidst the prevailing gloom.
For the world economy as a whole, the report has sharply increased its estimate of the slowdown.
World GDP is now estimated by the bank's economists to shrink by 2.9 per cent in 2009, sharply up from its earlier projection of a 1.7 per cent decline.
For 2009, the World Bank has projected 5.1 per cent GDP growth for India, the slowest in six years. However, the bank gives its projections for the calendar year, while the government gives data for the financial year.
Historically, the World Bank has tended to be somewhat conservative with its India numbers. India's economy grew by 6.9 per cent in 2008-09 - the government itself had predicted 6.7 per cent growth - against the Bank's projection of 6.1 per cent for 2008.
In the interim Budget presented this year, the government has estimated GDP growth at seven per cent, eight per cent and nine per cent for the years 2009- 10, 2010-11 and 2011-12 respectively.
"If the green shoots persist, 6.5 per cent is doable for the current financial year," said Shubhada Rao, chief economist of Yes Bank. She felt that any fiscal stimulus from the government will work best if focused on areas which can become self sustaining.
Boosted by the two Asian powerhouses, developing economies as a whole are expected to grow by 1.2 per cent this year.
If these two countries are excluded, GDP in the other developing countries would actually shrink by 1.6 per cent, throwing millions more into poverty and heightening the risk of financial instability in the region, the report warned.
In fact, India and China could together help power the world out of recession.
"Developing countries can become a key driving force in the recovery, assuming their domestic investments rebound with international support, including a resumption in the flow of international credit," said Justin Lin, World Bank chief economist and senior vice president, Development Economics.
This view is echoed by India Inc. Said Anjan Roy, adviser, economic affairs at trade body FICCI, "Undoubtedly, the economies of India and China are bright spots in the present economic environment.
In case of India, the inherent domestic consumer market is a big pull factor. The economy also has a fairly balanced structure in which industry, services and consumption are evenly placed. In case of China, the economy is heavily dependent on exports but it has launched massive stimulus packages that will see the economy through in turbulent times." The rapid rebound in India and China is expected to change the fortunes of the rest of the world's economies. With India projected to grow at eight per cent and 8.5 per cent in 2010 and 2011 respectively, and China predicted to clock 7.5 per cent and 8.5 per cent growth rates during the same period, the rest of the world is also expected to hit positive territory as far as growth is concerned, although at a much slower pace.
World GDP, after shrinking 2.9 per cent - the worst fall in record - is expected to grow by two per cent and 2.3 per cent in 2010 and 2011 respectively.
"To break the cycle and revive lending and growth, bold policy measures, along with substantial international coordination, are needed," the World Bank said.
The big worry is the huge ballooning in money supply world-wide, due to the massive stimulus packages auctioned by most countries, including India.
With recovery, this poses the threat of a massive surge in inflation, which will have to be tackled with policies which soak up the excess money without crimping growth.
"To prevent a second wave of instability, policies have to focus rapidly on financial sector reform and support for the poorest countries," said Hans Timmer, director of the bank's Prospects Group.
"The worst of the contraction in global GDP is over and we may see some more green shoots of recovery as destocking gives way to inventory rebuilding and fiscal and monetary stimulus starts to have an impact. However, growth over the next two years will be marked by a high degree of volatility, with a substantial slowdown of quarter- on- quarter growth rates once stimulus fades," warned Manoj Vohra, director of research at the Economist Intelligence Unit.
Source: Business Today
Monday, June 22, 2009
Todays News Brief - 22nd June 09
Porsche Panamera
The Porsche Panamera is a four-door, four-seat luxury sedan, which launched in 2009. It is front-engined with rear wheel drive, with four-wheel drive also available.
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| From Porsche Panamera |
Specifications
At launch, the Panamera will have three engine choices - a 3.6 L V6 found in the 2008 facelifted Cayenne with 300 hp (224 kW; 304 PS) in the base Panamera, a 4.8 L V8 with 405 hp (302 kW; 411 PS) in the Panamera S and Panamera 4S[3], and a turbocharged 4.8 L V8 with approximately 500 hp (373 kW; 507 PS) in the Panamera Turbo.[4] There is even a hybrid version[5] in the pipeline. Rumors suggest that the V-10 engine from Porsche's limited-run Carrera GT supercar may be offered as well, although this is still extremely unlikely given the expense of manufacturing the engine and that Porsche does not currently have a facility capable of producing a suitable number of the V-10 engines per year. It is also rumored that the V-12 diesel from the Audi Q7 may be used in the Panamera.
US models include engine start/stop system. Turbo version includes active aerodynamics with a multi-stage, adjustable rear spoiler.
- Manufacturer —Porsche
- Production — 2009
- Predecessor — Porsche 989 concept car,
- 4-door 911 based prototype
- Class — Mid size luxury car
- Body style(s) — 4-door sedan
- Layout — FR layout/all wheel drive
- Engine(s) — 3.6 L V6, 4.8 L V8, 4.8 L turbocharged V8
- Transmission(s) — 6-speed manual, 7-speed PDK
- Length — 4970 mm (195.7 in)
- Width — 1931 mm (76 in)
- Height — 1418 mm (55.8 in)
- Curb weight — 1800 kg (3968 lb)
- Related — Porsche Cayenne
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| Porsche Panamera |
Saturday, June 20, 2009
Wednesday, June 17, 2009
Today’s News Brief – 17th June 09
POWER
Consumers upset over power tariff hike
The hike in power tariff by BEST and Reliance in Mumbai has drawn sharp criticism from consumer and political forums. BEST committee members led by its chairman and BJP leader Dilip Patel and Shiv Sena leader Sunil Prabhu on Tuesday protested against the hike and warned of intense agitation if MERC failed to withdraw it. "We have urged the BEST general manager to go in appeal against the hike during the review and withdraw it in the benefit of consumers,'' said Patel. Mumbai Grahak Panchayat, a forum of consumers in the city, has cited that though an average power hike of 9.5% seemed less for Reliance's residential consumers, the calculations based on unit-wise consumption showed 44% to 60% hike in actual billing. "Our bill calculations show that residents in suburbs consuming 100 units will have to pay an average Rs 124 more on each monthly bill, while those consuming 150, 200, 250, 300 and 400 units will have to pay an average Rs 221, Rs 298, Rs 373, Rs 452 and Rs 616 respectively over their present bills,'' said Shirish Deshpande of the Panchayat. On Monday, MERC effected hike in electricity tariff for over 7 lakh residential consumers in the island city and over 19 lakh in suburban Mumbai by 9.5% and 7.5%, respectively.
R Power hopes to achieve Dadri financial closure in eight months
uoyed by the Bombay High Court order asking Reliance Industries to supply 28 mmscmd from KG-D6 at $2.34 per mmbtu for 17 years to Reliance Natural Resources (RNRL), the Reliance Power hopes to achieve financial closure for the 7,480-mw Dadri project in Uttar Pradesh in eight months after the signing of the fresh agreement between RIL and RNRL. A large proportion of the gas will be supplied to the Dadri project. The per megawatt project cost is estimated at Rs 3 crore to 3.5 crores. According to Kotak Securities, gas price of $2.34 per mmbtu is better compared to $4.2 based on government-determined formula and results in reduction of fuel cost from Rs 1.96 per unit to Rs 1.33 per unit. A transportation cost (and taxes) of $1.66 per mmbtu for delivery of gas to the Dadri project is factored in. Any reduction in transportation cost, due to alternate gas-pipeline route (in the future) or relocation of the gas-based capacity closer to the gas-source would translate into incremental savings for Reliance Power. more...
'India should look at generating cheaper power'
India should look at generating cheaper power and private companies need to collaborate with the department of atomic energy to manufacture equipment for this segment so that costs come down. This was the view of Atomic Energy Commission chairman and department of atomic energy secretary Anil Kakodkar. He was here to deliver the fourth Raja Ramanna Memorial Lecture at the Variable Energy Cyclotron Centre. Mr Kakodkar stressed on the need to encourage downstream partners to venture into research so that they receive the benefits of technological advancement. more...
ECONOMY
OECD chief predicts economic upturn for year end
Economic recovery in the OECD group of rich countries will begin at around the end of the year, the organization's head said Tuesday, adding that the worst of Mexico's recession was over. "There will be a recuperation at the end of 2009 or the start of 2010," OECD Secretary General Angel Gurria said to reporters here. "We're going to change color from red to black." The United States would be one of the first countries to climb out of the recession due its enormous economic stimulus packages, which would in turn impact on its close dependents, like Mexico, Gurria said. more...
Aviation to account for $3.6 trillion of world GDP by 2026
Some 50 million jobs and $3.6 trillion of the world's gross domestic product (GDP) will depend on aviation by 2026, an Oxford Economics report said. According to the report 'Aviation: The Real World Wide Web', limiting aviation's growth to one per cent below the current trend would cost six million aviation related jobs and the industry's GDP contribution by $600 billion. "Close to 20 million jobs could be supported by the Asia-Pacific region's air transport sector in 20 years. Currently air transport contributes around USD 170 billion to the Asia Pacific region's GDP," it said. more...
POLITICS
Arun Jaitley quits as BJP General Secretary
Senior BJP leader Arun Jaitley, the target of several party leaders who have questioned his appointment as Leader of Opposition in the Rajya Sabha after the electoral debacle, today quit as General Secretary of the organisation. However, Jaitley, who was the chief election strategist and has attracted a lot of flak for the party's performance in the Lok Sabha polls, has not quit as leader of BJP in Rajya Sabha which enabled him to become the Leader of Opposition in the upper house. BJP President Rajnath Singh today said Jaitley gave his resignation six-seven days ago before he left on a holiday to London. more...
PM meets Zardari, asks him to act against terror
In the first top-level contact since the Mumbai terror attacks, Prime Minister Manmohan Singh today met President Asif Ali Shanghai Cooperation Organization Summit
Zardari here during which he is understood to have made it clear that Pakistan should take concrete action against terrorism directed against India. ( Watch ) Singh, who arrived here on a three-day visit, met Zardari on the sidelines of the Shanghai Cooperation Organisation (SCO) summit. Ahead of their meeting, the two leaders shook hands when they came face-to-face after posing for a group photo with leaders of other SCO member nations -- Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan. India, Pakistan and Iran are among the nations who have observer status in SCO. more...
TELECOM
DoT seeks Rs 3000 cr support for BSNL
The communications ministry has sought an allotment of Rs 3,000 crore from the finance ministry for supporting BSNL’s wireline networks that were set up before April 2002. The DoT wants the amount to be sanctioned in the budget. This is to compensate the state-owned telco for losses during the last fiscal after telecom regulator Trai had done away with access deficit charge regime from April 1, 2008. Prior to that, all telcos were paying 0.75% of total revenues towards ADC, which was used to support BSNL’s unviable fixedline operations in rural India. In 2007-08, BSNL got Rs 2,000 crore as ADC. more...
Vodafone approaches FIPB for NLD, ISP licences
Mobile services company Vodafone Essar has applied for internet service provider and national long distance licences and has approached the Foreign Investment Promotion Board (FIPB) for approval. The company officials confirmed that the operator has applied for these two licences and aims to become a full-fledged communication services provider in the country. FIPB, on June 19, may take up the proposal, sources said. If Vodafone Essar, in which the UK-based mobile firm Vodafone holds majority stake, gets the national long distance licence (NLD) it will help the company save operating expenses for carrying STD traffic, instead of hiring other mobile company's network for the purpose. more...
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INTERNATIONAL
US to emerge from recession in third quarter: Bank economists
The United States should emerge from recession in the third quarter of this year but will continue to reel from high unemployment and budget deficits, economists from top banks forecast Tuesday. "The economy will return to growth but not to health," said Bruce Kasman, chief economist for JPMorgan Chase and head of the economic advisory committee of the American Bankers Association. "Growth in the coming quarters is likely to gather momentum but will not prove sufficiently robust to undo much of the severe damage done to our labor markets and public finances," he said. more...
ADB approves $3.4 bn in additional loans for Asia
The Asian Development Bank said on Tuesday it has approved $3.4 bn in new loans to help Asian nations overcome the global economic crisis. The Manila-based development bank said $3 bn in loans would be made available through a previously announced counter-cyclical facility, which will carry market-linked rates of interest. It said $400 million will be available for poorer nations on concessional rates of interest. more...
THOUGHT FOR THE DAY
"There are basically two types of people. People who accomplish things, and people who claim to have accomplished things. The first group is less crowded."
HEALTH TIP
Have handful of overnight soaked beans or legumes every morning. They are rich in folic acid that helps reduce the rik of various cancers.
TIP - to save energy
Compact fluorescent light bulbs generate 70 percent less heat, so they are safer to operate and can also reduce energy costs associated with cooling homes and offices.
HUMOUR JUNCTION
My life has a superb cast but I can't figure out the plot.
Tuesday, June 16, 2009
Monday, June 15, 2009
Today’s News Brief – 15th June 09
POWER
India needs more flexible power plants to meet demand
India needs flexible power plants as well as ultra mega ones to meet its demand for electricity, a top industry official said. "To meet the increasing power demand, the country needs flexible power plants along with 2,000 MW Ultra Mega Power Plants (UMPPs)," Wartsila India Managing Director Rakesh Sarin said on the sidelines of a conference here. Wartsila India, a wholly-owned subsidiary of Finnish company Wartsila Corp, is a significant supplier of decentralised power plant for industries, utilities and independent power producers (IPPs) in India. more...
A Cabinet Committee on energy?
Sushil Kumar Shinde, Bharathsinh Solanki, Dr Farooq Abdullah, Murli Deora, Jitin Prasada, Shri Prakash Jaiswal, and Vincent Pala. What is common between these newly sworn in ministers of the new UPA government? They along with the Prime Minister, who is in charge of nuclear energy, are all connected in one way or the other with determining the fate of India’s energy scene for the next five years. It is inevitable, in jumbo-sized cabinets, the government is compelled to slice the meat into slivers so thin as to reduce the cabinet-making exercise to a farce. more...
INFRASTRUCTURE
Bandra-Worli Sea Link to open by June end
The much-awaited Bandra Worli Sea Link (BWSL), an ambitious 8-lane twin carriageway built over the Mahim Creek, will be opened to the public at the end of the month. "You yourself have seen the entire work, I found the work quite satisfactory. By the end of June, we will open this bridge for the public," said Maharashtra Chief Minister Ashok Chavan on Saturday. Earlier, Chavan had inspected the site with Deputy Chief Minister Chaggan Bhujbal and other senior state government officials.Chavan also revealed that the government would finalise bids for the Worli to Haji Ali sea link next week. more...
Banks for restoring tax sop on long-term lending to core projects
With the new government laying thrust on infrastructure creation, bankers are expecting a crucial tax sop, whereby interest earned on long-term lending to infrastructure projects is considered as an allowable deduction, to be restored. Under the erstwhile section 10(23)(G) of the Income Tax Act, 1961, banks were allowed to claim the interest earned on long-term lending to infrastructure projects as an allowable deduction. This section helped in channelling investments/ credit to the infrastructure sector. However, this section was withdrawn in the Finance Act, 2007. more...
ECONOMY
Economy to grow by 8.5 pc, but govt borrowing a worry: Kamath
ICICI Bank Chairman K V Kamath on Sunday said the Indian economy could grow by 8.5 per cent in current fiscal, but warned the government against massive borrowing and said this would obstruct banks from lowering lending rates. Advising the government to look for alternative sources for raising funds to pursue its employment and rural economy programmes, which he termed as a must for high growth, Kamath said, "I think we have hit the road at a pace where we can aspire for 8.5 per cent growth in not a difficult way." more...
An island of growth
If one goes by what the Prime Minister told the Lok Sabha the other day, the signs of a recovery within the national economy are strong, and may lead to a GDP growth rate of between 8 and 9 per cent in 2010-2011 compared to an expected 7 per cent in the current year. In the previous year (2008-2009) growth was 6.7 per cent, which was entirely the work of the recessionary forces buffetting the international economy, especially in the second half of the year, ending a spec tacular run of around 9 per cent growth between 2005 and 2008. How can India achieve this growth performance at a time when nearly every other major world economy will still be battling the recession which, most observers agree, is gradually weakening? more...
POLITICS
Cabinet may decide schedule for Budget session tomorrow
The schedule for the Budget session of Parliament is likely to be decided at a meeting of the Union Cabinet tomorrow. The meeting will be held shortly before the departure of Prime Minister Manmohan Singh for the SCO and BRIC Summit being held in Yekaterinburg, Russia. Indications so far are that the Union Budget is likely to be presented in the Lok Sabha on July 3, Economic Survey on July 2 and Railway Budget on July 1. Parliamentary Affairs Minister P K Bansal has said the session is expected to begin by the end of June or early July and passing of the Budget would constitute the main agenda. more...
Mayawati govt in a financial mess
Uttar Pradesh is facing a financial crisis. The gap between revenue receipts and expenditure is widening. This may result in a cut in plan size, tentatively pegged at Rs 36,000 crore for the current financial year. This is pending the Planning Commission’s approval. A critical analysis made by the finance department presents a bleak picture. “The income from all sources during the last two months is in the range of Rs 4,500 crore whereas the expenses exceed Rs 8,000 crore in the same period. Unless the government prioritises its spending and cuts down on some of its populist announcements the state is doomed,’’ sums up the finance department in its report. more...
TELECOM
BSNL drops plan to bid for Tunisia license
BSNL has dropped its plans to bid for telecom licence in Tunisia as the PSU finds the returns not enough to enter that market through bidding of licence. "We did not bid for Tunisia... we did not find returns on our investment," a senior BSNL official said. Earlier the PSU's CMD Kuldeep Goyal had said BSNL was planning to bid for telecom licence in Tunisia and get a footprint in the African market, which has immense potential. But not bidding for Tunisia does not mean BSNL has lost sight of the potential of the African region, which it says has growing mobile usage. more...
MTN may take GDR route for 25% stake in Bharti Airtel
South African telecom major MTN’s proposed 25% stake in Bharti Airtel will be through global depository receipts (GDRs), if the plans by the two companies to mutually acquire equity to form a global cellular alliance stretching from the Cape of Good Hope to the Indian Ocean goes through. A top Airtel executive involved in talks with MTN told ET that the GDRs will be listed on the Johannesburg Stock Exchange, shedding more light into the complex nature of the deal, which is set to test the new foreign direct investment (FDI) norms earlier this year. more...
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INTERNATIONAL
Global loans once again flowing for Indian cos
Global money markets are fast becoming favourable for Indian companies to borrow, with bankers saying it’s only a matter of time before the tap opens again. The premiums above the London Inter-Bank Offered Rate (Libor), a benchmark used by bankers for pricing corporate loans, have fallen significantly over the past few weeks. Already, ICICI Bank’s Credit Default Swap (CDS), widely considered as the benchmark for measuring investor appetite for Indian debt, has fallen to levels before investment bank Lehmann Brothers succumbed to the global financial crisis and filed for bankruptcy on September 15, 2009. more...
US sees $1.3 tn wealth erosion in '09 first quarter
With recession extending its grip on the US economy, the country witnessed wealth erosion of USD 1.3 trillion, much more than India's GDP, in the first three months of 2009. The Americans saw their wealth tumble to USD 50.4 trillion in January-March period against USD 51.7 trillion at the end of 2008. The total loss of USD 1.3 trillion is higher than the value of Indian economy, which is little over USD 1 trillion. According to the figures from the US Federal Reserve, the household net worth or wealth of Americans, declined to USD 50.4 trillion in the first quarter of 2009. more...
THOUGHT FOR THE DAY
Don't stand in someone else's shadow when it's your sunlight that should lead the way.
HEALTH TIP
Heading for workout? Have two bananas. Apart from Carbohydrates, the ample amount of potassium in the banana will minimize the chances of muscle cramps during or post workout
TIP - to save energy
Vacuum the outside bottom of your refrigerator. Also vacuum the back and behind it. This removes clogging dust and lets the air flow, allowing your refrigerator to function more efficiently.
HUMOUR JUNCTION
Who tastes dog food when it has a 'new & improved' flavor?
Saturday, June 13, 2009
Today’s News Brief – 13th June 09
POWER
No power cuts during evening
There will be no load-shedding in Maharashtra’s urban, semi-urban and taluka-level areas between 6 pm and 6 am from June 13 midnight. The state power department made this announcement in the state assembly on Friday. Load-shedding would also come down in urban areas by 15 minutes and by one hour in rural areas, the government said. The state will be buying 200 MW additional power from outside, prompting this relief. The decision will help several urban pockets within the Mumbai Metropolitan Region like Thane, Navi Mumbai, Kalyan-Dombivli, Vasai-Virar, Panvel, Ulhasnagar, Bhandup, Ambernath, Badlapur, Mulund, Bhandup and Kanjurmarg besides the other urban, semi-urban, district and taluka headquarters all over the state as well as around 27,000 villages. State power minister Sunil Tatkare recently said Maharashtra’s generation capacity was slowly increasing, thus gradually bringing down the shortfall and load-shedding in both urban and rural areas. There might not be any loadshedding by 2012 if things went according to plan, he said.
Power sector seeks tax sops, dilution of govt holdings
The power sector, ahead of the annual Budget for 2009-10, has made a strong pitch for the enforcement of tax and MAT applicability exemption for 10 years, irrespective of the year of commencement of power generation and distribution. The sector, which is striving to meet the Centre’s capacity addition of 78,700 mw in the 11th Plan period, has said that construction services, with respect to other critical infrastructure sectors like roads and railways, are already outside the service tax net, and therefore, it is only logical to introduce service tax exemption on the construction of power projects. Further, concessions or exemptions under customs and central excise laws should be extended to civil materials like cement and steel, just as other raw materials and components, required for the manufacturing of ‘machinery and equipment’ of power projects, enjoy. more...
INFRASTRUCTURE
Budget: Infrastructure to land big gains
The Union Budget slated for July first week will acknowledge the central role of infrastructure in putting the economy back on the growth track, and may relax the rules governing raising of funds besides earmarking a higher kitty for building roads, ports and other utilities. Industry players pointed out that two key norms regarding access to finance, announced as part of the second economic stimulus package in January, are set to expire this month. These allow integrated township developers to borrow abroad and let non-banking finance companies (NBFCs) to borrow from multilateral or bilateral financial institutions for lending to infrastructure developers. more...
UAE wants to invest in infrastructure sector in India
UAE is looking for more opportunities for investment in the infrastructure and other areas in India. This was conveyed by Foreign Minister of UAE Sheikh Abdullah Bin Zayed Al Nahyan who met External Affairs minister S M Krishna today and discussed bilateral relations, regional and multinational issues. He is on a two-day official visit here from June 11. Acknowledging the contribution made to economies of both the countries by 1.5 million Indian present in UAE, the ministers also explored new avenues of cooperation, especially in the domain of trade and economy. more...
ECONOMY
Worst is over for economy: PM adviser
India's industrial output growth in April showed signs of recovery and the worst is over for the economy, a senior policy adviser said on Friday. "Signs of recovery are there. Worst is over, that is what I have been saying. Worst is over for the economy," said Suresh Tendulkar, the head of Prime Minister's economic advisory council. Data on Friday showed industrial output rose by 1.4 per cent in April from a year earlier, rebounding after declining three times in the previous four months.
April industrial growth at 1.4% hints recovery
Indian industry has registered a year-on-year growth of 1.43 per cent in April.
Although modest, it is better than the preceding four months’ numbers of minus 0.75 per cent, minus 0.72 per cent, 1.03 per cent and minus 0.25 per cent respectively.
The latest number holds hope that the worst is over and the economy is on a recovery mode.The 1.43 per cent annual rise in the Index of Industrial Production (IIP) in April – against 6.22 per cent during the same month last year – has been led mainly by electricity and mining. These two sectors have grown by 7.06 per cent and 3.8 per cent, as compared with their corresponding April 2008 year-on-year increases of 1.39 per cent and 6.14 per cent respectively. more...
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POLITICS
PM to meet Zardari during SCO summmit
Prime Minister Manmohan Singh will meet Pakistan President Asif Ali Zardari during a multilateral summit in Russia on June 16, in the first top-level contact between India and Pakistan after the Mumbai terror attacks. "They will be at the same place at the same time....They will meet, they will shake hands," foreign secretary Shivshankar Menon told reporters while briefing them on Singh's visit to Russia. Menon, however, said there will be no structured meeting between the two leaders. more...
Congress set to give new look to organisation
The AICC reshuffle exercise is likely to be completed before Congress president Sonia Gandhi’s foreign trip on June 16. The list of governors is also likely to be finalised. The party is showing urgency in finalising the names for organisational posts due to impending elections in Maharashtra and Jharkhand. Buoyed by its good showing in the Lok Sabha elections, the Congress government in Haryana too would like to advance assembly polls. The Congress leadership would like to use the organisational reshuffle to set right the skewed caste equations and leadership void, as well as to accommodate social groups and states that failed to find representation in the council of ministers. The leadership is expected to effect some kind of an organisational change in states where it did not fare well in the Lok Sabha elections. more...
TELECOM
2G allocation: DoT to seek more time
The Department of Telecom will seek more time from the telecom tribunal to decide on the policy for allocating 2G spectrum for mobile operators. The deadline to decide on the policy is today, according to a judgment given by the Telecom Dispute Settlement Appellate Tribunal in its order of March 31, 2008. The tribunal had asked the DoT to finalise the policy one month after the spectrum committee submits its report. Since the spectrum panel submitted its proposals on May 13, the DoT would have to take its final decision by June 13, according to the directions of the TDSAT. The DoT had, therefore, put on hold fresh allocation of spectrum till the policy was finalised. more...
Spice Mobile plans entry into Africa
After Indian mobile operators venturing into international markets, it is now the turn of cell phone makers. The B. K. Modi Group-owned Spice Mobile is planning to sell mobile handsets in developing markets in Africa and Asia in a bid to replicate its growth story in India. Speaking to Business Line, Mr Kunal Ahooja, Director and CEO, Spice Mobile, said, “We have launched our products in some foreign countries such as Nepal. We are planning to launch in more countries including in Africa. These markets are similar to India with low margins and high volumes.” more...
INTERNATIONAL
BRICs won't break dollar's supremacy, for now
Nations like Russia have rattled global markets by challenging the domination of the US dollar as the world's reserve currency, but investors say there is no realistic alternative for now. Russia will renew its push for a rethink on the dollar's status as the reserve currency of choice when it hosts a summit of fellow emerging heavyweights Brazil, India and China next week. The greenback is too integrated into global financial markets, with almost all commodity trade conducted in dollars and the United States still retaining the deepest, most liquid markets in fixed income securities, key assets for central banks. more...
North Korea threatens military action, to enrich uranium
North Korea on Saturday threatened military action if the United States tried to isolate it after the U.N. Security Council imposed widened sanctions against the reclusive communist state for a nuclear test in May. The North also vowed to start a programme to enrich uranium and to weaponise plutonium at its nuclear weapons plant, the North's official news agency KCNA quoted its foreign ministry spokesman as saying. The sanctions resolution approved on Friday banned all weapons exports from North Korea and most arms imports into the state. It authorised U.N. member states to inspect North Korean sea, air and land cargo, requiring them to seize and destroy any goods transported in violation of the sanctions. more...
MARKET INDICATOR
Markets are closed today
THOUGHT FOR THE DAY
Believe it can be done. When you believe something can be done, really believe, your mind will find the ways to do it. Believing a solution paves the way to solution.
HEALTH TIP
Take two tablespoon of cinnamon powder and one teaspoon of honey in a glass of luke warm water and drink up to destroy bacteria within the bladder
TIP - to save energy
You can save 4% to 9% of your water heating bill and reduce stand by heat loss by 25% to 50% if you have an older water heater just by putting a blanket or jacket covering made of special insulation.
HUMOUR JUNCTION
I poured Spot remover on my dog. Now he's gone.
Customize PDFs online with these tools…
Portable Document Formats (PDFs) are one of those file formats that can cause quite a headache. Sometimes, you want to convert them to a Word file. Other times, you want to convert the Word file to a PDF. But doing so isn't always easy.
Luckily for you, there are a variety of online tools that can modify PDF files quickly and easily. Here are some of my favorites that work right in your browser:
Create Adobe PDF Online does a number of things well. It can convert a variety of file formats to PDF including applications and Web pages. It can also combine multiple PDFs into a single file. When you choose to convert a file, you have the option of getting it e-mailed to you in an attachment, or simply have it load up in your browser. In either case, it takes a couple of minutes for it to deliver the finished product, making it a little slower than some of the other tools in this roundup. If you can wait though, it works quite well.
Webware -- in PDF -- thanks to Create Adobe PDF Online.
Document Converter eXPress from Neevia is a feature-packed app that lets you convert files from any number of formats into a PDF. You can choose from image files like JPEG, PNG, TIFF, and BMP. You're also able to roll back the file's compatibility to be able to work with previous versions of Adobe Acrobat, dating back to version 3.0. There's also a tool to add encryption and a watermark.
Document eXPress lets you go back in time with Acrobat.
Loop PDF is one of the simplest PDF conversion tools in this roundup. You have to create an account to use it, but after you do, the free tool lets you add PDFs from your computer or URLs, and combine them into a single document. You can also convert other file types into PDFs. Loop PDF easily converted files in just a few seconds for me.
Loop PDF makes it quick and easy to upload files.
PDF Hammer lets you edit PDF files right in your browser. Once you pick the file you want to edit, you can upload it to PDF Hammer. The tool then allows you to perform your edits and save the revised file back on your computer. You can also merge multiple PDF files into one, add a password to the file, and update its metadata.
PDF Hammer gives you all the directions you need to get the job done.
PDF-o-matic PDF-o-matic converts a Web page to PDF. It's not the prettiest site in this roundup, but it makes it dead simple to convert entire Web pages into PDFs. Simply input the URL of the site you want to convert in the box placed prominently in the middle of the page and PDF-o-matic will do the rest. It's quick and easy.
PDF-o-matic turns CBSNews.com into a PDF.
PDF Online is actually three tools in one. It converts Word documents to PDF, PDF files to Word documents, or Web sites to PDF. When you pick which operation you want to perform, it takes just a couple minutes to get the right file format. Once you choose the file you want to convert, you'll need to assign it a name and provide your e-mail address. It then uploads your file and sends you the finished product as an attachment in an e-mail. In my experience, it took no more than a minute to get the file back.
PDF Online sends you an e-mail with your attachment.
PDF to Word does what you might expect: it converts PDF files to Microsoft Word and rich text formatted documents. It's a simple tool that is one of the more convenient resources in this roundup. Simply find the PDF file you want to upload, pick .Doc or .Rtf, and input your e-mail address. In just a few minutes, you'll receive an e-mail from the service with your new file.
PDF to Word gives you step-by-step instructions.
Zamzar makes it easy to upload files and have them converted to a variety of file types, including PDF, Ogg, and many more. Whether it's a file or a Web site, Zamzar can convert anything you want into practically every file type under the sun. And since it's free, it's even more attractive. I would have liked its load times to be a little faster, but with so many supported file types, it's not such a big deal.
Ogg in Zamzar? You better believe it.
Friday, June 12, 2009
Today’s News Brief – 12th June 09
POWER
Rel Power to raise Rs 12,000-crore debt for 4,000-mw Andhra plant
Hopes to achieve financial closure in 2-3 months
ANIL AMBANI promoted Reliance Power company will raise a debt of well over Rs 12,000 crore for the proposed 4,000mw ultra mega power project at Krishnapatnam in Andhra Pradesh. Power Finance and IDBI are lead arrangers for the same and they together are expected to provide a debt of Rs 3,500-5,000 crore. Sources told FE the Asian Development Bank (ADB) proposes to give a debt of $250 million for the project. Besides, a rupee debt will also be organised from the public sector banks and private banks. Besides, IIFC (UK), which had provided $600 million to the Sasan UMPP which is being developed by Reliance Power, has indicated that it would also provide whatever maximum is possible for the Krishnapatnam project. The total project is estimated at Rs 17,000 crore and the company proposes to implement the project at debt equity ratio of 75:25 or 80:20 depending upon the interest rate regime. Reliance Power, which achieved a financial closure by organising a debt of Rs 14,000 crore for the Sasan UMPP on April 21, however, hoped that the financial closure of the Krishnapatnam UMPP will be achieved after at least two to three months. The company has already achieved more than 80% of the land required for the project. Reliance Power has al- ready indicated that the first unit of the Krishnapatnam UMPPwill be commissioned in the first quarter of 2012-13. The company has already held talks with the Indian and foreign suppliers of main plant and equipments. Reliance Power had bagged the project by quoting the per unti tariff of Rs 2.33 per unit. This was much lower than Larsen & Toubro’s Rs 2.68 per unit and and Rs 4.18 per unit quoted by Sterlite. (Financial Express)
Shinde-led panel to push power capacity addition
The power minister Sushilkumar Shinde will head a committee of former power secretaries and members to independent power producers (IPPs) to review the slow pace of capacity addition and make necessary recommendations to give a much needed push for it. The Centre has proposed a capacity addition of 78,577 mw by the end of 2011-2012. During 2007-08 against the target of 16,335.20 mw, only 9,263 mw was achieved leaving a gap of 7,72.20 mw. In 2008-09, against the target of 11,061.20 mw, the capacity addition was of the order of a paltry 3,452.70 mw leaving a gap of 7,607.80 mw. Ironically, in the current year 2009-2010, 300 mw was added in April against the target of 14,507 mw. more...
Govt to unveil 3 new ultra power projects
The government is all set to launch new ultra mega power projects (UMPPs). The ministry of power and power finance corporation (PFC), which is the nodal agency for ultra-mega projects, are now working overtime to launch the bidding process for three new UMPPs, with the first one expected in a month’s time.“We intend to start the request for qualification (RFQ) process for the Cheyyur (Tamil Nadu), Bedabahal (Orissa) and Akaltara (Chattisgarh) in July-August. Our aim is to complete the bidding process for these three projects by the year-end,” ND Tyagi, chief executive officer of PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation (PFC), told Financial Chronicle. more...
INFRASTRUCTURE
Metro Rail project gets Rs 550 cr allocation
Tamil Nadu government has allocated Rs 550 crore for Chennai Metro Rail Project, for which construction work was flagged off by state’s Deputy Chief Minister M K Stalin on Wednesday. The Rs 14,600 crore and 45 km long project is expected commence operation by 2014-15. Speaking after commencing piling work for the construction elevated tracks from Koyambedu to Ashok Nagar Stalin said that the project is being implemented by a special purpose vehicle Chennai Metro Rail Ltd. He added, 59 per cent of the project cost will be funded by a concessional loan by the Japanese government. The central government will contribute 15 per cent as equity and 5 percent as debt, with the balance being funded by the state. more...
Cement industry seeks tax sops, boost in infra spends
CONSIDERING the fact that cement is vital for infrastructure development, the 219-million tonne Indian cement industry believes that it is burdened with high taxes, which are far more, compared to any other commodity. With the Budget round the corner, industry players are seeking relief on certain taxes that would provide support to the industry, which is expected to soon face a slowdown in demand with the approaching monsoons. Says Vinita Singhania, vice president of CMA and MDof JK Lakshmi Cement, “The biggest concern for the industry is the present system of levying of excise duty on an MRP basis, without any abatement. In case of cement, the post manufacturing expenses are very high, notably the freight component and the VAT (value added tax) component. Therefore, the industry has requested the government to allow an abatement of 55%, which is as per the recommendations of NCAER.” Meanwhile, the industry also wants to bring down the VAT for cement in line with steel, which is charged a VAT of just 4%, compared to 12.5% in cement. more...
ECONOMY
Inflation rate dips to 0.13%; food still dearer
The annual wholesale price index (WPI)-based inflation rate has further slipped from 0.48 to 0.13 per cent for the week ended May 30. That makes it the thirteenth consecutive week where year-on-year inflation has ruled below the 1 per cent level. The all-commodities WPI (base 1993-94=100) was provisionally placed at 232.6 for the latest recorded week, as against 232.3 a year ago. The coming week (i.e. ended June 6) could well see the headline inflation rate turning negative — the first time in over two decades. The reason for this is that the WPI last year, between May 31 and June 7, shot up from 232.3 to 236.5. The ‘base effect’ of this 1.8 per cent rise in a single week is likely to produce a negative inflation rate, when the June 6-ended WPI data is released. more...
PM's economic council expects 7% GDP growth in 2009-10
Sharing the optimism of Prime Minister Manmohan Singh, his advisory council today projected a growth rate of 7 per cent for the current fiscal. "I think it should be around 7 per cent," Prime Minister's Economic Advisory Council (PMEAC) Chairman Suresh Tendulkar told reporters here on the sidelines of a function organised by the Competition Commission of India (CCI). Although the Reserve Bank in its annual monetary policy in April forecast a growth rate of around 6 per cent for the current fiscal, Prime Minister Singh felt otherwise, saying the growth rate would be at least 7 per cent. more...
POLITICS
Chidambaram discusses J&K security issues with Omar
Union home minister P Chidambaram on Thursday discussed security issues and progress of development projects with Jammu and Kashmir Chief Minister Omar Abdullah here. Chidambaram, who arrived here this morning on a two-day visit to the state, will make an on-the-spot assessment of security situation in the state.
The Home Minister, who heads a team of senior officials, will meet the Unified Command to review law and order and militancy situation, official sources said. more...
Modi for zero tolerance towards terrorism
Paying tributes to Major Rishikesh Ramani, killed in an encounter in Kashmir, Gujarat Chief Minister Narendra Modi on Thursday said there should be "zero tolerance towards terrorism." "The government should adopt zero tolerance towards terrorism," he said after visiting the residence of Major Ramani this morning. "It is unfortunate that terrorism is claiming lives of youths like Major Ramani for last 25 years," he said adding that the country should avenge such killings. The 27-year-old Major was killed in a gunbattle with the terrorists in Kupwara district Kashmir on June 7.more...
TELECOM
DoT willing to hike 3G bid price
The communications ministry is set to tell the Union Cabinet that it is open to increasing the reserve price for the auctions of pan-India third generation (3G) spectrum to Rs 3,540 crore and auction up to eight slots of 3G spectrum. As per the existing 3G policy unveiled by the communications ministry late last year, the reserve price for pan-India 3G spectrum is Rs 2,020 crore and accommodating five players per circle. The department of telecom is of the view that hiking the reserve price for these airwaves will ensure that the finance ministry does not put up any fresh roadblocks for the upcoming 3G auctions, which is vital for high-end services such as video conferencing and high speed internet on mobile handsets. Spectrum is the airwaves on which telecom signals travel and is the lifeline for all telcos. more...
Bharti, Vodafone to bring iPhone 3GS to India in Aug
India’s leading GSM telecom operators -- Bharti Airtel and Vodafone Essar -- are set to bring Apple’s latest iPhone, called iPhone 3G S, to India in August. The new iPhone 3G S, which offers faster data speeds, a new camera, video recording, compass and voice control, was unveiled in US earlier this week. In India, Apple has exclusive tie-ups with Bharti and Vodafone and this is one of the few markets where the US-based technology firm has a tie-up with two operators. Bharti and Vodafone jointly account for over 170 million of the over 400 million cellphone users in the country. Apple had issued a guidance, saying the iPhone 3G S would make its debut in India in August, but refused to specify the date and the pricing for the country. The guidance also added that the handset would be launched in 31 other countries in August. Additionally, as per information made public by Apple, the iPhone 3G S will go on sale in 10 countries, including the US on June 19, and another 32 countries in the month of July. more...
INTERNATIONAL
China told to pull up cos selling fake ‘made-in-India’ drugs in Nigeria
India has asked China to take ”strict” action against Chinese companies selling fake drugs in Nigeria with ‘made-in-India’ labels, said an official in the government. The Nigerian government had recently confiscated consignments of such drugs shipped from China. “The cartons had labels with names and addresses of the Chinese manufacturers written on them. It won’t be a problem for the Chinese government to trace them,” told the official, who did not wish to be named, to ET. India’s concern has already been communicated by the commerce department to the Chinese ambassador to India Zhang Yen more...
Indo-US nuclear deal plays out in slow motion
Although a nuclear deal between US and India is a wrap, the wheels are moving at a grinding slow pace on implementing the deal, with the US dithering on starting negotiations for the reprocessing agreement. Government sources said civil nuclear issues occupied a large part of the discussions between William Burns and foreign secretary Shiv Shankar Menon on Wednesday. It's likely they will come up for talks again when Burns meets NSA M K Narayanan on Thursday. more...
MARKET INDICATOR
COMMODITY INDEX
THOUGHT FOR THE DAY
Genius is the gold in the mine; talent is the miner that works and brings it out.
HEALTH TIP
Having lassi after lunch can aid your digestion. For best results, add half to one teaspoon of almond powder for an energetic afternoon.
TIP - to save energy
Microwave ovens consumes 50% less energy than conventional electric / gas stove
HUMOUR JUNCTION
Everything is funny as long as it is happening to somebody else.