Global News Post: Business

India’s Economy Looks to Rebound in 2013

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<span lang="EN-US" style="font-family: "Trebuchet MS";">By Anjana Pasricha<o:p></o:p></span></div>
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<st1:country-region w:st="on"><st1:place w:st="on"><span lang="EN-US" style="font-family: "Trebuchet MS";">India</span></st1:place></st1:country-region><span lang="EN-US" style="font-family: "Trebuchet MS";">’s economy has experienced its
worst slowdown in nearly a decade this year. But there are signs that the
country, which is still among the world’s fastest growing economies, may soon
begin to recover from the slump.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Month after month in 2012, virtually every
sector of the Indian economy - agriculture, mining, manufacturing and services
- slowed. At the end of the year, economic growth stood at 5.3 percent.  <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">It was a huge disappointment for a country
whose economy had been racing ahead at eight percent plus for the last eight
years.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Like many other countries, <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> was
affected by the global slowdown as exports were hit. But several domestic
factors also pulled down the economy.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Many economists blamed the government, which
faces allegations of graft in many spheres, for policy inaction.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Chief economist at ratings agency, CRISIL in
Mumbai, D.K. Joshi, says the downturn was sharper than warranted by global
factors.  <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">   <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">“It is widely recognized now, to clear
projects it is taking time because of governance issues. And when it takes time
to clear projects, the investment pipeline gets choked," says Joshi.
"As a result of that investment slowed down quite significantly. Then we
also had high inflation regime, and high inflation means the Central bank
cannot cut interest rates to perk up the economy.”<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">The government admits that investment is
critical to revive the economy. Faced with plummeting growth, it has taken some
steps to liberalize the economy and make it easier for foreign businesses to
pump money into sectors such as retail, aviation and insurance. The
long-awaited reforms were the biggest initiated in nearly ten years.
Authorities also promised to speed up clearances for large infrastructure
projects.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">The government also announced spending cuts
as it grappled with high deficits. It slashed subsidies on fuel despite
political opposition. This is expected to ward off the threat of a credit
rating downgrade.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Economist N. Bhanumurthy with the National
Institute of Public Finance and Policy in <st1:city w:st="on"><st1:place w:st="on">New
  Delhi</st1:place></st1:city> says these steps are meant to reassure investors
and could help the economy stage a gradual recovery.    <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">“Frankly right now the most important issue
is confidence among investors, both domestic and foreign. All these measures
are expected to provide some kind of confidence-booting measures for revival in
the economy." he said. "Our own projection for the next year,
2013-14, is 7.1 percent.”<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Prime Minister Manmohan Singh has said the
government’s first priority is to reverse the slowdown. But he says that a
return to eight percent growth is an ambitious goal.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Despite the slowdown, <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place> remains high on the radar of
foreign investors.</span><span lang="EN-US"> </span><span lang="EN-US" style="font-family: "Trebuchet MS";">---VOA News<o:p></o:p></span></div>
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India’s Economy Looks to Rebound in 2013

By Anjana Pasricha India ’s economy has experienced its worst slowdown in nearly a decade this year. But there are signs that the c...

INDIA: Famous Bizman Ratan Tata to Retire Friday

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<span lang="EN-US" style="font-family: "Trebuchet MS";">MUMBAI, India   (NNN-Bernama) -- Ratan Tata, who led the
transformation of the Tata group from a conventional corporate house into a
US$100 billion global conglomerate with high-profile acquisitions abroad, will
retire Friday ending a 50-year run in one of India's oldest business empires,
reports Press Trust of <o:p></o:p></span></div>
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<st1:country-region w:st="on"><st1:place w:st="on"><span lang="EN-US" style="font-family: "Trebuchet MS";">India</span></st1:place></st1:country-region><span lang="EN-US" style="font-family: "Trebuchet MS";"> (PTI). <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Marking a generational change, Tata, who
turns 75 on Friday, will hand over the reins of the group to 44-year-old Cyrus
Mistry, who was chosen his successor last year and formally appointed Chairman
earlier this month. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Tata is hanging up his boots after steering
the group for 21 years as its Chairman, when he succeeded the legendary JRD
Tata. While JRD made Tata the Chairman out of the blue in 1971, Mistry of the
Shapoorji Pallonji group and whose family owns 18 per cent stake in Tata Sons,
was chosen by a five-member selection committee. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">During Tata's tenure, the group's revenues
grew manifold, totaling US$100.09 billion (around Rs 475,721 crore) in 2011-12
from a turnover of a mere Rs 10,000 crore (over US$2 billion) in 1971. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">His vision to transform the group into a
multinational giant resulted in high profile acquisitions such as Tata Tea's
takeover of <st1:country-region w:st="on"><st1:place w:st="on">UK</st1:place></st1:country-region>
brand Tetley for US$450 million in 2000. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">But Ratan Tata set new standards for the
Indian corporates in the current era of globalisation when Tata Steel acquired
Anglo-Dutch rival Corus for 6.2 billion pounds beating CSN of Brazil in 2007. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">A year later, the group's automotive firm
Tata Motors lapped up British luxury vehicle maker Jaguar Land Rover for US$2.3
billion from Ford Motor Co. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Even as Tata was concentrating on activities
abroad, he came up with the idea of producing the world's cheapest car when he
conceived the 'Rs one lakh' small car Nano. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">(One Lakh: 100,000) <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">The Tata group underwent moments of high
tension in executing the Nano project when it got into problems on acquisition
of land in Singur in eastern Indian state <st1:place w:st="on">West Bengal</st1:place>.
<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Ironically, the group had to shift the
project from Singur, where he was invited by Marxist Chief Minister Buddhadeb
Bhattacharya, to Sanand in western state <st1:place w:st="on">Gujarat</st1:place>
at the invitation of Narendra Modi. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Although Nano could not live up to the
expectations after its initial worldwide acclaim, the small car will still be
remembered as Tata's desire to provide a "safer" option to many
Indian lower-middle class families riding two-wheelers. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">In a recent interview to PTI, he said Singur
was a "great disappointment" for him because he went there "in a
leap of faith" thinking that part of the country was being ignored
industrially. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Tatas will still go to <st1:place w:st="on">West
 Bengal</st1:place> someday, he said. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS";">Under Tata, the group also made great
strides when it capitalised on the sunrise industry of information technology
in the 90's. With revenues of over US$10 billion in 2011-12, Tata Consultancy
Services (TCS) is today <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>'s
largest IT Company. -- NNN-BERNAMA<o:p></o:p></span></div>
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INDIA: Famous Bizman Ratan Tata to Retire Friday

MUMBAI, India (NNN-Bernama) -- Ratan Tata, who led the transformation of the Tata group from a conventional corporate house into a US...

India Seeks More Market Access to and Investment from China

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<st1:place w:st="on"><st1:city w:st="on"><span style="font-family: "Trebuchet MS";">PHNOM PENH</span></st1:city><span style="font-family: "Trebuchet MS";">, <st1:country-region w:st="on">Cambodia</st1:country-region></span></st1:place><span style="font-family: "Trebuchet MS";"> (NNN-UNI) – Prime Minister Manmohan Singh
today sought greater access for Indian players in the Chinese market in
services, information technology and pharmaceutical sectors to balance the
trade between the two countries.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">During
his meeting with Chinese Premier Wen Jiabao, their 14th in the last eight
years, Dr Singh also wanted Chinese investment in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>'s infrastructure which
requires one trillion dollars in the next five years.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">China
is India's largest trade partner but the trade deficit between the two
economies has ballooned to 23 billion dollars in China's favour in October this
year, as India continues to import more than what it exports to the country.<o:p></o:p></span></div>
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<st1:country-region w:st="on"><span style="font-family: "Trebuchet MS";">India</span></st1:country-region><span style="font-family: "Trebuchet MS";"> and <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region> have set a target of taking
their total trade to 100 billion dollars by 2015. The total bilateral trade
reached a high of 73.90 billion dollars last year but the figure dropped to
55.6 billion in the first 10 months of this year, a drop of eight per cent.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">Briefing
the Indian media accompanying the Prime Minister on his "fruitful and
detailed" meeting with his Chinese counterpart in the Cambodian capital,
Foreign Secretary Ranjan Mathai said Mr Wen told Dr Singh that <st1:country-region w:st="on">China</st1:country-region> is looking for gradually balancing trade and
is cognisant of <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>'s
interest. --NNN-UNI<o:p></o:p></span></div>
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India Seeks More Market Access to and Investment from China

PHNOM PENH , Cambodia (NNN-UNI) – Prime Minister Manmohan Singh today sought greater access for Indian players in the Chinese market i...

No Probe into Corruption Charges against Walmart in India

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<span style="font-family: Trebuchet MS, sans-serif;">  <o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;"><st1:city w:st="on"><st1:place w:st="on">NEW DELHI</st1:place></st1:city>  
(NNN-Bernama) -- Indian Commerce Minister Anand Sharma on </span><span style="font-family: 'Trebuchet MS', sans-serif;">Sunday
said there was no probe into corruption allegations against </span><st1:country-region style="font-family: 'Trebuchet MS', sans-serif;" w:st="on">US</st1:country-region><span style="font-family: 'Trebuchet MS', sans-serif;"> retail giant Walmart in </span><st1:country-region style="font-family: 'Trebuchet MS', sans-serif;" w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region><span style="font-family: 'Trebuchet MS', sans-serif;">, saying
agencies could look into violations if any.</span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">The
world's largest retailer has disclosed that it is investigating allegations of
corrupt practices and alleged violations of <st1:country-region w:st="on">US</st1:country-region>
anti-bribery law in <st1:country-region w:st="on">India</st1:country-region>, <st1:country-region w:st="on">China</st1:country-region> and <st1:country-region w:st="on">Brazil</st1:country-region>,
expanding similar ongoing investigations in <st1:country-region w:st="on"><st1:place w:st="on">Mexico</st1:place></st1:country-region>, Press Trust of India (PTI)
reported.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">"Allegations
are allegations. In a rule-based and rule-governed country, if there is any
violation there are agencies who are there to look into it,"<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">Sharma
told journalists on board Indian PM's Special Plane en route to <st1:city w:st="on"><st1:place w:st="on">Phnom Penh</st1:place></st1:city> along with
Indian Prime Minister Manmohan Singh.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">"I
should not comment on the alleged FEMA violations which are yet to be probed
and even Finance Minister P Chidambaram has said that he is yet to get any
report," Sharma said.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">At the
same time, he said there would have been no violations since September when the
Foreign Direct Investment (FDI) decision was notified with only one change
about dispensation of landlocked states which do not have cities with
population of five million.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">Walmart
has not specified specific charges of corruption in any of the countries it has
mentioned but said it is probing allegations of potential violations of Foreign
Corrupt Practices Act (FCPA) of the <st1:country-region w:st="on"><st1:place w:st="on">United States</st1:place></st1:country-region>.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">The FCPA
bars bribing officials of foreign governments.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">The
allegations have come at a time when the United Progressive Alliance (UPA)
government is pushing hard its reform agenda, including FDI in retail.<o:p></o:p></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">The
opposition Bharatiya Janata Party (BJP) on Saturday termed the graft
allegations as a "serious issue", and demanded a probe into the
matter as well as a reply by the government. -- NNN-BERNAMA<br />
</span>
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<span style="font-family: Trebuchet MS;"><o:p></o:p></span></div>
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No Probe into Corruption Charges against Walmart in India

NEW DELHI (NNN-Bernama) -- Indian Commerce Minister Anand Sharma on Sunday said there was no probe into corruption allegations ...

INDIA: Role of Handicrafts and Handlooms for generating income and employment cannot be overemphasized, says President

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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqTPiS4eSQmpqLUYp-TVHbmoZcN0-d4J7fzyXqhxPevjakt1vJ1E4lNZea70vpDJFKOKiGhRTMci9ilTTtbelb44Q79pw6gjpH93CDnggDi36SWo3VUYyIu9zhz5XRQM3eIf16XFMmN5M/s1600/l2012110943339.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="393" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqTPiS4eSQmpqLUYp-TVHbmoZcN0-d4J7fzyXqhxPevjakt1vJ1E4lNZea70vpDJFKOKiGhRTMci9ilTTtbelb44Q79pw6gjpH93CDnggDi36SWo3VUYyIu9zhz5XRQM3eIf16XFMmN5M/s400/l2012110943339.jpg" width="400" /></a></td></tr>
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<span style="font-family: 'Trebuchet MS'; font-size: 8pt;">The President,
Pranab Mukherjee addressing at the presentation of National<o:p></o:p></span></div>
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<span style="font-family: 'Trebuchet MS'; font-size: 8pt;">Awards, Shilp
Guru Awards & Sant Kabir Awards to master craftsperson<o:p></o:p></span></div>
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<span style="font-family: 'Trebuchet MS'; font-size: 8pt;">and weavers for
2009 and 2010, in <st1:place w:st="on"><st1:city w:st="on">New Delhi</st1:city></st1:place>
on November 09, 2012</span><span style="font-family: "Trebuchet MS"; font-size: 8.0pt;">
Photo © PIB<o:p></o:p></span></div>
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<st1:city w:st="on"><span style="font-family: "Trebuchet MS";">NEW DELHI</span></st1:city><span style="font-family: "Trebuchet MS";"> (PIB) ---The President of India, Pranab
Mukherjee called for constant endeavours to get handlooms and handicrafts
access to markets within <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>
and abroad to fully harness the inherent potential of our artisans and weavers.
He was speaking on the occasion of presentation of National Awards, Shilp Guru
Awards and Sant Kabir Awards on November 9, 2012. <o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">The
President described handlooms as a precious part of national legacy and said
that this rich heritage has been kept alive by those professionally skilled
weaver households that are linked with the age-old tradition of weaving. Every
part of <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>,
every province, district and almost every single village has a cherished craft
tradition of its own, he said. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">On
the occasion, the President congratulated all the awardees present for their
contribution in preserving, promoting and enriching the traditional and
cultural heritage of our country. He added that he was confident that the
recognition for their workmanship should inspire and encourage others to work
hard and emulate their efforts to bring prosperity to artisans and weavers
across the country. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Union
Minister for Textiles and Commerce, Anand Sharma was also present on the
occasion.<o:p></o:p></span></div>
</div>

INDIA: Role of Handicrafts and Handlooms for generating income and employment cannot be overemphasized, says President

The President, Pranab Mukherjee addressing at the presentation of National Awards, Shilp Guru Awards & Sant Kabir Awards to m...

US Looks Forward to Further Opening of FDI in Insurance - Envoy

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<span style="font-family: "Trebuchet MS";">GURGAON
(<st1:country-region w:st="on">India</st1:country-region>) (NNN-Bernama) -- The
United States on Thursday said it is looking forward to <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> opening
up its insurance sector further to foreign investors just as it has done in
case of foreign direct investment (FDI) in the retail sector, Press Trust of
India (PTI) reported.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"We
are looking at the expansion of FDI, particularly at expansion of FDI in
insurance," <st1:country-region w:st="on">US</st1:country-region>
Ambassador to India Nancy J Powell was quoted as saying at the World Economic
Forum (WEF) on <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>
here.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">She
was responding to a query on the <st1:country-region w:st="on">US</st1:country-region>
expectations regarding <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>'s
economic reforms going forward.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
bill to increase FDI cap in the insurance sector from 26 per cent to 49 per
cent has been pending in the 'Rajya Sabha', the upper house of the Parliament
of India, since 2008. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Last
month, the Cabinet had decided to move ahead with its proposal to hike foreign
investment ceiling in the sector.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">In
September, <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>
had relaxed FDI norms in retail sector, allowing foreign retailers to have up
to 51 per cent stake in the multi-brand segment. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Foreign
carriers have also been allowed to invest up to 49 per cent in domestic
airlines. -- NNN-BERNAMA<o:p></o:p></span></div>
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<br /></div>
</div>

US Looks Forward to Further Opening of FDI in Insurance - Envoy

GURGAON ( India ) (NNN-Bernama) -- The United States on Thursday said it is looking forward to India opening up its insurance sector f...

INDIA: Govt. to Block Suspect Marketing Websites, Payments

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<st1:city w:st="on"><st1:place w:st="on"><span style="font-family: "Trebuchet MS";">NEW DELHI</span></st1:place></st1:city><span style="font-family: "Trebuchet MS";"> (NNN-PTI) -- The government has decided to
crack the whip on fraudulent multi-level marketing companies that have duped
hundreds of investors in the country by blocking their websites and tracking
their online transactions.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Corporate
Affairs Ministry, the nodal department in this regard, has decided that its investigative
arm - Serious Fraud Investigation Office (SFIO) - will coordinate with
Department of Information Technology and Central Economic Intelligence Bureau
(CEIB) to identify suspect websites and transactions and take strict legal
action.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Sources
said such companies, operating from various locations within the country, have
defrauded the public for amounts which could easily run into hundreds of
crores.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"There
are various entities (multi-level marketing) doing business in <st1:country-region w:st="on">India</st1:country-region> through websites and many such entities do
not have a registered office within <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>. Therefore, in order to
prevent funds being transferred outside <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>, the website of major
establishments doing multi-level marketing business need to be stopped through
gateways by Department of Information and Technology (DIT).<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"This
issue will be taken up with DIT very soon and details of such companies will be
provided to it for blocking the payments," an official privy to the
development said.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">For
multi-level marketing websites operating clandestinely and conducting hidden
transactions, the Ministry will ask the Financial Intelligence Unit under
Finance Ministry to track and supply snoop data on them so that SFIO can take
action.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
FIU is mandated to generate suspicious transaction reports based on inputs
provided by banks and other financial and economic bodies.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
Ministry is mulling adding an enabling provision in the Companies Act to
initiate legal action of attachment of properties of individual directors of
such companies by moving the Company Law Board (CLB) in this regard.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
Ministry, during a recent meeting of the SFIO and its regional directors,
mooted a plan to activate its marketing intelligence unit to keep a tab on
fraudulent innovative systems developed by such companies to cheat the public
and investors. --NNN-PTI<o:p></o:p></span></div>
</div>

INDIA: Govt. to Block Suspect Marketing Websites, Payments

NEW DELHI (NNN-PTI) -- The government has decided to crack the whip on fraudulent multi-level marketing companies that have duped hund...

INDIA: Debt-Ridden Kingfisher Q2 Loss Widens to Rs. 754 Cr

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<span style="font-family: "Trebuchet MS";">MUMBAI
(NNN-PTI) -- Debt-ridden Kingfisher Airlines has reported net loss of Rs 754
crore for the July-September quarter, a sharp increase from Rs 469 crore in the
year-ago period, and said it is working on a plan to resume services.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
revenue plunged to Rs 200 crore during its second quarter of this fiscal from
Rs 1,553 crore in the same period last year because of disruption in operations
and eventual suspension of its licence by aviation regulator DGCA.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Even
as the company’s expenses declined across various heads, the firm suffered huge
restructuring cost. Its tax expenses also rose sharply.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Announcing
the result, the carrier said it is in discussions with stakeholders to ensure
that there are no future disruptions and expects to resume operations in the
near future.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">“Kingfisher
Airlines is preparing a comprehensive plan for re-start of operations which
will be shared with the DGCA and bankers,” the carrier said in a BSE filing.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Shares
of the company were trading at Rs 12.85, up 0.16 per cent on the BSE at 1025
hrs.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
carrier is already saddled with accumulated losses of Rs 8,000 crore besides a
debt burden of over Rs 7,524 crore, a large part of which has not been
serviced.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
Directorate General of Civil Aviation (DGCA) had recently suspended the flying
licence of Kingfisher following the airline’s failure to come up with a viable
financial and operational revival plan.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">It
faces the risk of losing its licence if a revival plan is not submitted by next
month, while bankers are working on plans to handle large scale defaults by the
airline. --NNN-PTI<o:p></o:p></span></div>
</div>

INDIA: Debt-Ridden Kingfisher Q2 Loss Widens to Rs. 754 Cr

MUMBAI (NNN-PTI) -- Debt-ridden Kingfisher Airlines has reported net loss of Rs 754 crore for the July-September quarter, a sharp incre...

Iran to Boost Output of Joint Oilfields to 800,000 Barrels per Day

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<st1:city w:st="on"><span style="font-family: "Trebuchet MS";">TEHRAN</span></st1:city><span style="font-family: "Trebuchet MS";"> (NNN-MNA) -- <st1:place w:st="on"><st1:country-region w:st="on">Iran</st1:country-region></st1:place> has launched 17 development
projects at oilfields which are shared with its neighbours, with the aim of
boosting production at the sites to 800,000 barrels per day over the course of
two years.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<st1:country-region w:st="on"><st1:place w:st="on"><span style="font-family: "Trebuchet MS";">Iran</span></st1:place></st1:country-region><span style="font-family: "Trebuchet MS";"> shares 18 oilfields, four gas fields and
six associated oil and gas fields with neighbouring countries.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
report did not mention the current output at the joint oilfields.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<st1:country-region w:st="on"><st1:place w:st="on"><span style="font-family: "Trebuchet MS";">Iran</span></st1:place></st1:country-region><span style="font-family: "Trebuchet MS";"> has announced that it will implement 11
plans by the Iranian calendar month of Mordad 1392 (July 22-Aug 22, 2013) with
the goal of boosting oil production by 175,000 barrels per day.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Once
all the phases of the development plans are implemented, output will be
increased by another 500,000 barrels per day.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Oil
Minister Rostam Qasemi has said that the country’s oil output is projected to
increase by 1.5 million barrels per day by 2016.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">In
July, Qasemi announced that new oil reserves of up to 6 billion barrels have
been discovered in southwestern <st1:country-region w:st="on"><st1:place w:st="on">Iran</st1:place></st1:country-region>.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
reserves are located around the Yadavaran oilfield in <st1:place w:st="on"><st1:placename w:st="on">Khuzestan</st1:placename> <st1:placetype w:st="on">Province</st1:placetype></st1:place>.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">With
the new oil discovery, <st1:country-region w:st="on"><st1:place w:st="on">Iran</st1:place></st1:country-region>’s
oil recoverable reserves stand at about 160 billion barrels.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<st1:country-region w:st="on"><span style="font-family: "Trebuchet MS";">Iran</span></st1:country-region><span style="font-family: "Trebuchet MS";"> has the world's fourth largest reserves of
recoverable oil, after <st1:country-region w:st="on">Venezuela</st1:country-region>,
<st1:country-region w:st="on">Saudi Arabia</st1:country-region> and <st1:country-region w:st="on"><st1:place w:st="on">Canada</st1:place></st1:country-region>.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">With
34 trillion cubic metres of natural gas reserves, <st1:country-region w:st="on">Iran</st1:country-region>
has the world's second largest natural gas reserves after <st1:country-region w:st="on"><st1:place w:st="on">Russia</st1:place></st1:country-region>. -- NNN-MNA<o:p></o:p></span></div>
</div>

Iran to Boost Output of Joint Oilfields to 800,000 Barrels per Day

TEHRAN (NNN-MNA) -- Iran has launched 17 development projects at oilfields which are shared with its neighbours, with the aim of boos...

INDIA: Food Processing Is Growing More than Agri and Manufacturing Sectors, Turning Farmers into Entrepreneurs: Pawar

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<div align="center" style="background: white; line-height: 14.25pt; text-align: center; vertical-align: baseline;">
<b><i><span style="color: green; font-family: "Trebuchet MS";">NIFTEM, A World-Class Institution on Food Processing, Inaugurated
at Kundli, Haryana<o:p></o:p></span></i></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgegIXLyx-4h0_Zn1HMq0wSFxiTXbBfk6l4jsZP825UTXZic7OUYLABnmbsJ_wvsCGBqd6q4afop8p3PV-3d3Wmd3WSVa5foewF6abOXNf-4Gmls0WOByLHMHM8C-EUnYeNrcoZwa_3L1g/s1600/l2012110743282.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgegIXLyx-4h0_Zn1HMq0wSFxiTXbBfk6l4jsZP825UTXZic7OUYLABnmbsJ_wvsCGBqd6q4afop8p3PV-3d3Wmd3WSVa5foewF6abOXNf-4Gmls0WOByLHMHM8C-EUnYeNrcoZwa_3L1g/s640/l2012110743282.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="font-size: medium;">
<span style="font-family: 'Trebuchet MS'; font-size: 9pt;">NIFTEM or the National Institute of Food Technology Entrepreneurship<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-size: medium;">
<span style="font-family: 'Trebuchet MS'; font-size: 9pt;">and Management was inaugurated by the Union Minister for<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-size: medium;">
<span style="font-family: 'Trebuchet MS'; font-size: 9pt;">Agriculture and Food Processing Industries, Sharad Pawar,<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-size: medium;">
<span style="font-family: 'Trebuchet MS'; font-size: 9pt;">at Kundli, Haryana on November 07, 2012. Photo shows the main block of<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="font-size: medium;">
<span style="font-family: 'Trebuchet MS'; font-size: 9pt;">this world class institute. Photo © PIB</span></div>
</td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">Kundli, Haryana (PIB) --- If
there is one sector that has been growing faster than agriculture as well as
manufacturing sectors, has the potential to create jobs in the rural areas,
bridge the gap between the price paid by the consumer and that received by the
farmer and create value addition and earn foreign exchange by export of
value-added farm produce, it is the Food Processing Sector. In addition, this
sector does not only remain a bridge between farmers and entrepreneurs, it
converts the farmer into an entrepreneur.<o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">This was stated by the
Agriculture and Food Processing Industries Minister, Sharad Pawar after
inaugurating NIFTEM, a world-class institution in food processing sector, here
today. Haryana Chief Minister, Bhupinder Singh Hooda, Minister of Water Resources
Harish Rawat, Ministers of State Tariq Anwar and C D Mahant, Member of the
Planning Commission, Arun Maira, and local Members of Parliament and
Legislative Assembly were present on the occasion. <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">While highlighting the huge
potential of this ‘sunrise sector’, Pawar also spoke about the challenges the
sector faces and how NIFTEM will help the sector to grow. “Though a sunrise
sector, it is facing various bottlenecks like lack of infrastructure, packaging
and grading centres quality control and testing facilities. However, I
consider, lack of human resource as one of the most important impediments in
the development of this sector. Many entrepreneurs meet me and tell how
difficult it is to get skilled manpower to work. It is in this background, the
foundation of NIFTEM was laid. This institute is expected to bring a pioneering
work in development of Human Resource in the food processing sector,” he said. <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">Pawar said that NIFTEM will
provide one-stop solution to the food processing sector. He elaborated:
“Besides developing world class managerial talent and advanced knowhow in the
area of food science, food technology and management, it will function as a
knowledge repository in the food processing domain, conduct frontier area
research for development of the sector and facilitate business incubation
services. The Institute will offer high quality education, research and management
programme specific to the food industry, provide referral advice on food
standards, disseminate knowledge on the food sector and provide business
incubation facility. <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">The Institute will also
provide other core activities to bridge the skill gap between demand and
availability, provide complete spectrum of consultancy services to food
processing industries, strive for promoting Innovation in the sector and work
for upgradation of SME clusters.” <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">One important aspect of its
functioning is that it has ‘theme centres’ on different sectors such as
dairying, cereal-based products, animal protein, beverages, confectionery, and
fruit and vegetable based foods. There are also themes cutting across these
sectors, e.g. management, packaging, food standards and testing, Pawar said. <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">Earlier, Minister of Water
Resources, Harish Rawat expressed the hope that NIFTEM will bridge the serious
shortage of skilled manpower in this sector. <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">The MOS, Tariq Anwar
emphasised the need for modernising the complex distribution system of farm
commodities. Chancellor of the institute, Rakesh Kacker gave details of the
state of art facilities created at the institute. <o:p></o:p></span></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; line-height: 14.25pt; text-align: justify; vertical-align: baseline;">
<span style="font-family: "Trebuchet MS";">NIFTEM or the National
Institute of Food Technology Entrepreneurship and Management has recently been
conferred <st1:place w:st="on"><st1:placename w:st="on">Deemed</st1:placename> <st1:placetype w:st="on">University</st1:placetype></st1:place> status. The institute has
begun its first academic session this summer. It confers B. Tech. (Food
Technology and Management), M. Tech. and Ph. D. in the area of Food Technology
and Management. The Minister informed that the first academic session, which
began this summer, has 115 students in B. Tech and 88 in M. Tech, and these
students ranked quite high in competitive examinations.<o:p></o:p></span></div>
</div>

INDIA: Food Processing Is Growing More than Agri and Manufacturing Sectors, Turning Farmers into Entrepreneurs: Pawar

NIFTEM, A World-Class Institution on Food Processing, Inaugurated at Kundli, Haryana NIFTEM or the National Institute of Food Tec...

30-40 Pct of Insurance Claims in Kenya Are Fradulent, Says Industry Executive

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<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">An
NNN-Xinhua Special Report by Ben Ochieng<o:p></o:p></span></div>
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<br /></div>
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<st1:city w:st="on"><span style="font-family: "Trebuchet MS";">NAIROBI</span></st1:city><span style="font-family: "Trebuchet MS";"> (NNN-XINHUA) -- <st1:country-region w:st="on"><st1:place w:st="on">Kenya</st1:place></st1:country-region>'s insurance firms say that
between 30 and 40 percent of all life insurance claims in the East African
country are fraudulent declarations with cases of life insurance claimants
faking death and "killing" spouses on the increase.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Pan
Africa Insurance Holdings chief executive officer Tom Gitogo said here
Wednesday that as a result of this, payments had tended to take longer than
necessary because all claims must be verified cautiously.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"Insurance
companies have for long been accused of taking long to effect payment of claims.
However, due to the high turnover of fraudulent claims that are received for
compensation, close to a half of them are not genuine claims where fake
documents are submitted in a bid to effect payment," Gitogo said.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Gitogo,
who is also a member of the conference organizing committee, said this when
highlighting the African Insurers Organization (AIO) conference which begins
here Thursday.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">He
added that as a result of changed circumstances where a lot of dependency on
friends and relatives was decreasing during misfortunes, the insurance industry
was delving into ways of formalizing the informal insurance which had long been
applied to assist those who had fallen victims to misfortunes like deaths and
accidents.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"One
can no longer rely on the informal insurance where their kin solved their
problems by pooling resources together because of the diminishing size of the
wallet," he said.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">He
regretted that by not teaching insurance earlier in the school curriculum, people
were growing up in ignorance on matters pertaining to the industry and were
only coming into contact with it later in adulthood.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
conference, which will run for two days, under the theme "Enhancing Value
and Trust in Life Insurance Distribution for Magical Growth in Africa", has
attracted more than 300 delegates from 45 countries in <st1:place w:st="on">Africa</st1:place>
and will cover various topics pertaining to life insurance business, including
the use of technology to enhance growth in the industry.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">AIO
Chairman Clerand Cofie Bruce life insurance was significant to a country
because apart from its obvious noteworthiness, it was also a source of income
which could impact positively on economic growth.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"Life
insurance penetration in <st1:place w:st="on">Africa</st1:place> is
considerably low at an average one per cent. Doubling this figure to two per
cent can make a big difference in the economy of a country," said the
Ghanaian national.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">He
said in a continent where the majority lived on less than 1.25 USD per day, it
was understandable why the penetration rate was low but added that it was not
an excuse for things to remain the same because the industry could come out
with tailor-made products for those in the informal market.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"In
<st1:place w:st="on">Africa</st1:place>, the informal market is bigger than the
formal market, and therefore it is not easy for those who are struggling to put
food on the table to have money to spare for insurance purposes. They must have
their own products made to meet their needs."<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
Executive Director of the Association of Kenya Insurers, Tom Gichuhi, attributed
the low insurance penetration in the continent to low purchasing power and lack
of awareness.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"Insurance
penetration in Africa is highest in <st1:country-region w:st="on">South Africa</st1:country-region>
and <st1:country-region w:st="on"><st1:place w:st="on">Kenya</st1:place></st1:country-region>
where it stands at 3.05 per cent, though in most other countries it averages at
one per cent. Everyone needs insurance, but the capacity is not there for the
majority of the people," Gichuhi said.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
Africa Insurers Organization was established in 1972 as a non-governmental
organization and is recognized by many African governments. Its objective is to
develop a healthy insurance and reinsurance industry in Africa and promote co-operation
in <st1:place w:st="on">Africa</st1:place>. -- NNN-XINHUA<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>

30-40 Pct of Insurance Claims in Kenya Are Fradulent, Says Industry Executive

An NNN-Xinhua Special Report by Ben Ochieng NAIROBI (NNN-XINHUA) -- Kenya 's insurance firms say that between 30 and 40 percen...

Kingfisher Crisis Ends

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<st1:city w:st="on"><st1:place w:st="on"><span style="font-family: "Trebuchet MS";">NEW DELHI</span></st1:place></st1:city><span style="font-family: "Trebuchet MS";"> (NNN-PTI) -- The 26-day deadlock in
Kingfisher Airlines was resolved on Thursday with the management agreeing to
pay four months’ salary dues by December end to the striking employees who
decided to resume work with immediate effect, reports PTI.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Vijay
Mallya, owner of the ailing airlines, who became invisible from social media
after the crisis, today sent a message on Twitter that, "All Kingfisher
Team members back at work and fully supportive. I sincerely thank all of them
for their faith and continuing commitment."<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">However,
resumption of Kingfisher's flight operations may take at least three to four
weeks as the airline has to get its suspended flying license revoked by the
Directorate General of Civil Aviation (DGCA) which also has to satisfy itself
on safety issues as well as the viability of their financial and operational
plans.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">After
holding separate meetings with striking pilots and engineers at the airport, Kingfisher
Airline CEO Sanjay Aggarwal told reporters, "All our employees will resume
work today, including the pilots and engineers. We will now on continue to work
together." <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Engineers'
representative Subhash Chandra Mishra said, "We are joining duty from
today. We have accepted the management's proposal for a staggered payment of
four months’ salary dues by December." A representative of the striking
pilots also said they will resume work immediately.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Under
the agreement arrived at, the management, which was earlier offering only three
months salaries, climbed down to accept the workers' demand for payment of four
out of seven months' dues by December end.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">While
the March salary would be paid within 24 hours, the April salary would be paid
by 31st October, May dues before Diwali in mid-November and June salary by
December end.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
salary dues from July to September would be paid by March next year after recapitalisation
of the airline, the agitating staff said.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
management also withdrew its circular asking the staffers to give a written
undertaking before resuming duty.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">All
Kingfisher flights have remained suspended since September 30 due to the strike,
followed by a lockout from October one and then suspension of their Scheduled
Operator's Permit (SOP) or the flying license by aviation regulator DGCA.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
license of Kingfisher was issued on 26 August 2003, and is valid till 31st
December this year.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
beleaguered carrier, which early last year had a fleet of 66 aircraft, now has
ten -- seven Airbus A-320s and three ATR turbo-props. The airline is saddled
with a loss of Rs8, 000 crore and a debt burden of another over Rs7,524 crore, a
large part of which has not been serviced for several months.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
airline would have to get all necessary clearances from the DGCA by submitting
the airline's financial and operational plans to the satisfaction of the
regulator, which would then take a decision on revoking suspension of the SOP
and allowing the airline to resume operations.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Kingfisher
management top brass met the striking engineers and pilots separately in <st1:city w:st="on"><st1:place w:st="on">Delhi</st1:place></st1:city> in a bid to try to
break the deadlock in a bid to prevent any protests by striking staffers during
the upcoming Formula One Grand Prix, in which airline promoter Vijay Mallya is
involved.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Mallya,
who co-owns the Sahara Force <st1:country -region="-region" w:st="on"><st1:place w:st="on">India</st1:place></st1:country>
team that is participating in the Indian Grand Prix, wanted to avoid any
disruption by the agitating employees during the motor race.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Earlier,
Civil Aviation Minister Ajit Singh said while salary was "a big issue and
the employees should be paid, the bigger issue than that is the airline's
fiscal assurance to the DGCA... They have lot of outstandings to the Airports
Authority (of <st1:country -region="-region" w:st="on"><st1:place w:st="on">India</st1:place></st1:country>),
to companies, to lessors, so it is not just a question of salaries to the
employees." <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">He
said their flying license, though suspended, is "still there but to allow
them to fly again, the DGCA has to be satisfied on many more things." The airline
has to present a viable operational plan to the DGCA.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Noting
that the airline had not yet submitted any revival plan to the DGCA, Singh said,
"It is not a question of me being hopeful or not, in my view, it’s a very
difficult proposition but not impossible." --NNN-PTI<o:p></o:p></span></div>

'fon  
 m l � � P+� het MS"'>"I
am not very optimistic about <st1:place w:st="on">Europe</st1:place>. I thought
that the Euro was a colossal mistake. It was sold to a group of European
politicians, by what I call the European or <st1:city w:st="on">Brussels</st1:city> elite, who are obsessed with
implementing the ideal of some kind of supra-European state," he said. <o:p></o:p><br />

<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Howard
said his doubts were founded on the fact that the region did not have a
unifying fiscal system. Howard said without a central taxation system, he had
doubts it would last into the future. -- NNN-PTI<o:p></o:p></span></div>
</div>

Kingfisher Crisis Ends

NEW DELHI (NNN-PTI) -- The 26-day deadlock in Kingfisher Airlines was resolved on Thursday with the management agreeing to pay four mo...

Easier to Do Business in Nepal than in India: Report

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<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">KATHMANDU
(NNN-NEPALNEWS) -- <st1:country -region="-region" w:st="on">Nepal</st1:country> has
been ranked ahead of <st1:country -region="-region" w:st="on"><st1:place w:st="on">India</st1:place></st1:country>
in terms of ease of doing business in a World Bank report launched on Tuesday.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
report, titled Doing Business 2013, which ranks <st1:country -region="-region" w:st="on">Nepal</st1:country>
102nd among 185 countries, places <st1:country -region="-region" w:st="on">India</st1:country>
in the 132nd place <st1:country -region="-region" w:st="on"><st1:place w:st="on">Singapore</st1:place></st1:country>
remained on top of the list for the seventh year in a row.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Compared
with the report published by the agency last year, <st1:country -region="-region" w:st="on"><st1:place w:st="on">Nepal</st1:place></st1:country>'s ranking deteriorated on
eight of the 10 parameters in 2013.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
parameters on which the country’s ranking slipped were starting business,
dealing with construction permit, getting electricity, protecting investors,
paying taxes, trading across borders, enforcing contract and resolving
insolvency. -- NNN-NEPALNEWS<o:p></o:p></span></div>
</div>

Easier to Do Business in Nepal than in India: Report

KATHMANDU (NNN-NEPALNEWS) -- Nepal has been ranked ahead of India in terms of ease of doing business in a World Bank report launche...

INDIA: Kingfisher Staff Want 4 Months' Pay Lump Sum by Friday

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<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">MUMBAI
(NNN-PTI) -- Prolonging the deadlock over payment of salary dues, Indiaa's
Kingfisher Airlines employees on Wednesday rejected the management's fresh
offer and demanded payment of four months' backlog in lumpsum before Friday.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"The
chief executive's (Sanjay Aggarwal) claim is grossly incorrect. As a matter of
fact, as many as 90 per cent of the employees have outrightly rejected the
offer. We adhere to our demand for payment of four months' salary by October
26," airline employee Subhash Chandra Mishra, who is spearheading the
agitation in <st1:city w:st="on"><st1:place w:st="on">Delhi</st1:place></st1:city>,
told PTI.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Rejecting
the airline CEO's claim that most of the employees have agreed to resume duty
by October 26, he said, "When employees from Delhi, Bangalore and Chennai
have rejected the management's offer of staggered payment schedule, how can it
claim that most of them have given their consent to join work?"<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">In
response to Aggarwal's mail to all employees offering staggered payment of
three months' salary dues, the airline's Delhi-based engineering staff shot off
a letter, asking the management to "pay the salary from March 2012 to June
2012 at one go on or before 26/10/12 1800 hrs."<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
beleaguered carrier has not been operating flights since September-end
following a strike leading to lockout and then having its flying license or
Scheduled Operator's permit suspended by aviation regulator Directorate General
of Civil Aviation (DGCA).<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
staffers are on strike seeking payment of seven months' salary dues and have
planned protests during the forthcoming Formula One motor race in which
Kingfisher promoter Vijay Mallya is involved.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Mallya
would not like to see any disruption by the agitating employees during the
Indian Grand Prix at Greater Noida from October 27, with the employees saying
that was the reason they were making these offers.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">In
his mail sent soon after midnight, Aggarwal said, "We have received
several requests asking for status of salary for the duration of partial
lock-out period and asking for salary in December to be paid a week earlier
than December 31, 2012.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"I
am pleased to confirm that as a goodwill gesture the company will pay full
October salary to all employees and we commit to paying the same prior to
Christmas, 2012," he said.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
employees in their response mail, however, told the management, "We are
refusing your three months' salary offer procedure because you have lost our
faith....Kindly clarify this point that you are crediting the salary for
subsequent months i.e. by 10th of every month, without fail."<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Acknowledging
that around 70-75 per cent of the staff have been paid the March salary, the
protesters said they hoped the management would "take a positive course of
action" to end the impasse.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">Meanwhile,
sources among the employees accused the management of trying to break the unity
among them in a bid to resume flight operations to escape cancellation of
license by the DGCA.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">"The
same management till the other day was saying it does not have funds to pay
salaries even for one month and is now ready to pay the salary even for the
lock-out period. Where did the funds come from now? This is nothing but a ploy
to break the agitation and somehow to resume operations," an employee
claimed.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS";">The
airline employees have held meetings in Delhi, Chennai, Bangalore and Mumbai on
Tuesday and rejected the offer of payment of three months' salaries in a
staggered manner before Hindu festival of lights 'Diwali' in mid-November. --
NNN-PTI<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>

INDIA: Kingfisher Staff Want 4 Months' Pay Lump Sum by Friday

MUMBAI (NNN-PTI) -- Prolonging the deadlock over payment of salary dues, Indiaa's Kingfisher Airlines employees on Wednesday reje...

Greece Cannot Pay Back Debts by 2020 - Troika

<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">BERLIN, September (RIA Novosti) - Greece will be unable to pay back its debts to international creditors by 2020 according to the so-called troika of international lenders, German daily Handelsblatt reported on Monday, quoting unnamed sources.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The troika consists of the European Commission, European Central Bank and International Monetary Fund.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The existing financial rescue package for Greece includes a 130 billion euro rescue loan, of which 73 billion has already been disbursed, with the rest due to be handed over by 2014.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Greece's creditors hope it will be able to stand on its own feet regarding debt repayments by that date, including long-term and medium-term bond payments. Greece lost access to the long-term finance market when it went into recession and needed to resort to EU and IMF loans to meet its outstanding debt repayments.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">In autumn 2010 Athens was granted a 110 billion euro rescue package until 2013. Creditors hoped that this would enable Greece to make a gradual return to market financing by 2012, but the rapid collapse of the country's credit rating and its economic turmoil and loss of lender confidence prevented this. The troika was then forced to step in with a second loan package in spring 2012.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The troika said earlier this year that Greece must maintain its austerity drive of privatization, spending cuts and tax increases in order to boost government revenues, in order to get its outstanding rescue package funds. Greece has appealed for more time to implement austerity measures but has been rebuffed by Germany's Chancellor Angela Merkel.<o:p></o:p></span></div></div>

Greece Cannot Pay Back Debts by 2020 - Troika

BERLIN, September (RIA Novosti) - Greece will be unable to pay back its debts to international creditors by 2020 according to the so-called...

Obama to Launch Trade Case Against China

<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">U.S. President Barack Obama will launch a trade complaint against China Monday over government subsidies for its auto industry.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Administration officials say Mr. Obama will announce the move during a campaign stop in the Midwestern state of Ohio.<span style="mso-spacerun: yes;">  </span>The swing state has a large manufacturing base where many blame China for depressing its industry.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Obama administration says it "is launching enforcement action against China at the World Trade Organization" because, Washington says, Beijing is illegally subsidizing exports in its autos and auto parts sectors.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The U.S. says the practice puts U.S. manufacturers at a competitive disadvantage and encourages the outsourcing of production to China.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The announcement comes as Republican presidential nominee Mitt Romney intensifies his criticism of Mr. Obama's approach to China. Both candidates have made China, in particular its trade practices, an election issue. ---VOA News<o:p></o:p></span></div></div>

Obama to Launch Trade Case Against China

U.S. President Barack Obama will launch a trade complaint against China Monday over government subsidies for its auto industry. Administra...

INDIA: God’s Own Land, Kerala State Woos Investors

<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="MsoNormal" style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="line-height: 18px;"><br />
</span></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">By Saraswathi Muniappan <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">COCHIN, Kerala state, India, (NNN-Bernama) – India’s southern state, Kerala is wooing environment friendly foreign investment in an array of areas to emerge as a strong and vibrant economy and create more job opportunities for its people. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The state on the Malabar Coast in southwest India is well connected via air-link, sea routes and houses India’s first International Container Transshipment Terminal and excellent data and telecommunications connectivity throughout the state. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“But, we recognise that such facilities alone will not bring investment and investors. We recognise our weaknesses and limitations in areas where we are yet to realise our full potential,” its chief minister, Oommen Chandy said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Hence, Emerging Kerala, which attracted some 2,000 delegates from 50 countries such as the United States, United Kingdom, Japan and other countries, including Malaysia, is part of a process for creating a climate for investment, he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“Our objective is to present to the world about the quality and quantity of business opportunities available in Kerala for investment and the mechanisms and processes that are in place to convert these opportunities into reality.” <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Emerging Kerala, a three-day event that ended on Friday, is all about deepening and intensifying the already deep global and national connect of Kerala. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“This is an expression of the collective will of our people to scale greater heights beyond the successes in achieving social goals,” he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Harvard University’s Economic Professor, Gita Gopinath quashed the perception that a social welfare oriented state cannot be successful on the economic front. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“Scandinavian countries, such Sweden and Norway are great example of how a social welfare focused nations can still rank high as favoured investment destination,” she said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Kerala with 93.91 per cent literacy rate has huge educated population and the state should take advantage of that, she said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“Kerala needs jobs for its educated and skilled workforce. There is a large group of highly educated people in Kerala who can’t find job in the state,” she said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Currently, more than two million Keralites work outside the state, mainly in the Gulf region and contributing 22 per cent to Kerala's Gross Domestic Product via remittance. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Gita, who is a Keralite herself, said the state should look forward to investments in core sectors such as information technology, tourism, healthcare as well as banking and investment. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The tourism potential of Kerala is immense and its beach front of 700km provides a unique enclave for international tourist with annual growth of 15 per cent and seven per cent in domestic arrivals, Malaysia’s Special Envoy to India and South Asia for Infrastructure, S. Samy Vellu said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“By 2021, three million foreign tourists and 18 million domestic tourists would have patronised Kerala. To propel this growth, eco-friendly investment through Public-Private Partnership must be encouraged,” he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The state, also known for its abundant scenic beauty, earned itself the widely acclaimed name, “God’s Own Land.” <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Medical and Ayurveda city is another area Kerala should work on, he suggested. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“Develop an Ayurveda City with state of the art infrastructure with modern hospitals, affordable, “green apartment” and cutting edge research and development centres,” he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The Indian Ayurvedic market size is estimated at Rs80 billion (US$1.45 billion) and it is growing substantially between 10 per cent and 15 per cent with the same growth rate targeted for the next 10 years, said Samy Vellu. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">A slew of financially viable projects in the infrastructure sector were presented namely tplan to make five canals in Kochi navigational and connect it with the road network and the metro rail system. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Gita also pointed out that the state government should channel its incentives to young entrepreneurs, as they would create job. Older companies, including micro, small and medium enterprises do not create new jobs. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“The plans and ideas are very good but the most important thing is implementation, and more than that, the acceptance of foreign investors by the locals,” Malaysian-owned SI Property (Kerala) Pvt Ltd managing director, SN Raghuchandran Nair, said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Firstly, Keralites should be educated that foreign investment is good for their state. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“The Kerala state government is committed in development with care and sustainability, but the locals feel that the foreigners will loot their state,” he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">It was reported that as the event was set to be inaugurated by Prime Minister Manmohan Singh last Wednesday, numerous organisations gathered in strength to express their disapproval of a move that many fear could “submerge” Kerala. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">People gathered with placards against the programme on the main streets of Kochi. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Raghuchandran also opined that generally in India there is lack of long-term planning, which needs to be address in order to have sustainable development. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“Kerala used to have energy surplus but not anymore, we have good rainfall but with the lack of proper rain harvesting planning and infrastructure, we also have water deficit,” he pointed out. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Chief executive officer of Bangalore-based Krystile Consultancy, Latha Mohandas was also a little skeptical, saying, “Emerging Kerala is very interesting but it depends on the seriousness of the state in going all out for it.” <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">Having attended several such events in other states, she said while they often talk about single window clearance, when, “we take business seriously and go to invest in the respective state, no single window clearance is available,” she said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The difficulties in land acquisition are really a hindrance for infrastructure investors in India, said another participant. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“The difficulties derail projects and developers incur additional cost. It will be good if the government, state or central, comes forward to give some sort of guarantee in land acquisition,” said the participant who requested anonymity. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">He also said Kerala does have its own set of industrial-related and political unrest and “it is a huge problem in this state.” <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">The chief minister in his speech had said that words or ideology alone would not get Kerala either investors or investment and it is no longer time for vain words but for a bold constructive action. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 9.0pt;">“We hope the Kerala state government would walk their talk on this,” he stressed.--NNN-BERNAMA <o:p></o:p></span></div></div>

INDIA: God’s Own Land, Kerala State Woos Investors

By Saraswathi Muniappan COCHIN, Kerala state, India, (NNN-Bernama) – India’s southern state, Kerala is wooing environment friendly forei...

Indian Govt. Allows FDI in Aviation, Multi-Brand Retail

Indian Govt. Allows FDI in Aviation, Multi-Brand Retail

By M Saraswathi NEW DELHI, India (NNN-Bernama) -- Foreign airline companies are now allowed to take up to 49 per cent stake in India’s s...