From the Editor‟s Desk

Dear Readers,

All you IB enthusiasts must be tracking the demise of US dollar as reserve currency following
global financial crisis. This issue will make you wonder if dollar still fulfills the criteria to serve
as a reserve currency and what are the challenges in the new monetary system arising from the
emergence of many other strong currencies.

You had a brief overview of career opportunities available in International Business arena in our
first issue. This issue will take you a little deeper with specializations that you can follow in IB.

Interesting happenings around the world are covered in our monthly dose of news followed by
your and our quest for more and more.

Hopefully this issue will help quench your thirst a little bit.

(Mail your views with name and topic to ibcell.dse@mibdu.org)

In this issue…

1. Reserve Currency: A challenge

2. 2) Insight into career opportunities in International Business
3. 3) Latest in International Business: News
4. 4) IB-Quest
 VISION

The newsletter is envisaged as an attempt to form a link with the latest happenings in the
dynamic world of international business- as a platform for the authors to bring across to the
readers their perspectives on what moves the wheels of the corporate world in the international
arena.
 Reserve Currency: A challenge
USD has been the favorite reserve currency of the central banks for decades. In the post-World war II era,
most currencies were pegged to USD with exceptions of British, French & Belgium colonies. Only USD
remains the only currency which was convertible to Gold. This currency exchange system came to be
known as Bretton Woods system.

1972 saw another change when all the currencies were free floated as per the market demand & supply.
The Nixon effect couldn‟t subterfuge the importance of the USD for the global economy. Various
currencies like Yen, Euro, GPB, and Yuan challenged the USD over the period of 80s to the first decade
of 21st century. Lately the Emerging Nations with high GDP growth rate and huge customer base have
also challenged the dominant position of USD.

There has been debate whether the reserved currency should be the same currency perpetually or this
position should keep changing with the changing macro-economic factors. There are other economists
with point of view that no domestic currency should be given this status. Either SDR (Special Drawing
Rights) or a new global currency should be allowed to function as global reserved category.

Russian president Medvedev has proposed a new 'world currency' at the G8 meeting in London as an
alternative reserve currency to replace the dollar. Other nations, such as Russia and the People's Republic
of China, central banks, and economic analysts and groups, such as the Gulf Cooperation Council, have
expressed a desire to see an independent new currency replace the dollar as the reserve currency.

China has proposed using the Special Drawing Rights, calculated daily from a basket of U.S. dollar, euro,
Japanese yen and British pound, used by the International Monetary Fund for international payments. On
3 September 2009, UNCTAD issued a report calling for a new reserve currency based on the SDR,
managed by a new global reserve bank.

Characteristics of a Reserve Currency:

During the 19th century under the Gold standard and in early 20th century Sterling was the prominent
global currency. USD started displacing Sterling from this position in the period of 1880-1920 as US
economy became larger than the British economy. Also, UK ceased to act as creditor nation due to the
huge losses it suffered during World War I.

USD and Sterling are the only two currencies which have gained the position of Global Currency.
Economist John Greenwood suggested following characteristics which a global currency should have:
 1. Economic Size
2. Creditor Status
3. Developed Financial System
4. Network Effects
5. Availability beyond the Domestic Borders
6. Full convertibility

Economy Size:

The larger the economy, larger will be the trade transactions, current and capital, with other countries.
Today the top reserve currencies are USD, Euro, Yen and Pound Sterling. All four belong to top 5
countries with largest economies. The only missing currency is Chinese Yen despite China being the 4th
largest economy in the world.

Creditor Status:

Creditor status was an important factor which removed pound from being the prominent global economy.
USA is among the highest indebted countries. Is it the time for US$ to follow the suit of GPB?

Developed Financial System:

Economic growth with the best technology helped US financial system to become stronger and
developed. It is easy to transact in USD as restrictions are lesser and the institutional framework is also
developed. Hence, a global reserve currency should engender from a country with highly developed
financial system.

Network Effects:

USD became the reserved currency without any design. As the transaction with US increased, traders start
experiencing Network Effects. The reserve currency should have strong Network with other currencies &
should be able to leverage the Network effect well.

Availability beyond the Domestic Borders:

The global reserved currency should be available beyond the domestic boundaries i.e. currency can be
loaned, deposited, & widely available for transactions in small as well as large volumes.

Full Convertibility:

The currency should be fully convertible for current as well as capital transactions.

Currency Wars/ New Monitory System:

The international monetary system today is composed of national currencies, artificial currencies (SDR‟s)
and a new currency (Euro). All these currencies are linked to one another via a smorgasbord of currency
regimes.
Although, the present monetary system is referred as „Floating Regime‟, it is clearly not the case for the
majority of world‟s nations. Only 26% nations in 2002 were truly following a „floating‟ regime. The
currency wars have raised the pertinent questions on the future of the monetary system. The present
system is characterized by no-rules, with varying degrees of cooperation. Although there is no present
solution to the continuing debate about the new monetary system, many believe that it could succeed only
if combined cooperation among the countries with individual discretion to pursue domestic, social,
economic, and financial goals.

Vikrant Yadav
Faculty of Management Studies
Insight into Career Opportunities in International
Business
In our first issue of VishwaVyapar, we got a fair idea of career opportunities available in International
Business. Here we will discuss more about various specializations available within International
Business.

International Finance Career:

International Finance is one of the most competitive job industries in the world, as it requires
extraordinary intelligence and hard work. Top international firms like Credit Suisse, Goldman Sachs, and
Deutsche Bank tend to recruit exclusively from MBA programs for entry-level positions. A multitude of
opportunities exist in international finance, especially in non-governmental organizations like the World
Bank and the International Monetary Fund. Positions with foreign governments seeking to invest in the
global marketplace also abound. There are various roles available in this field like: Financial Analyst,
Credit Manager, Cash manager etc. Financial Analyst requires working with accounting department. They
are involved in preparation and analyses of the firm‟s financial plans and budgets. They also perform
work of financial forecasting and assisting in the preparation of Performa statements. A credit manager
administers the firm‟s credit policy by analyzing or managing the evaluation of credit applications and the
collection of accounts receivables. A Cash manager is responsible for maintaining and controlling the
daily cash balances of firm. He needs to manage foreign currency risk and coordinate national and
international banking relationship.

Foreign Investment Career:

Those who work with foreign investments usually manage people's investment accounts with a focus on
foreign markets. They must be able to track international stock markets and have their ear to the ground
for opportunities available in other countries. In addition to this, they must have some knowledge of
currency exchange. People in foreign investments should be forward-thinking and interested in
the international business arena. Discussion will be incomplete if we will not discuss Investment Banks
paying very high salaries. Investment banks are in the business of providing governments and
corporations with investment services, including buying, selling, and trading securities, managing assets,
and giving financial advice. The five leading investment-banking firms fill the Bulge Bracket of
investment banking: Morgan Stanley-Dean Witter, Merrill Lynch, Salomon-Smith-Barney, and Goldman
Sachs. Opportunities are available in Corporate Finance, Mergers and Acquisitions, Project Finance,
Trading, Structured Finance, Derivatives, Advisory, Equity and Fixed Income Research, International
Sales Public Finance and Rating Analyst etc.

International Marketing Career

International marketing is called for when a company wants to expand its business into a foreign country.
The international marketing department must learn what marketing techniques will work best in the
foreign country. They may perform advertising campaigns or simply work with the marketing department
of a foreign branch of their company. People are usually promoted to international marketing from within
a company, so general marketing skills are necessary. Fluency in a foreign language is necessary for most
international jobs. Those interested in international marketing should have a strong desire to learn about
other cultures and a talent for sales. Service marketing is one more related career option which relates to
marketing of services like insurance, healthcare, IT enabled services, etc. In recent past, it has become
very dominant. A person in this field should be comfortable in dealing with product attributes and issues
that are harder to observe and classify because of the intangible nature of most service products. One
more profile which is given is Market Analyst. A Market Analyst collects and analyzes data to evaluate
existing and potential product and service markets. It is their responsibility to identify and monitor
competitors and research market conditions or changes in the industry that may affect sales. Common
traits of a Market Research Managers include being detail oriented, articulate clearly, goal-oriented,
exhibit a high level of professionalism, and be exceptionally organized.

Career as International Logistics Manager:

International logistics manager works closely with manufacturing, marketing, and purchasing to create
timely, cost-effective import/export supply chains. He is responsible for handling the technical details of
international transportation—multiple modes, complex documentation, and varying customs regulations,
developing distribution strategies, and building relationships with logistics intermediaries. He serves as a
troubleshooter, dealing with problems inherent in moving freight long distances and holding inventory in
multiple global locations. An International logistics manager requires skills: Knowledge of international
commerce—international banking issues, sales and payment terms, customs regulations, and international
supply chain processes; detail-oriented; negotiating skills; effective communication skills; fluency in a
foreign language recommended; able to handle multiple tasks; awareness and appreciation of different
cultures; diplomatic.

I hope this will help a little to choose right career option and will compel you to think deeply about your
career! A word of caution: There are lot more options available in International Business, this articles
doesn‟t cover all.

Sunny Jaiswal

MIB 1st Year

 International Business News

Export growth speeds up to 23.2%, makes space for capital flow curbs

Exports rose to a 24-month high in September while imports grew a tad less, lowering the trade deficit
and creating policy space for the government to restrict the destabilising capital flows without worrying
about funding the large gap between imports and exports. Exports grew 23.2% to $18.02 billion while
imports rose 26.1% to $27.1 billion, which helped restrict the trade deficit to $9.12 billion from an
alarming more than $13 billion in August.

“If you have huge (trade) deficits, you have to accept inflows. Lower deficit will allow the government to
contemplate taking measures to control capital flows just like Brazil did,” said Biswajit Dhar, director
general, Research & Information System (RIS) for developing countries.

India to export rare earths to Japan

The increased tension between Japan and China seems to have opened a new business opportunity for
India. With China announcing its plans to drastically prune its export quotas of rare earths to Japan, Prime
Minister Manmohan Singh has offered to supply the commodity to Japan.

Mr Singh himself has said that China‟s recent restrictions on exports of rare earths should be an added
incentive for many countries which have a potential to produce the commodity.

Tata Motors pips RIL to emerge as India's top brand

You don‟t get to drive past Reliance Industries every day. But that‟s exactly what Tata Motors has done
in the 2010 edition of India‟s Most Valuable Brands survey. The Tata Motors-Jaguar-Land Rover
combine, with a valuation of $8.45 billion, has over taken Reliance to top the list of the 50 most valuable
corporate brands in India.

Obama likely to soften anti-offshoring rhetoric

FOR India‟s $50-billion outsourcing industry preparing to host president Barack Obama later this week,
the big Republican win in the US means a toning down of an anti-offshoring rhetoric that became
increasingly strident after the Democrats came to power.

“If the Wall Street cheers are any indication, it looks like economic sense will prevail in policy decisions,
and that‟s good news for outsourcing,” said the CEO of one of the top Indian tech firms. "For all of us, a
vibrant, growing and strong America is good. We hope both the Democrats and Republicans bring jobs
and the economy back on track," said Som Mittal, president of NASSCOM, the country‟s apex software
and BPO industry association. The win would mean more checks and balances, he said.

Also Read: I have to protect American jobs: Obama on outsourcing

US, India to collaborate on innovations in agriculture sector

India and the United States will collaborate in the areas of agricultural innovation, during President
Barack Obama's visit to the country, which will increase food security for Indians and help bring green
revolution in Africa, the White House has said.

"Agriculture would be one of the main focus areas of the presidential trip to India. The trip would discuss
how innovation can support the kind of agriculture that allows people to have a broader food base," Ben
Rhodes, Deputy National Security Advisor for Strategic Communication said in response to questions at
"Tuesday Talks", a live web cast from the White House on the President's 10-day Asia trip.

Panasonic invests $30 million in Tesla

TOKYO: Panasonic Corp. said Thursday it has invested $30 million in Tesla Motors Inc., the US maker
of electric sports cars, eyeing an expansion in the global market for electric vehicles.
Panasonic, Japan's biggest home appliance maker said it will acquire about a 2 percent stake in Tesla.
Panasonic said the two firms will jointly market battery packs for electric cars. Shares in Panasonic
jumped 3.7 per cent to 1,181 yen on Thursday following an announcement of the capital tie-up with
Tesla.

Currencies and Interest rates

IF there is an economic consensus at the moment, it must surely be that official rates in the big currency
blocs (the US, euro zone and Japan) aren't moving for the foreseeable future. Given economic weakness,
central banks are leaving rates at near-zero levels. But take a look at the graph.

In the interbank market, euro zone rates have steadily been moving higher, and the gap with the US is
widening. The relative yield attractions of the euro are increasing, at a time when yields are generally low.

The idea of a currency war is that nations

depreciate their currencies with the aim of boosting
their share of export markets. The euro zone is
caught between the US, set to create a lot more
dollars tomorrow, and China, which pegs its
currency to the dollar.

So you would think the Europeans would be very

careful about any trend that seemed to drive the
euro higher. This graph looks like a self-inflicted
wound.
Is the world too dependent on the Chinese economy?

China's economy may account for up to a fourth of global growth in 2010. What are the risks to
dependency on a single country's economic performance, and what, if anything, should the world do to
reduce this dependence?

Also Read: China may not matter quite as much as you think

CHINA is now the biggest export market for countries as far afield as Brazil (accounting for
12.5% of Brazilian exports in 2009), South Africa (10.3%), Japan (18.9%) and Australia
(21.8%). Each surge or wobble in China's economy has a material impact in these places. But
exports are only one component of GDP. In most economies of any size, domestic spending
matters more. At the start of the 1990s, Japan accounted for a bigger share of GDP than China
does today. Its growth slowed from about 5% to 1% in the first half of the 1990s without any
discernible effect on global trends.

India can be richer than China with right policies: US economist

Indians could grow wealthier than the Chinese in the next 30 years if the government brings in
fundamental changes, starting with clear property rights to farmers, says a renowned American
economist.

"When I say India would be richer than China in 2040, I don't necessarily mean India's GDP (gross
domestic product) would be bigger," said Derek Scissors, fellow at the Asian Studies Centre at The
Heritage Foundation, a Washington-based conservative think tank.

US, Russia join Asia club in a blow to China: Analysts

The United States and Russia will be formally welcomed into a 16-nation Asian bloc on Saturday; in what
analysts say is a blow to Chinese attempts to diminish US influence in the region.

US Secretary of State Hillary Clinton and Russian Foreign Minister Sergei Lavrov will be invited to join
the East Asia Summit (EAS) when the group holds its annual summit in Hanoi

Global crisis has cost 30 mn jobs: IMF chief

The global crisis has cost 30 million jobs around the world, International Monetary Fund Director General
Dominique Strauss-Kahn said Monday, opening a human development forum in Morocco.

Employment should be the priority of further globalisation, Strauss-Kahn added. "The world has lost 30
million jobs because of the global crisis, and the expectations for the years to come are 400 mn," Strauss-
Kahn warned the International Forum on Human Development, taking place at Agadir in southern
Morocco on Monday and Tuesday.

AIG set to repay $37 billion in bailout money

AIG says it has raised $37 billion from the recent sale of two foreign insurance units to help repay US
government bailout money. AIG says it closed its sale of American Life Insurance Co. Monday to
MetLife Inc. for $16.2 billion. It said last week that it raised $20.51 billion through an initial public
offering for AIA Group Ltd.

The money will go toward paying off the more than $100 billion in outstanding debt and aid that the
financial services company still owes the government.

Big IT moves more work, jobs to China

As the Chinese pitter-patter into IT services turns into a loud clatter, Indian majors are pushing hard to
grab a bigger slice of that market. TCS, Infosys and Wipro plan to shift at least 10% of their new
outsourcing projects to Chinese cities of Dalian and Chengdu, for the first time since India‟s software
exports industry took note of the Chinese threat a decade ago.

Japan's finance minister warns of currency risks

Exchange rate fluctuations could further damage Japan's faltering economic recovery, the finance minister
warned Tuesday, voicing discomfort at the yen's rise close to a post-war high.

The Japanese economy "has recently been at a standstill," Finance Minister Yoshihiko Noda said in a
prepared speech to parliament, according to Dow Jones Newswires.

"There are expectations that the economy will pick up on the back of improvements in overseas
economies and the effects of various policy steps.

'China may shift monetary policy stance'

China must be ready to shift to a "prudent" monetary policy from its "moderately loose" stance at present
as the economy stabilises, an academic adviser to the central bank said.

Also Read: China inflation won't top 3.5% average -NBS

Currency swings show lack of faith in G-20 pledge

Traders are losing confidence in the Group of 20 finance officials‟ pledge to avoid foreign-exchange
manipulation less than a week after the leaders vowed to stop devaluing currencies to prop up their
economies. Volatility among Group of Seven currencies rose to about the highest level in four months
since the G-20 meeting ended on October 23, 2010 according to the JPMorgan G-7 Volatility Index

Apple beats Blackberry maker RIM in quarterly Smartphone sales

Apple has for the first time outpaced Blackberry-maker Research in Motion in global Smartphone sales
thanks to the success of its iPhone 4, a report said Friday. Industry tracker IDC said Apple sold 14.1
million iPhone units in the third quarter while Canada's Research in Motion shipped 12.4 million
Blackberry devices. "The company's record shipment performance can be attributed to the introduction of
the iPhone 4 in 17 new countries last quarter," said the International Data Corporation (IDC).

Harley-Davidson to set up assembly plant in Haryana

Iconic bike-maker Harley-Davidson today said it will start an assembly facility of its motorcycles in India
by the first half of 2011, making it the second facility outside the US.

"We are building a strong foundation for our business in India, first by establishing a world-class dealer
network, and now by commencing CKD assembly operations," Harley-Davidson India Managing
Director Anoop Prakash said.

Also Read: BMW to launch bikes in India by Dec; price Rs 18 lakh onwards

Walt Disney, Virgin and Google among top 10 dream employers

The inaugural Dream Employers survey, run by RedBalloon and Insync asked people in Australia and
New Zealand to nominate their dream employer.

The top 10 are:

1. Google 2. Virgin 3. Self-employment 4. Apple 5. Qantas 6. Walt Disney 7. OMD 8. Sydney Water 9.
Getaway 10. Coca-Cola

Green-card blues: A backlash against foreign workers dims business hopes

for immigration reform

BAD as relations are between business and the Democrats, immigration was supposed to be an exception.
On that topic the two have long had a marriage of convenience, with business backing comprehensive
reform in order to obtain more skilled foreign workers.

Tata's water purifier wins top innovation prize

Tata's inexpensive water purifier, aimed at households that may not have electricity, bagged the top prize
in The Wall Street Journal's Asian Innovation Awards.

The purifier named Swach, which costs just Rs 999, won the award amid competition from nearly 300
entries.

Luxury goods: Bling is back

A surprising recovery in luxury goods

“IN THE dark days of the recession people didn‟t want to show the bling,” says Alisa Moussaieff, owner
and managing director of Moussaieff, a London jewellery shop. Some of her wealthy customers bought
diamonds or other gems as an investment during the financial crisis, since paper assets seemed so dodgy
at the time. Rather than flaunting their purchases before recession-pinched passers-by, however, they
asked for plain white shopping bags. As the global economy mends, such restraint is wearing off. Yet
even the luxury industry‟s boosters did not expect such a cork-popping recovery.

APEC ministers to agree on anti-protectionism

Ministers of the 21-member Asia-Pacific Economic Cooperation (APEC) forum this week are likely to
agree on banning fresh protectionist measures to safeguard the world economy, a report said on Monday.

In a two-day ministerial meeting ahead of the APEC summit this weekend, they are expected to agree on
not taking fresh anti-protectionist measures in the coming three years to 2013, Japanese public
broadcaster NHK reported, without citing its sources.

China using Pakistan to slow India's growth: US diplomat

Relations between India and China have deteriorated in last 18 months and is unlikely to get better, a
former US Ambassador to India has said and he shared the perception of many Indian strategic thinkers
that Beijing is using Pakistan to slow India's rise.

"I think it's fair to say now that China-India relations are not very good and in fact have been deteriorating
for about last 18 months," Robert Blackwill, former US Ambassador to India said in a conference call
with reporters in a briefing on Obama's India visit.

OBAMA VISIT

Obama to ease US-India export controls, boost trade

Obama announces $10 bn worth Indo-US trade deals

India not singled out in visa fee hike: US

US sees $1 trillion opportunity in India

Obama acknowledges decline of US dominance

Global business groups urge G20 to ensure rare earth supply

RBI opens fresh window to ease liquidity woes

The Reserve Bank of India re-introduced liquidity easing measures to prevent disruption in financial
markets and maintain credit flow in the system as rising government cash balances lead to cash shortage.
A second liquidity adjustment facility (LAF) will be operational till December 16 and banks will be
exempt from penalty up to a percentage point fall in the statutory liquidity ratio of 25%, the central bank
said in a statement. It also made borrowing against corporate bonds more attractive.

China trade surplus rises to $27 bn; heat on yuan

China's trade surplus grew in October as both exports and imports rose on-year, the government said
Wednesday, adding to pressure on Beijing ahead of the G20 summit to let its currency appreciate. The
trade surplus expanded to $27.15 billion in October, customs authorities said, before a Group of 20
summit in Seoul that is expected to focus on rebalancing the skewed global economy.

G20 struggles in Seoul as Irish crisis hits market

The Group of 20 meeting on Thursday struggled to agree on meaningful action to rebuild the global
economy as a crisis erupted in Ireland, pushing its bond spreads out to a record over Germany, and
infecting Spain and Portugal.

Even as US President Barack Obama voiced confidence that the leaders would agree on steps for more
balanced and sustainable global growth, financial markets sold vulnerable eurozone bonds and shares of
British bank RBS.

At the summit, European Commission President Jose Manuel Barosso said that the European Union had
the tools to help Ireland, but did not commit to a fresh course of action that could reassure nervy investors

Also Read: India cautions G-20 against protectionism

G20 unites to fight economic tensions

China steadily closing gap with India as top BPO destination

China's outsourcing industry is steadily closing the gap with leader India, according to a research done by
a Canada based firm.

ICT research and advisory firm Canada-based XMG Global said in its study that China is closing 2010
with 35.76 billion US dollars or 28.7 percent share of the global outsourcing industry, while India
maintains its lead capturing 54.33 billion US dollars or 43.7 percent of the total.

'Rs 50,000 cr liquidity crunch in the economy'

Worried over liquidity crunch in the economy estimated at around Rs 50,000 crore, the RBI on Saturday
said the situation has worsened and it was taking measures to ease it.
India to contribute $3 bn for IMF quota increase

India will have to contribute upto Rs 15,000 crore (about more than USD 3 billion) to the International
Monetary Fund (IMF) following the decision of the Fund to double its quota. While doubling its quota the
IMF Board has also decided to shift 6 per cent shares in voting rights to emerging economies as part of
governance reforms.

Cheaper Indian goods in Canadian market after free trade deal

India will join China in filling up Canadian stores with cheaper goods once New Delhi and Ottawa sign a
free trade agreement to do away with many taxes and duties.

The prime ministers of the two countries announced the start of talks for a comprehensive economic
partnership agreement during their meeting on the sidelines of the G20 summit in Seoul.

Greece raises $531 million in debt sale

Greece's debt management agency says it has raised 390 million euro ($531 million) in the sale of 13-
week treasury bills.

Global gold demand rises as India, China buy - WGC

Gold demand is being lifted this year by a recovery in jewellery buying in the key Indian market, and
robust growth in Chinese gold consumption, the World Gold Council

China rate jitter, Ireland debt woes hit world stocks

Investors gave stocks a wide berth on renewed worries China may hike interest rates this week and after
top level meetings in Europe failed to produce a clear solution to tackle Ireland's debt crisis.

Thailand slides into 'technical' recession

Thailand‟s economy slipped into a technical recession in the third quarter, reinforcing signs of an Asia-
wide slowdown as export growth cools, manufacturing ebbs and the impact of massive government
stimulus spending fades

Ireland unveils new budget, EU defends economies

Ireland has unveiled a 15-billion-euro austerity package as part of its requirements to unlock an
international bailout, slashing public sector pay and pensions but refusing to raise corporation tax. With
the eyes of Europe on his debt-ridden nation, Prime Minister Brian Cowen said his four-year package of
cuts and tax increases would restore shattered confidence, calling it a signpost on the road to recovery.
"We can and we will pull through this as we have in the past," Cowen told a news conference

EU/IMF conclude deal with Ireland on bailout-sources

The European Union, European Central Bank and the IMF have concluded negotiations with Irish
authorities on a bailout and the deal is ready to be signed off by EU finance ministers, EU sources said on
Sunday. "The negotiations are complete and a package has been agreed on the ground," a source involved
in the discussions said

EU launches '13 ban on disputed HFC carbon offsets

The European Union's executive Commission has proposed banning from 2013 the most common types
of carbon offsets, mostly from India and China, in order to boost money flowing to offset projects in the
poorest countries.
The Commission proposed that from January 1, 2013 the EU should exclude from its Emissions Trading
Scheme offset credits from HFC 23 and nitrous oxide credits from Adipic acid production, it said in a
statement.

Growth indicator shows eurozone regaining steam

Private sector manufacturing regained steam in the eurozone in November after three months of decline
but the recovery was uneven across the 16-nation bloc, a key survey showed.
Eurozone powers Germany and France led the recovery with output rising in both countries while the rest
of the region experienced "sluggish growth," according to the purchasing managers' index (PMI).

World stocks, euro hit by euro-zone debt worry

World stock markets and the euro slumped on concern the European sovereign debt crisis will spread
within the continent. Also clouding markets, China warned against military acts near its coastline before
US-South Korean naval exercises, which North Korea said risked pushing that region toward war. The
North shelled a South Korean island.

China to boost grain supplies to combat inflation

China will increase grain supplies, open up more land for planting vegetables and crack down on
hoarding as the government steps up efforts to combat rising inflation, state media.

US shuts down counterfeit goods, music sites

US authorities have shut down dozens of websites offering counterfeit goods and pirated music, five
months after a crackdown on sites offering movie downloads
India can play key role at Cancun: US

The United States says India can play an important role at next week's climate change talks in Cancun,
Mexico, to help make progress on efforts to control global warming gases.

"India had a very important role last year in Copenhagen, and I think India will have a very important role
this year, particularly if we have a chance of getting anywhere," US Special Envoy for Climate Change
Todd Stern told reporters Monday.

India's Q2 GDP growth above estimates at 8.9% vs 8.8% QoQ

India's economy grew a forecast-beating 8.9 percent year-on-year in the July-September quarter, data
showed on Tuesday, as the South Asian nation returned to pre-financial crisis expansion levels.
 IB Quest: Interesting Read
Top 500 companies in India

Should America invade Iran?

We don't need to be protectionist: Anand Mahindra

Currency war on, but India sitting pretty: HSBC

India, UK trade could touch $24 Billion by 2015: Survey

Global M&A to hit $3 trillion in 2011 - survey

India to grow faster than China by 2012: Standard Chartered Bank

China Yuan to become global reserve currency: Russia central bank

General Motors India crosses 100,000 unit milestone

General Motors $23 bn IPO world's biggest

Honda to launch small car 'Brio' in India in 2011 for below Rs 5 lakh