BUSINESS STANDARD- 30 jan, 11 STANDARD 

2G SCAM :RBI GOVERNER TO APPEAR BEFORE PAC Continuing with its examination into the 2g spectrum allocation parliaments public account committee has called RBI governor D.SUBBARAO on Thursday to record evidence in connection with the matter . The committee headed by senior BJP leader MURLI MANOHAR JOSHI Subbarao who was the finance secretary when the 2g spectrums allocation were made in january 2008 is also expected to face questions on the issues including on changes in the entry fee for telecom operators, he had raised with the communication ministry.

Resolve royalty row before approving CairnCairnVedanta Deal




ONGC is to pay royalty on oil produced from Cairn s Rajasthan oilfields as it has 30% stake. Its board yesterday recommended to the government that the royalty it pays not only its share but also on the 70% share of Cairn India should be deducted from the price released on the sale of crude oil from mangala and other oil fields in the rajasthan block. The ONGC board s resolution will be added to the pre conditions that the oil ministry has imposed for approving the Cairn Vedanta deal.

NMDC re-evaluating 2-yr-old pact with Rio Tinto re2-yr

The Govt. owned minor NMDC is re-evaluating its 2-yr-old re2-yragreement with anglo autralian mining major Rio Tinto which envisaged the joint development of iron ore assets in India and Overseas. Rio Tinto the World s second largest iron ore producer had inked a memorandon of understanding MOU with NMDC on Aug 18,2008 to work jointly on iron ore assets in India and overseas but there has been no movement on the ground so far. we plan to re-evaluate the agreement with Rio Tinto. We will meet rethe Rio Tinto officials soon to discuss the matter NMDC chairman and managing director Rana Som told PTI over phone

New spectrum policy to create level playing field: TTSL



TATA group firm TATA TELE Services today welcome telecom Minister Kapil Sibal s announcement of delinking spectrum from license, saying the move will create a level playing field for all operators. Telecom Minister Kapil Sibal s yesterday announced that spectrum would not come bundled with the license as per the new telecom policy. The contract limit of spectrum has also been reduced to 4.44Mhz for new operators, while for the old operators the limit has been retained at 6.2 Mhz

Idea gets advantage Rcom, BSNL at a loss



No Idea, get Idea . Idea cellulars campaign to woo subscribers of rival telecom companies seems to be paying it rich dividends. The country s sixth largest mobile operators was the biggest gainer in the first 8 days of the mobile numbers portability( MNP) being launched across the country. According to figures made available by the telecom companies to the department of the telecom communications, Idea cellulars saw a net gain of 12300 subscribers. Net gain is the difference between the no. of subscribers who left and those who join.

India flahses wait sign for Walmart, Tesco



Commerce and industry Minister Anand Sharma has asked global retail chain not to rush the govt. into allowing foreign direct investment in multibrand retain. The minister who met the global CEOs of retailers such as Walmart, Tesco and Carrefour on the sidelines of the world economic forum meeting here, said the govt. would take a decision in dew course. In the mean time, the retail chains should invest in back end infrastructure he said.

Other sub headlines

Maruti Suzuki India, the country s largest car maker on Friday reported a 17.80% decline in net profit to rupees 565.17 crores for the quarter ended dec 31, on the back of rising input cost, higher royalty payments and adverse fall exchange movements. CADBURY INDIA- Most minority shareholders of the Cadbury India INDIAare not in favor of the chocolate maker s new buy back offer of Rs. 1900 per share and have objective to the low valuation. The investors grievances forum which is fighting a case on behalf of minority shareholders has filled an affidavit in the bombay high court declining the offer from Cadbury India.

Finmin sees inflation a bigger worry than growth



The finance views high inflation as a bigger worry vis--vis growth.it visfavours slowdown in bank credit growth not only to match with deposit expansions,but also to moderate demand pressure on inflation However it maintains that needs of productive sectors would be maintained even if credit growth comes down Inflation has become a bigger concern compare to growth, senior finance ministry officials told business standard. Inflation has started moderating by nov, but rose in dec on the back of expensive food items. It stood at 8.4% in dec from 7.4% last month. It is expected to be down to 6.5 to 7% by this fianancial yr.

ECONOMIC TIMES 28 Jan, 11

     

Cipla promoters in sale talks, Merck seen ahead FDI slow down forces govt to rethink on AD rs for india inc L&T infotech may be put on block as restructuring kicks off Justify payment of non compete fee , SEBI tells E.Land Govt to disclose gurantees in budget papers Food inflation rises to 15.57% for the week ended jan 15 from a year ago, up marginally from 15.52% in the week before. Onion prices are up 112% from a year ago contributing to the food infation

R gopalan may be new economic affairs secretary-R Gopalan will secretaryreplace Ashok Chawala ,who is also the finance secretary.Chawala retires on jan 31.  POWER FINANCE FPO likely by april- may- state owned for power april- mayproject ,power finance corporation is likely to have the$7000 crores follow on public offers in april or may this year .  Oil, food prices to effect inflation outlook in 2011-rising oil prices 2011and firming up of global n domestic food prices are likely to have a significant impact on inflation outlook in2011,a top rbi officials said high global energy , global commodities and domestic food prices are likely to have a significant impact on inflation outlook in2011


RBI rate hikes may not tame inflation :Economists with supply side constraints the main reason for the spike in price of essential items the latest hike in short term lending and borrowing rate by the RBI may not help in reining in the inflation and the need of the hour is to increase food production ,econamists maintain Apparel export drop by about 3% in november-after novemberregistrating positive growth for thremonths in a row, India apparel export again slipped about3% to $716 million in november year on year due to less demand from the west and rising input cost.

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