Trade policy: Govt continues incentives, eyes high growth.
After Nilekani, another Bangalorean makes it to Delhi
Troubled Galaxy Destroyed Dreams, chapter 351
Palash Biswas
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Markets
Duration: 01:25
Posted: 27 Aug, 2009, 1211 hrs ISThrs IST
Duration: 01:22
Posted: 26 Aug, 2009, 1604 hrs ISThrs IST
Bloodshed in bandh final hour |
| RAJ KUMAR |
| Ranchi, Aug. 26: A villager playing police guide was killed and a CRPF jawan injured when a squad of rebels led by sub-zonal commander Kundan Pahan ambushed a 38-member security party in Bundu barely an hour before the 48-hour CPI(Maoist) bandh drew to an end last night. Deputy superintendent of police (DSP), Hatia, Rajeev Ranjan, who survived the attack, said police and CRPF personnel were returning from Ulida after a long-range patrol when the rebels struck. Tired as they were, the jawans had stopped for some rest at Nawadih Middle School. The school, nestled between dense forests and hills about 35km from the capital on the Ranchi-Jamshedpur highway, made them easy targets. An armed squad of 100 rebels surrounded the campus around 11pm and began firing indiscriminately from semi-automatic rifles. The security personnel scurried for cover, many taking shelter in classrooms on the 1.8-acre campus. "Sukhram Munda, a village youth who was guiding us, was killed in the first hail of bullets. CRPF jawan Shivshankar Yadav was injured. We took position in eight classrooms and a gun battle ensued," Ranjan said, adding that they exhausted 800 rounds during the encounter that lasted for three hours. The DSP said that the rebels tried to demoralise the force by heckling them and asking them to surrender. "They kept saying that they had laid siege to the campus and we could not escape. Pahan himself was hollering at us," he added. Officer in charge of Lapung police station Kuldeep Toppo, who also survived the attack, admitted that he had never faced such a tricky situation. "It was a difficult challenge for us because we had no long-range firearms. I found myself helpless with a 9mm pistol. The encounter ended only after reinforcement and anti-landmine vehicles reached the spot. Bundu sub-divisional police officer Anand Joseph Tigga led the additional force to the school around 2am. We stayed on the campus till 7am," he said. A section of police officers said the patrol team had made a strategic mistake. "It was foolish to use the same route for entry and exit, besides entering a forested stretch at night," one of them said not willing to be named. Senior police superintendent, Ranchi, Praveen Kumar, however, claimed that the security team had been caught unawares. CRPF jawan Yadav has been admitted to hospital, where his condition is said to be stable.
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Land shark boot shifts to other foot | ||
| BISWAJIT ROY AND ZEESHAN JAWED | ||
Calcutta, Aug. 26: The acrimony of Nandigram and Singur has given way to political harmony in Vedic Village but for a discordant note from an unexpected quarter. Neither the Trinamul Congress nor the CPM has yet raised their voices on the Vedic Village flare-up and allegations of forcible land acquisition. On the other hand, language expected from the usual crusaders for land rights has flowed from the lips of state home secretary Ardhendu Sen, known to be an acolyte of chief minister Buddhadeb Bhattacharjee. Words such as "land mafia" and "acquisition at gunpoint" were uttered over the past few days by Sen, not by Mamata Banerjee or by Abdur Razzak Mollah, the land and land reforms minister who cast himself as a vocal critic of the acquisition policy at cabinet meetings and is portrayed by others as a future contender for bigger responsibilities. Bengal's land boot has shifted to the other foot, to the chagrin of some and the mirth of others. "A lot of big fish are involved… I will speak out when the time is right," Mollah told The Telegraph today. If Mollah is planning to cast his net wide near Vedic Village, he should hope that his trawling abilities are as poor as the land management skills of his department. Otherwise, the net is certain to trap both CPM and Trinamul fish. Ask Mrityunjay Gour, a CPM supporter sitting in a party office in Shikharpur near Vedic Village, the reason for the silence by the key parties at a time grievances over land acquisition have changed the political wind. He smiles and says: "If the Trinamul leadership or our leaders start agitating against the project and the project gets scrapped, do you think people will hold the flags of their parties? All parties have benefited from the project." Gour supplies sand to construction sites coming up along the road leading to Vedic Village. The middle-aged man, in white kurta and pyjama, had also supplied sand when construction was at full swing at the resort. "I got contracts because I had party connections," he said. The list of beneficiaries does not include CPM cadres alone. Arabul Islam, Trinamul's MLA from Bhangar, said his brother Khude Mollah was on Vedic Village's payroll. "Khude is an employee of Vedic Village. The village authority has employed around 500 local youths with allegiance to different political parties. My brother is one of them,'' the Trinamul MLA said. Raj K. Modi, the chief of Vedic Realty, debunked suggestions that the project showered benefits on those with political connections to ensure patronage from all sides. "We wanted to give employment opportunities to local people irrespective of their political affiliations," Modi said. Examples of beneficiaries with political connections abound in the five mouzas — Bagu, Shikharpur, Bajetaraf, Uriapara, Uttor Gazipur — around Vedic Village and adjoining areas. Dipankar Naskar, a nephew of Dolly Naskar, the panchayat pradhan of Chandpur gram panchayat, has bagged the contract to develop an 80-bigha garden for Vedic Village. Similarly, Rahman Molla, 36, has got the contract to supply stone chips for two years at Vedic Village. Overseeing the unloading of a truck, he admitted that his father was close to Rabin Mondol, the CPM MLA from Rajarhat. "Everyone knows that I am a Trinamul worker and my aunt is the panchayat pradhan," said Dipankar, before getting into his brand-new hatchback for a business trip to East Midnapore. "There is nothing wrong in people giving up their land voluntarily…. But the problem here is a lot of people had to sell their land under duress and no political party came to their rescue," said a schoolteacher. While police are looking for Gaffar Mollah, a local tough who had allegedly coerced people to sell land for the project, the schoolteacher said several land sharks were active in the area and they had political patronage. Trinamul sources said Mamata was apprehensive that an aggressive agitation might boomerang on her party. "Didi is annoyed with MLA Arabul Islam and has asked him to keep mum," said a Trinamul source. "Party leaders like Mukul Roy and Subrata Bakshi (the party state president) have told me to keep shut as the leadership will deal with the CPM's mud-slinging against me,'' Islam said. CPM leaders, too, face a similar predicament. Local party leaders conceded that deep digging would not stand them in good stead. They referred to a thorny issue: Mollah's land and land reforms department had agreed to an out-of-court settlement with the Vedic promoters, bailing them out of legal complications. Besides, the government is also joining hands with Vedic Realty to develop an integrated IT township over 1,600 acres. "The issue is likely to be discussed in the party state committee," said veteran CPM leader Benoy Konar. |
Sensex quiet; Bharti, Wipro, SBI lead, ITC, ICICI Bank dipMoneycontrol.com - 1 hour ago At 12.00 pm, the Sensex was quiet in trade. Both the equity benchmarks were trading near their previous closing values. The Nifty was trying to move towards the 4700 mark but selling at higher levels was putting pressure. Nifty little changed; Tata Motors, HUL up Economic Times Sensex flat; Consumer Durables index up 5% Business Standard BGR Energy bags Rs 1633-cr power orderHindu Business Line - 54 minutes ago MUMBAI: Power equipment supplier BGR Energy Systems on Thursday said it has bagged order worth Rs 1633.71 crore for the construction of thermal power project. BGR Energy gets Rs 1634 cr order Business Standard India Hot Stocks: BGR Energy extends gains on order win Reuters India Harley-Davidson to sell bikes in India in 2010Reuters India - - 20 minutes ago NEW DELHI, Aug 27 (Reuters) - Harley-Davidson Inc (HOG.N: Quote, Profile, Research) plans to start selling its motorcycles next year in India, the world's second-largest market for bikes, the US-based company said on Thursday. Harley Davidson set to begin India chapter Business Standard POSCO to start work on delayed Orissa plant in 2010Reuters India - 3 hours ago BHUBANESWAR, India (Reuters) - South Korean steelmaker POSCO will start construction early next year of a $12 billion India project that has been delayed by farmers' protests, the company president said. POSCO denies calling off Orissa project IBNLive.com POSCO denies reports of moving out of Orissa Moneycontrol.com Ambani dispute hurts markets, says PranabFinancial Express - 4 hours ago New Delhi: The ongoing spat between the Ambani brothers over the pricing of natural gas will negatively impact domestic capital markets and the larger interests of industry and government, finance minister Pranab Mukherjee said on Wednesday. Ambanis must sort out row in nation's interest: Govt Indian Express High gas price, NTPC spat put RIL in a spot Economic Times VHP man in the net after raids recover Rs 10crTimes of India - 2 hours ago JAIPUR: Rajasthan's income-tax department recovered over Rs 10 crore from eight bank lockers of a stock broker in Jaipur on Tuesday. Rs 10 crore seized from senior VHP leader in Jaipur Press Trust of India Nagarjuna Construction bags orders worth Rs 311 crBusiness Standard - 17 minutes ago Nagarjuna Construction Company Limited secured three new orders worth Rs 311 crore including one for Rs 182 crore from Osmanabad Municipal Council for augmentation of the water supply scheme and has to be completed in 18 months. Nagarjuna Const gets orders worth 3.11 billion rupees Reuters India Nagarjuna Const up on bagging orders worth Rs 311cr Moneycontrol.com Religare reiterates Buy on Aban Offshore with target of Rs 2004Economic Times - 28 minutes ago MUMBAI: Religare Securities has reiterated its 'Buy' recommendation on Aban Offshore with a price target of Rs 2004. The company recently announced deployment of four of its seven idle rigs which will bring in revenues worth $695 million. Aban Offshore zooms 27% on bagging order Business Standard Infosys, Wipro hit 52-week high on BP dealBusiness Standard - 15 minutes ago Major IT stocks had gained significantly during the run-up to a major outsourcing deal worth $1.5-billion from UK. Indian IT majors Tata Consultancy Services (TCS), Infosys Technologies and Wipro, besides global IT giants IBM and Accenture bagged a ... Brokerages being irrationally exuberant on IT: Infosys Moneycontrol.com TCS, Infosys, Wipro win a slice of BP outsourcing deal Hindu Business Line ICICI reduces rates for new home loansTimes of India - 12 hours ago NEW DELHI: The largest private sector bank, ICICI Bank, launched new home loan schemes at lower interest rates for new borrowers. Under the new offer, interest rates for up to Rs 20 lakh is 8.75%. ICICI Bank launches special offer for new home loans Economic Times ICICI launches special offer for new home loans Times of India Bharti, MTN Close in on a DealWall Street Journal - - 41 minutes ago SINGAPORE -- Bharti Airtel Ltd. is offering shareholders of South Africa's MTN Group Ltd. roughly $13.1 billion in cash and shares for a 49% stake and the two sides are close to an agreement, ... Rising rand may see Bharti pay more cash Economic Times Bharti & MTN work on finalizing deal; issues linger Reuters India Indian sugar mills contract imports at high prices-paperReuters India - - 3 hours ago NEW DELHI, Aug 27 (Reuters) - Sugar mills in India's northern parts have contracted imports of 400000-500000 tonnes of raw sugar at $510-$520 per tonne, cost and freight, the Hindu Business Line newspaper said on Thursday. Govt raises levy sugar quota 16% Business Standard Mills in North contract raw sugar for imports at $520/t Hindu Business Line Inflation jumps: Will RBI start hiking rates?Moneycontrol.com - 2 hours ago Inflation still seems to be on an uptick. The wholesale price index (WPI) for week-ended August 15 stood at -0.95% versus -1.53% in the previous week. Wholesale prices fall 0.95%; food still costly Hindu Business Line Food prices surge 13.3 pct y/y; WPI falls Reuters India Core sector growth slumps to 1.8%Business Standard - 10 hours ago Hopes of a recovery waned today, with data for output growth of six core industries dropping to 1.8 per cent in July, the lowest in the current financial year, and significantly behind a 6.8 per cent growth in June and 5.1 per cent in July last year. Core sector index grows just 1.8% in July Economic Times Core sector growth dips to 1.8% in July Hindu Business Line Cipla to ink patent deal with Chinese partnerMoneycontrol.com - 2 hours ago Pharmaceutical major Cipla is all set to ink a deal with a Chinese partner for a series of off patent anti-cancer drugs. The drugs are expected to be launched in the next two years. Cipla plans to raise Rs 1500 cr to retire debt, fund capex Economic Times RNRL September futures adds 1.31 cr sharesSify - 2 hours ago Chennai: Turnover remained moderate at Rs 78077.71 crore in the F&O segment on Wednesday. The Nifty July futures closed at 4680.85 while the September futures closed at 4691.5 against the spot close of 4680.85. Nifty OI PCR rises to 1.31 vs 1.25 Moneycontrol.com F&O Outlook: Nifty may remain range-bound today Business Standard HC rejects judicial probe into Batla House encounterEconomic Times - 10 hours ago NEW DELHI: In a setback to cop bashers and civil rights alarmists, the Delhi high court on Wednesday accepted the findings of NHRC giving clean chit to Delhi Police in the Batla House encounter case and declined to institute a judicial probe. HC issues notice to Press Council on court reporting Press Trust of India Passengers to pay airport development fee, rules high courtSify - 13 hours ago The Delhi High Court, while dismissing a public interest petition, Wednesday ruled that the collection of airport development fee (ADF) from passengers is not an irregularity on the part of the Airports Authority of India (AAI). Airport development fee at Delhi, Mumbai legal, says Court Hindu Business Line |
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After Nilekani, another Bangalorean makes it to Delhi!
After Infosys top honcho Nandan Nilekani made it to Delhi to take up the national ID mission, another Bangalorean has made it to a top position in Delhi.Founder of Narayana Hrudayalaya and well-known interventional cardiologist Dr Devi Shetty has been appointed as member, advisory board of National Council for Human Resources in Health. The prestigious appointment has been made by the Union Health Ministry.
The advisory board of National Council for Human Resources in Health is tasked with overhauling health care resources in the country and also oversee the functioning of several regulatory bodies in medical education including the Medical Council of India (MCI) and the Dental Council of India.
Dr Shetty along with Dr K Srinath Reddy, president, Public Health Foundation of India, New Delhi, and Prof Ranjit Roy Chaudhary had a review meeting of the council with PM Manmohan Singh on Wednesday.
The markets slid into a consolidation mode ahead of the crucial August F&O expiry. The Sensex remained on the higher side throughout the session led by buying in technology post upgradation of Infosys by CLSA, and the rally in realty, cement and power stocks. Solid global cues gave traders a leg up and the frontline indices closed with modest gains. At closing bell, the Sensex traded in a range of 15750-15810 and the Nifty saw 4665-4690 range throughout the session.
Food prices surged an annual 13.3 percent in mid-August even as the overall wholesale price index fell, and the impact of a poor monsoon on inflation and the economy could prompt further government relief steps.
The widely watched wholesale price index fell 0.95 percent in the 12 months to Aug 15, its 11th successive fall. That compared with a 1.53 percent decline in the prior week and a market forecast for a decline of 1.41 percent.
The food articles index surged 13.3 percent from a year earlier as drought has hit nearly half of India's districts, eroding crop production and raising major headaches for policy makers.
"Food prices are rising sharply and this will bring the WPI into the positive zone within a month," said D.K Joshi, principal economist at rating agency Crisil.
"It won't influence the present easy monetary stance."
A poor monsoon and a possible decline in farm output could lower overall growth in Asia's third-largest economy in 2009/10 (April/March) by 1 or 2 percentage points, economists have said.
Officials have said mitigating the impact of the drought conditions is the government's priority, although any extra spending would not raise market borrowing beyond the projected record of 4.51 trillion rupees ($92 billion) for 2009/10.
The government will continue a tax refund scheme for exporters until December 2010 while a duty-free export promotion scheme will be valid until March 2011, trade minister Anand Sharma said on Thursday.
India exports more than a half of its merchandise to the United States, Europe and Japan. Exports were down 31.3 percent in the quarter that ended in June 30 from a year earlier.
India's trade minister unveiled a new foreign trade policy on Thursday.
The government remains committed to a successful end to the Doha round of the World Trade Organisation talks, Trade Minister Anand Sharma said on Thursday.
India has targeted exports of $200 billion by March 2011, Sharma said while announcing India's trade policy for the fiscal year 2009/10.
India's trade pacts with South Korea and the Association of South-East Asia Nations (ASEAN) would help boost the country's exports, he added.
Commerce Minister Anand Sharma unveiled the foreign trade policy today. While staying away from announcing any major sops for any sector, the minister maintained status quo by not rolling back incentives announced in the previous policy.
The policy continues with the DEPB scheme for exporters till December 2010 and also with Section 10A benefits for IT sector exports. The government did introduce one new incentive though: a zero-duty EPCG scheme for specific sectors. Sharma added that the government would ensure that the dollar needs of exporters would be met.
The policy's immediate objective was to arrest the fall in exports, the minister said, adding that the government was aiming at USD 200 billion of exports by March 2011, an annual growth of 15% in exports in 2010-11 and that India was looking to double its share in global trade by 2020.
There would be a special thrust to employment-oriented export units, Sharma said, adding that the government was looking to expand the export market to Africa and Latin America. "We are committed to the successful conclusion of the Doha Round WTO talks," he said.
India plans to cut transaction costs for exporters and ensure the availability of dollar finance as it looks to reverse a decline in exports and double outbound sales of goods and services over the next five years.
Commerce and Industry Minister Anand Sharma, who reiterated India's commitment to a successful end to the Doha round of World Trade Organisation talks, said on Thursday he expects exports to reach $200 billion in the fiscal year ending March 2011.
India's exports were $168.7 billion in 2008/09, but have been have been falling in annual terms since October as the global credit squeeze followed by recession in developed nations sapped demand.
Exports were down 31.3 percent in the quarter that ended in June 30 from a year earlier.
Outlining a trade policy for the five years ending March 2014, the minister said he expected exports of goods and services to double.
"We would like to achieve an annual export growth of 15 percent over 2010/11 with an annual export target of $200 billion by March 2011," Sharma said.
"In the remaining three years of this foreign trade policy up to 2014, the country should be able to come back on the high export growth path of around 25 percent per annum," he said, adding that the government's focus would be on export sectors with high employment.
Economic Times reports:
US fund houses launch five India-specific ETFs!
American fund houses have launched five more India-specific exchange-traded funds (ETFs) to tap the growth potential of Asia's These funds are BGI S&P India Nifty 50, Direxion India Bull 3x Shares, Direxion India Bear 3x Shares, SPDR S&P India and WisdomTree India Total Dividend. The fund houses have filed their papers with the Securities Exchange Commission (SEC), said a person familiar with the matter, requesting anonymity. ETFs are open-ended funds that are designed to track specific indices and trade just like any other stock. They are priced continuously and can be acquired by placing an order with a stock broker during trading hours. Direxion Shares and Direxion Funds, managed by Rafferty Asset Management, offer leveraged index funds that buy more shares than you can with cash, ETFs and alternative-class fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. SPDR ETF, managed by the Boston-based SSgA Funds Management, are index funds that track the S&P 500 Index. Barclays Global Investors or BGI has filed papers for a new ETF linked to the S&P India Nifty Index. Currently, there are just two India ETFs, from PowerShares and WisdomTree. However, many other providers are looking to capitalise on the country's growth. As on July 30, WisdomTree India Earnings (EPI) was up 63.7% year-to-date, while PowerShares India (PIN) was up 52.7% year-to-date. The two India ETFs have more than $560 million in assets. As one of the few economies that grew in a year that saw most of the world in recession, India has a growing acceptance among global investors, said Ashu Suyash, India head of Fidelity International. "A possible reason for the surge in ETFs investing in India is that risk appetite has returned sufficiently for investors to look at emerging markets again... As allocations grow, investors will begin to look for the alpha and follow a more actively-managed investment strategy," she said. California-based ETF expert Tom Lydon said investors increasingly recognise that ETFs make it easier to access markets that have certain restrictions (such as limits on foreign investment) or liquidity issues. ETFs have become big investors in India, basically because the US retail investor has accepted India as part of his global equity portfolio, said Samir Arora of the Singapore-based Helios Capital Management. "That money cannot be easily raised by other intermediaries," he said. Over 25% of secondary market inflows were through this route in recent months, according to Credit Suisse. "ETFs are perhaps securitising emerging markets like India in the current global liquidity wave, the way previous liquidity waves saw securitisation of internet or developed world real estate," said Nilesh Jasani and Arya Sen of Credit Suisse. While there will be occasional outflow cycles in coming years, the overall influence wielded by ETFs is expected to grow larger. FII buying in India from April 1, 2009 is close to $9 billion. A recent study by Novarica, a research and advisory firm serving insurers and wealth management companies, says globally the number of ETFs will shoot up from 728 in 2008 to 2,618 by 2015, while ETF assets will increase from $500 billion to $1.15 trillion. | |
http://economictimes.indiatimes.com/US-fund-houses-launch-5-India-specific-ETFs/articleshow/4938789.cms |
FIIs buy shares worth Rs 378 cr
oreign institutional investors (FIIs) today made a net investment of Rs 378.54 crore in the domestic stock
FIIs were the gross buyer of shares worth Rs 2,289.71 crore, while they sold stocks valued at Rs 1,911.17 crore, resluting in a net purchase of Rs 378.54 crore, according to the provisional data with the Bombay Stock Exchange
Domestic institutional investors were also bullish and purchased shares worth Rs 128.65 crore.
Yesterday, FIIs were the net seller of shares worth Rs 53.60 crore, the latest data with the SEBI shows.
However, in today's trade, the non-resident Indians and brokers, on the behalf of their clients, booked profit and in total sold shares worth Rs 138.01 crore, as per the BSE data.
Propritors were optimistic and purchased shares worth Rs 43.64 crore.
The BSE benchmark index Sensex today closed at 15,769.85, up 81.38 points or 0.52 per cent from its previous close.
Reuter reports:
* Targets exports to reach $200 bln by March 2011
* Trade policy thrust on employment-oriented sectors
* Committed to successful end to Doha round (Updates with details, background)
By Rajkumar Ray and Manoj Kumar
NEW DELHI, Aug 27 (Reuters) - India plans to cut transaction costs for exporters and ensure the availability of dollar finance as it looks to reverse a decline in exports and double outbound sales of goods and services over the next five years.
Commerce and Industry Minister Anand Sharma, who reiterated India's commitment to a successful end to the Doha round of World Trade Organisation talks, said on Thursday he expects exports to reach $200 billion in the fiscal year ending March 2011.
India's exports were $168.7 billion in 2008/09, but have been have been falling in annual terms since October as the global credit squeeze followed by recession in developed nations sapped demand.
Exports were down 31.3 percent in the quarter that ended in June 30 from a year earlier.
Outlining a trade policy for the five years ending March 2014, the minister said he expected exports of goods and services to double..
"In the remaining three years of this foreign trade policy up to 2014, the country should be able to come back on the high export growth path of around 25 percent per annum," he said, adding that the government's focus would be on export sectors with high employment.
Since October, as the global downturn hit India harder than expected, the central bank has slashed interest rates and government offered tax breaks and interest subsidies to lift exports and prevent massive job losses.
Sharma said India would extend a tax refund scheme to December 2010 and extend other tax incentives for exporters to the end of 2010/11.
Exports grew at a rate of more than 20 percent annually between the 2004/05 and 2007/08 fiscal years, helping the economy post robust growth before the global downturn.
Exports contribute 17 percent to India's gross domestic product, smaller than many other Asian nations.
The Doha round of world trade talks, launched in the Qatari capital in 2001, has made halting progress as WTO members squabble over calls to cut tariffs and subsidies to boost commerce in food, goods and services.
http://in.reuters.com/article/domesticNews/idINDEL48694620090827?pageNumber=2&virtualBrandChannel=0TV entertainment channels double online promo spending
Online promotion spending by general entertainment television channels (GECs) have risen by around five percentage points as compared to the previous year — from 3-4 per cent to 8-10 per cent this year of the total marketing budget. Typically, this total amount for a GEC ranges between Rs 40 crore and Rs 90 crore, depending upon the channel."There has been more than a 100 per cent jump in the spends. All GECs are spending on the digital medium, as it is the only one from where you can get responses well and fast. It is a crucial strategy for creating brand awareness and reaching out to the young. It also has the advantage of becoming interactive. For channels like Colors and MTV, the online medium is playing a bigger role than it used to do earlier," said Maneesh Mathur, Chief Operating Officer of P9 Integrated, a film entertainment marketing company.
"Although there are other established media like print and TV, there is a problem in terms of buying spots to promote a channel. For instance, Colors cannot buy a spot on STAR Plus to promote itself because they are competitors. So, they buy spots on AajTak and other news channels, where the basic reach is small. But to overcome this problem, the effectiveness of social networking sites have been realised, adds Mathur.
Viacom 18, for instance -- which is promoting its channels MTV, Colors, Nick and Vh1 on the web -- is spending almost 10 per cent of its marketing budget on online promotion. "Along with this, we have tied up with Orkut and Facebook in a non-commercial agreement, wherein both sides see a certain mutual benefit and value in the association. There have been certain other tie-ups (with the likes of MSN, Ibibo) wherein we have parted with our content and/or offered them tremendous branding and visibility and hence earned revenues for that," said Anuj Poddar, Senior Vice President.
"GECs seldom use online platforms for marketing fiction shows, but for non-fiction shows, 10 per cent of the spends could be towards online promotions. I believe there's scope for more," adds Poddar.
When asked if there has been an increase in the investments by GECs, Poddar says: "Traditionally, GECs did not use the digital platforms much for their marketing activities, but we are starting to see this evolve. As shows themselves get hippier and the target group younger, marketing spends, too, will follow towards younger media. We have gone from zero to spending about 10-20 per cent for non-fiction shows."
Channels like MTV, NDTV Imagine, Sony and Colors have also come with interesting content on the web like MTV's Facebook Connect -- Facebook users can post who they think their Celebrity Look-Alike is. If the judges on MTV Connected feel so, you get a chance to be featured on the show. On Roadies Battleground 2, watch MTV, note down the tasks, go to the website MTVindia.in and upload the video of yourself performing the task. If you impress the judges, they'll let you participate!
Also, recently for the show Rakhi Ka Swayamvar they came out with a game where you can kiss Rakhi online. Around 81 per cent of the online Indian population, according to a report by Hungama Digital Media, engages in some kind of social interactivity on the web, making it an ideal place for the GECs to draw young crowds.
"For us, we see the net as a core platform to engage and entertain our audiences. The only difference is that in India, entertainment through the internet has yet some distance to go before catching up with TV. However, this catch-up is happening much more rapidly amongst the youth. Hence, out of our four brands, MTV right now is the most evolved online and by default, we now have a multi-platform approach to most MTV shows. Similarly for Colors, we do things online more with the non-fiction shows than the fiction shows, due to the differing TG. Interestingly, kids' online presence is growing exponentially and hence we have created a very vibrant site for them at nickindia.com. Just like its TV avatar, nickindia.com now enjoys the highest time-spent per kid amongst all the kids' channel sites," says Poddar.
The online promotion for Sony's Bhaskar Bharti and Iss Jungle Se Mujhe Bachao is carried out by Ignitee Digital Solutions, a digital marketing company. Danish Khan, marketing head of Sony Entertainment, says: "We are spending 8 per cent from our total marketing budget on online promotions."
Atul Hegde, Chief Executive Officer of Ignitee Digital Solutions, is also not surprised by the increase in spending. "I see a lot of viability for this trend to grow, as the target audience the GECs are targeting through social media are mostly in the age groups of 15-25 years and online is the best way to attract that target group."
Source: BSGlobal mkts still uncertain; India to do well: Jim Walker
www.SharesPost.com
Jim Walker, Managing Director, Asianomics told CNBC-TV18 in an exclusive interview that the outlook on global economy still remains uncertain and that the global economy is more problematic than thought of earlier. He added that there was a long way to go before seeing a V-shaped recovery. The stock market, Walker believes, doesn't see global problems clearly.
http://www.moneycontrol.com/india/news/fii-view/global-mkts-still-uncertain-india-to-do-well-jim-walker/412980
Fund raising via ADRs may soon get easier
NEW DELHI: The government is examining a proposal to amend its existing rules governing American depository receipts (ADRs) to allow Indian
India currently allows only level-3 ADRs/GDRs, which involve capital raising and listing on the regular exchanges and greater disclosures, including costly compliance with US laws. A finance ministry official told ET that the deliberations had begun on whether Indian companies should be allowed to access the US market through level-1 ADRs.
Level-I ADRs, the most liberal form of depository receipts, allow non-US companies to access sophisticated investors in the US market with minimal reporting requirements from the US Securities and Exchange Commission
Companies issuing level-I ADRs are listed only on the over-the-counter (OTC) exchanges in the US and do not have to comply with the rigorous US accounting standards, US GAAP. This regime has made it one of the most popular ADR programmes in the US.
The official said policy experts are divided on whether such ADRs should be allowed. The debate now centres on whether it was the right time to allowing such a policy move. Incidentally, the high-powered committee headed by the Prime Minister's economic advisory council and Planning Commission member Saumitra Chaudhuri set up to look into the existing norms governing ADR/GDR issuances in its report in early 2008 had opined then that it was not the right time to allow level 1.
The view against allowing companies access to such ADRs so far has been that it allows export of Indian equity market abroad and does not generate any value for the country. This would be particularly true in the case of Level I ADRs where no new capital is issued.
Trade policy: Govt continues incentives, eyes high growth
Published on Thu, Aug 27, 2009 at 11:27 , Updated at Thu, Aug 27, 2009 at 12:54Source : CNBC-TV18
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Commerce Minister Anand Sharma unveiled the foreign trade policy today. While staying away from announcing any major sops for any sector, the minister maintained status quo by not rolling back incentives announced in the previous policy.
The policy continues with the DEPB scheme for exporters till December 2010 and also with Section 10A benefits for IT sector exports. The government did introduce one new incentive though: a zero-duty EPCG scheme for specific sectors. Sharma added that the government would ensure that the dollar needs of exporters would be met.
The policy's immediate objective was to arrest the fall in exports, the minister said, adding that the government was aiming at USD 200 billion of exports by March 2011, an annual growth of 15% in exports in 2010-11 and that India was looking to double its share in global trade by 2020.
There would be a special thrust to employment-oriented export units, Sharma said, adding that the government was looking to expand the export market to Africa and Latin America. "We are committed to the successful conclusion of the Doha Round WTO talks," he said.
Understanding how a demat account functions
A Demat account is very similar to a bank account. In bank accounts you electronically hold money, whereas in Demat accounts you electronically hold shares. All buying and selling of shares happens through a Demat account. The Securities and Exchange Board of India (SEBI) mandates a demat account for share trading above 500 shares.
With growing financial awareness, more and more people now want to dabble in the share market. To do this, one should understand the basic requirements to trade in shares.
A company enlisted in a stock exchange, is under obligation to offer the securities in both physical and dematerialised mode. As the name suggests physical securities mean actual certificates giving information about the shares of a company owned by a person. In the same manner, Dematerialisation is the process of converting physical shares (share certificates) into an electronic form. Shares once converted into dematerialised form are held in a Demat account. Today, almost all of the shares trading happens using the Demat mode of shares.
What is a Demat Account?
A Demat account is very similar to a bank account. In bank accounts you electronically hold money, whereas in Demat accounts you electronically hold shares. All buying and selling of shares happens through a Demat account. The Securities and Exchange Board of India (SEBI) mandates a demat account for share trading above 500 shares.
Why to use such an exclusive account?
By using a Demat account, you need not be worried about mutilated share certificates, postal delays, and counterfeit shares. Demat account is a safe and convenient means of holding securities just like a bank account is for funds.
What are the features and benefits of a Demat account?
As opposed to the earlier form of dealing in physical certificates with delays in transaction, holding and trading in Demat form has the following benefits:
- Settlement of Securities traded on the exchanges as well as off market transactions
- Risks like forgery, thefts, bad delivery, delays in transfer etc, associated with physical certificates, are eliminated
- Shorter settlements thereby enhancing liquidity
- Pledging of Securities
- Shares allotted in public issues are directly credited into demat account of the applicants in quick time
- Auto Credit of Rights / Bonus / Public Issues / Dividend credit through ECS
- Auto Credit of Public Issue refunds to the bank account
- No stamp duty on transfer of securities held in Demat form (as against 0.5 per cent payable on physical shares)
- Increased liquidity, as securities can be sold at any time during the trading hours (between 9:55 AM to 3:30 PM on all working days), and payment can be received in a very short period of time
- Change of address, Signature, Dividend Mandate, registration of power of attorney, transmission etc. can be effected across companies held in Demat form by a single instruction to the Depository Participant (DP)
- Holding / Transaction details through Internet / email
What steps does on need to take to open a Demat account?
As majority of shares trading happens through a Demat account, it is imperative that an individual dealing in shares has such an account. The minimum age for opening a Demat account is 18 years. To open a Demat account, you must:
- Choose a Depository Participant or DP (A Depository Participant can be a financial organization like banks, brokers, financial institutions, custodians, etc., acting as an agent of the Depository to make its services available to the investors)
- Fill up an account opening form provided by DP, attach relevant documents, and sign an agreement with DP in a standard format prescribed by the depository
- The DP provides the investor with a copy of the agreement and schedule of charges for his future reference
- DP opens the account and provides the investor with a unique account number, also known as Beneficiary Owner Identification Number (BO ID)
Are there any important things that one must remember about Demat accounts?
There are some things that you must know remember about Demat accounts:
- Pan card is mandatory for opening a Demat account (effective from April 01, 2006)
- Charges applicable (vary from DP to DP):
- Account Opening Fee
- Annual Maintenance Fee
- Custodian Fee
- Transaction Fee
- Similar to a bank account a Demat account may be closed after a period of inactivity. Check with the DP about the period and the charges associated with reactivating it.
- http://msn.bankbazaar.com/guide/understanding-how-a-demat-account-functions/
ADR, GDR shouldn't decide a bank's nationality: Kochhar
New Delhi: ICICI Bank has asked the government not to take into account overseas securities such as American Depositary Receipt (ADR) and Global Depositary Receipt (GDR) while deciding on a bank's nationality.
Suggesting that the Department of Industrial Policy and Promotion (DIPP) should make a clarification on the issue of foreign holding in a bank, an issue on which ICICI Bank's status depends, its Chief Executive Officer and Managing Director Chanda Kochhar said, "We are an Indian bank and we are proud of it."
Earlier this year, DIPP issued new foreign investment guidelines, under which a company's status would change from 'resident' to 'non-resident' Indian, if it has more than 50 per cent of indirect foreign investment, which would be a sum total of stake held through ADRs/GDRs, foreign direct investment (FDI), non-resident Indian (NRI) holding as well as foreign currency convertible bonds and shares.
ICICI Bank has a little over 51 per cent stake held by foreign institutional investors (FIIs), but it includes 29.07 per cent stake held through ADRs alone -- thus changing its status to foreign bank as per the new guidelines.
"We have written to DIPP and have given our logic. It is important to clarify... We have not received a written response but they are clearly working on addressing our concerns," Kochhar said.
Source: PTI
Exports will bounce in 2010
(D. H. Pai Panandiker is President of RPG Foundation. The views expressed in this column are his own)
By D. H. Pai Panandiker
External trade has been the worst victim of world recession. Countries that depended more on trade were hit harder. The turn round in most countries therefore depends on how fast the world economy recovers.
World exports had increased in 2008 by a hefty 15 per cent to cross $15.7 trillion. In volume, however, exports were up a mere 2 per cent. The largest exporter was Germany closely followed by China.
They each had a share of about 9 per cent in world exports. India's share was a mere 1.2 per cent. Even so, exports do matter to Indian industry because nearly 15 per cent of industrial production is exported. The fall in exports was the main reason why industry got a jolt in October.
The US which was the first to get into recession and would possibly be the last to get out of it, is the largest importer. In 2008 its total imports exceeded $2 trillion, more than 13.7 per cent of world imports.
When US imports declined many countries found their exports and consequently growth, shrink. US share in our exports in only 12 per cent and our exports to US declined a mere 1.5 per cent.
WTO has estimated that world exports will contract about 10 per cent this year. One reason is that the US may not recover before the end of the year though Germany, France and Japan have been able to cross into positive territory. Continued...
http://in.reuters.com/article/economicNews/idINIndia-41931920090824
Salman tests IPL waters | |
| SAMYABRATA RAY GOSWAMI | |
Mumbai, Aug. 26: If Salman Khan wants sweet revenge on Shah Rukh, all he needs to do is buy Sourav Ganguly should the Kolkata Knight Riders icon make himself available for bidding after the 2010 season. The rivalry between the Bollywood stars now looks set to extend to cricket with Salman planning to bid for an Indian Premier League team. The actor is said to have the backing of a real estate group that was once a sponsor of Shah Rukh's Knight Riders. Salman, who met IPL commissioner Lalit Modi over lunch today at Taj Land's End in Mumbai, was unavailable for comment. But a source close to the actor said Salman gave Modi a "Letter of Interest" seeking more information about the possibility of buying a team. "He does not plan to buy out an existing team. He is interested in buying a new team — he has been talking to Lalit Modi informally for some time. Modi briefed him about all the IPL bylaws for owning a team," said the Salman aide. Salman, the aide clarified, was yet to make up his mind. "Bhai is checking out the waters. It is not as if he has signed on the dotted line, he is keen to find out everything before taking the plunge and that is what he did today," the Salman aide said. That Salman was making more than just polite enquiries was confirmed by Modi. "He was interested to know what it takes to own a team, what's the process, when it will be initiated and what's the timeline for it. I think he is a serious buyer," PTI quoted Modi as saying. IPL expects to add two more teams to its existing tally of eight from the 2011 season, when the current players, including icons like Sourav, would be up for re-bidding. The franchise may "cost over $200-300 million", said a source. Salman, sources said, has expressed eagerness about Nagpur and Kochi, which are on the list of probables. The cities making the cut would need to meet IPL criteria, which, besides infrastructure, also look at returns on investment. The sources said four to five investors could be backing Salman — among them Sunny Dewan (aka Wadhawan), one of the promoters of HDIL, a listed real estate company. HDIL was a sponsor of the Knight Riders in the IPL's inaugural edition, but had backed out in Season 2. "Sunny and his socialite wife Anu are old friends of Salman," said a regular on Mumbai's celebrity circuit. Sources close to Salman said the star was also in talks with friends Sanjay Dutt and Ajay Devgan to form a consortium for owning an IPL team. A spokesperson for Sanjay, however, denied any such plans. "There is nothing like that now," he said. |
Race reopens for Mamata's rail job | ||
| INDRANIL GHOSH | ||
Calcutta Aug. 26: Railway minister Mamata Banerjee has withdrawn her own recommendation to the Prime Minister's Office for the appointment of a particular IAS officer as her private secretary, restarting a pan-India race that involves bureaucrats and factions of her own party that regard the post crucial because of the power and privileges associated with it. Returning to Delhi after her meeting last week with the captains of industry in Calcutta, Mamata wrote to the PMO cancelling the recommendation she had made for N. Manju Prasad, a former Bengal cadre IAS officer now belonging to Karnataka, Railway Board sources said. Known for a famous switch of cadre — Bengal to Karnataka — by taking the issue to the Supreme Court sometime ago, Prasad is believed to have managed to propel himself into the fray through Mamata's trusted aide Mukul Roy, also the junior Union shipping minister and Trinamul Congress secretary. Roy, however, denied today any knowledge of, or involvement in, the affair. "As late as last week, we were advised to be ready to start interacting with him (Prasad) as her man on the job," said a top Railway Board official in the know of the goings-on regarding the appointment. "Suddenly, we find the race has begun afresh with heavyweights on the stage." Since she assumed charge of the ministry two months ago, Mamata has been scouting across the country for a bureaucrat who can be assigned to run her office, leaving her enough time to chase the objective of having Bengal's ruling Left ousted from office in the 2011 Assembly elections. During her last stint as railway minister in the NDA government, Mamata's private secretary was Sunil Chaturvedi, a former Bengal cadre IAS officer who, with help from the likes of Sudheendra Kulkarni, the erstwhile officer-on-special-duty in the PMO, crafted policies as well as shot trouble for her. After quitting the BJP, Kulkarni is again back with Mamata, who has put him on an important ministerial committee. But despite frantic wooing, Chaturvedi is unlikely to return, busy as he is heading an Indian multinational. This time, in search of a faceless minder, Mamata has "informally" interviewed nearly a dozen bureaucrats, mostly from the Bengal cadre. Some of them are regarded close to the ruling Left. But she has not been able to zero in on anyone as she apparently does not want to be caught on the wrong foot with the appointment. "We are facing a tricky situation," said an official associated with the search. "People (IAS officers) are approaching us everyday either directly or through lobbies or mentors, but they are not the ones she would be interested in." According to the buzz, among the aspirants who have had a session with Mamata is at least one senior IAS officer known for his proximity to chief minister Buddhadeb Bhattacharjee. Mamata, it is believed, had come close to taking a decision in favour of this bureaucrat, who enjoys the backing of a couple of senior Trinamul leaders, only to alter her position in view of the Bhattacharjee links. In an unpublicised move early this month, the Bhattacharjee government managed to retain the bureaucrat in Bengal by having him taken off the gunsight of the CPM's Calcutta district committee and relocated in the urban development ministry under Asok Bhattacharya. Although a favourite of the chief minister, the bureaucrat has been scouting Delhi for a suitable posting, especially since he has become a target of the powerful CPM Calcutta unit. Party leaders in Calcutta have been lobbying for several changes in the civic administration ahead of next year's crucial Calcutta Municipal Corporation elections. To get Mamata's job, what must an aspirant have? Going by the complexion of the interviews held so far, Mamata is looking for someone who has no love lost for the Left, has a squeaky clean image and the skill to navigate through choppy politics, is comfortable handling political heavyweights at the national level and doesn't mind a demanding boss. Kulkarni 'switch' Trinamul has dismissed as "baseless speculation" reports suggesting that former BJP ideologue Sudheendra Kulkarni may join the party, arguing that his links with Mamata's rail ministry predate his resignation from the saffron party. Television channels this afternoon cited Kulkarni's presence on a railway reforms panel headed by Ficci secretary-general Amit Mitra to suggest growing proximity to Mamata. But rail ministry sources clarified that Kulkarni had been named on the panel in July in Mamata's railway budget, well before his resignation from the BJP. Trinamul sources also claimed that the party had not made any overtures to Kulkarni. |
Proletariat shatters boardroom class ceiling | ||
| SAMBIT SAHA | ||
Calcutta, Aug. 26: Bengal's proletariat has bowed to the dictatorship of a bourgeois habit: the air-conditioned boardroom. Leaders of a Citu-backed union yesterday strode into the boardroom of the West Bengal Industrial Development Corporation to hold a meeting there, foregoing the familiar surroundings of a room assigned to them elsewhere in the building. What was discussed at the meeting is not known. Little of substance was being dissected in the boardroom in any case since the Singur agitation following which not too many investment proposals have come the way of the agency meant to promote industry in the state. The WBIDC Employees' Union has its own room in the office. But it does not have an air-conditioner. WBIDC managing director Subrata Gupta said he had come to know about yesterday's incident. "I was not there yesterday. I will ask them why they held the meeting there," he said. The rooms of the chairman — industries minister Nirupam Sen — and MD are in the same row as the boardroom on the first floor of the building in Dalhousie. According to conventions that could be termed archaic in seamless, not to mention classless, organisations, besides Sen, Gupta, the two executive directors and independent directors, no one uses the room. If the union's objective was to shatter the invisible ceiling, it did so in keeping with the highest traditions of iconoclasm. The union apparently did not seek permission to use the room. Some 15-20 Citu supporters led by one Subrata Sengupta attended the meeting. Sengupta could not be reached for comment today. Ever since investment proposals had ebbed, the boardroom was being regularly used by various panels of the corporation. An executive committee meeting took place on Monday. | ||
|
Maoists slay CPM leader |
| Midnapore, Aug. 26: Maoists last night slit the throat of a schoolteacher who had earlier been made to hold his ears and promise to dissociate himself from the CPM. At Pirakata, 25km from Lalgarh town, Ratan Mahato, 50, had distanced himself from the party since but not quit. About 20 people surrounded Ratan's house around 9pm, said neighbour Bharat Mahato. "They had rifles and were kicking the door. Ratan's wife Sabita opened the door and they stormed in," said Bharat. Ratan tried to escape through the rear but the attackers caught him, tied him up and took him away. "We saw from behind a bush Ratan was made to kneel. 'We asked you to quit the party, you didn't,' one of them barked. Then they started hitting him," said Bharat. West Midnapore police chief Manoj Verma said supporters of the People's Committee Against Police Atrocities were also among the attackers. In July, Ratan, who taught English and Bengali in the local high school, had been forced to do squats holding his ears. "He became aloof from the party after that but did not put up posters declaring his dissociation with it," an officer said. |
|
SALVAGING THE PROTOCOL - Over climate change, the battle lines are clearly drawn | |
| BHASKAR DUTTA | |
The red carpet was certainly rolled out for Hillary Clinton during her recent visit to India. She was fêted, wined and dined, so much so that there were some caustic queries about whether we had moved back in time to the colonial era. But one man stood out in the midst of this sycophancy. Jairam Ramesh, the state environment and forests minister, told her very bluntly that "there is simply no case" for the pressure faced by India to reduce carbon emissions since India was amongst the world's lowest emitters on a per capita basis. Ramesh was, of course, reiterating the official position of China, India and other developing countries on the issue of climate change and how best to coordinate the international community's response to the increasing levels of carbon emission. Every country recognizes that something needs to be done because there has been a sharp acceleration in aggregate carbon emissions during the last decade — the increase in emissions has been 3 per cent since 2000, compared to just 1.1 per cent during the 1990s. Unfortunately, there is no consensus at all about how to control emission. The battle lines are very clearly drawn between the developed and the developing countries. The former group point out that they are now using both increasingly energy-efficient technology and cleaner sources of energy such as electricity. This has enabled them to effect significant reductions in emission. Some of the greener countries have also set very ambitious goals — for instance, the United Kingdom targeted a 20 per cent reduction of carbon emission from 1990 levels by 2010. Although this target will not be achieved, the mere stipulation of an ambitious target is taken to be a sign of good intentions. The developed countries also contend that emission levels have been rising very sharply in the developing countries. The main 'culprit' has been China. The rapid growth of the Chinese economy, combined with its continued dependence on coal-fired power stations (particularly in the interior provinces), has ensured that China has now earned the dubious distinction of being the biggest emitter in the world — it dethroned the United States of America from this position in 2006. Emission levels in India have also been rising, and for pretty much the same reasons. What is more discouraging is that both countries seem likely to continue with their dependence on coal, although this is the dirtiest fuel. Of course, the developing countries are not without their own ammunition. They contend, with more than a little justification, that it is the past actions of the developed countries which have brought about the degradation in the world's environment. Over three-fourths of the cumulative anthropogenic carbon dioxide has still come from the developed countries. Also, the focus on aggregate emissions by individual countries is clearly not appropriate because it gives a misleading picture. The larger and more densely populated countries are bound to emit more carbon. Perhaps a more accurate picture is provided by comparisons of per capita emission levels. This comparison of per capita emission levels gives a completely different perspective. It turns out that the per capita emission level in China is only a quarter of that in the US. Fortunately, the fight against climate change is not completely lost. Environment ministers and officials of almost 200 countries will meet in Copenhagen in early December in the hope that they can agree on a new treaty to replace the Kyoto protocol, the first phase of which expires in 2012. The main aim of the Copenhagen summit will be to hammer out an agreement on how to share the burden of reducing greenhouse gas emissions. Climate scientists estimate that by 2050, the world must cut emission levels by 80 per cent, compared with 1990 levels, in order to ensure that global warming does not exceed two degrees centigrade. Given the sheer magnitude of this task, it is clear that all the major countries will have to reduce emission levels — there is no way in which the aggregate emission levels can be reduced to required levels unless China, and to a lesser extent India, also cut back on emissions. This is, of course, a very costly exercise — the main reason why we use coal is because alternative sources of energy are several times more expensive. India simply cannot afford to foot the entire bill involved in exploiting, say, solar energy. The huge subsidies involved will essentially imply that the government will have to make drastic cuts in social-welfare spending and other development expenditures. That is why several developing countries have been arguing that the developed countries must subsidize the costs incurred by the developing countries in reducing emissions. One school argues for this on welfare grounds — since all countries will benefit if global emission levels are slashed, it is the richer countries that must pay the bulk of the costs. A more sophisticated argument puts forth the case that the developed countries have essentially 'outsourced' carbon emissions to developing countries. That is, the emissions emanating from China are a consequence of the huge quantities of carbon-intensive manufacturing taking place in China for buyers in the West. Western consumers benefit since the goods imported from China and other developing countries are significantly cheaper than what these goods would have cost if they had been produced in the developed world. Why should the entire burden rest on the producers of these goods? Why should consumers not share the burden? There is more than a grain of truth in this argument, though perhaps it ignores the fact that the 'outsourcing' of carbon emissions also benefits the developing countries through the creation of more jobs. Some Western economists do acknowledge that the developed world must not only reduce their own emissions, but also provide incentives to the developing countries to cut emissions. Of course, there are also the hawks who rave and rant about the need to impose stiff penalties in the form of trade sanctions against those developing countries which do not cap carbon emissions. What is going to be crucial is the official American position. George W. Bush almost singlehandedly scuttled the Kyoto protocol. Fortunately, there seems to be a sea change in the attitude of the Obama administration. The US seems determined to implement stiff emission targets for the US economy. Perhaps, it can also be persuaded to subsidize the developing countries if they cap emissions. |
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EXPORTS & IMPORTS: Relief measures likely for exporters in Foreign Trade Policy
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http://www.thehindubusinessline.com/2009/08/27/03hdline.htm
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