Monday 31 March 2014

Raghuram Rajan may leave interest rates unchanged

Posted by criss brown
MUMBAI: February's inflation levels, on wholesale and consumer prices, may have signified a breather for many but that may not be enough for Reserve Bank of India governor Raghuram Rajan to change his stance on interest rates at the monetary policy review on Tuesday.

Rajan, who has made clear that his primary goal is to tame prices, may hold the repo rate at 8% citing inflationary expectations, according to an ET poll. The repo rate is that at which the central bank lends to banks.  ..

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Thursday 27 March 2014

India can be a better alternative to China in the EM basket: Marco Ravagli, Deutsche Asset and Wealth Management

Posted by criss brown
Global investors are seeing India as the next big opportunity for investment, says Marco Ravagli, director and senior portfolio manager for global emerging markets at Deutsche Asset and Wealth Management. Ravagli, whose fund manages assets worth $1.28 trillion, says India can be a good alternative to China because of the huge opportunities it offers. In an interview with ET's Biswajit Baruah, Ravagli talks about Indian markets, the apprehensions of foreign investors and the sectors he is overweight on.

Markets are rallying on hopes of a BJP-led stable government coming to power after the elections. How do you see markets behaving, post elections?

We hope India will have a strong and stable government, a government that will help speed up reforms. You already have a very strong central bank, one of the reasons why India has been able to outperform other countries in emerging markets. Post elections, a strong government will help push the reforms agenda further. India is on its marks and is waiting for a start. We believe that India can be a good alternative to China in the emerging market basket from the global investors' perspective as there is plenty of opportunities.
Your fund house has 'neutral' rating on India. Are you apprehensive of the election outcome?

We are in an electoral campaign. Experience tells me that everyone in an electoral campaign will make promises. The reason why we are neutral on India is due to the upcoming general elections. Global investors favour a strong government and, frankly speaking, it doesn't matter which party wins, they just want a stable government that pushes ahead the reforms agenda.

In comparison with previous years, emerging markets have seen tepid flows so far this year. Is there a higher risk in EMs compared with developed markets at this point?

If you are a global investor, you see better opportunities in developed markets. The US economy is still improving. In Europe, the GDP growth prospects are getting better. In emerging markets, general elections are scheduled during the year in many countries -- India, Brazil, Indonesia, Turkey and South Africa. As a result, developed countries look less risky than emerging markets in the medium term. Right now, the biggest conundrum is China and India. In China, the new politburo is undertaking a major reform. While this is positive, we don't know how long it will take for the reforms to have a real impact since it's a huge country. In India, in the short term, we are waiting for the elections and investors are not ready to take a bet on the elections.

The Fed is expected to announce further tapering of its quantitative easing programme. How will this impact emerging markets, including India?

After the recent Fed chairman's speech, it's pretty clear that another round of tapering is coming, but not as fast as some predicted. The start of tapering means the US economy will go back to a normal growth path. But that does not imply, contrary to people's expectations, that interest rates will rise in the near future. The short-term impact is it would not be that positive for EMs. At Deutsche Asset & Wealth Management, we are still underweight on emerging markets and tapering is one of the reasons. We think that as soon as the tapering talks hit the markets again, we will get a better buying opportunity for emerging markets. The Fed is buying $10 billion less than it used to, but they are still buying. It all depends on the macro numbers in the US. The employment numbers in the US are the key. Economists wonder if the dip in employment numbers is indeed for the long term. We believe that if inflation is also under control, then rates will continue to stay low.

We have seen many sovereign wealth funds participating in Indian markets. How do you rate India as an investment destination among emerging markets?

Global investors recognise India's potential and view the country as the next big opportunity for investment. They hope that the new, strong government will push reforms in a big way. This will be a boon not only for the markets, but also for steady growth. As an emerging market investor, we see the country offering great growth opportunities not just for the next 2-3 years, but over a 5-10 year horizon. We are keen to invest in a country that can deliver sustainable doubledigit growth and cash flow for the next 3-5 years.
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Firstpost Politics Rakhi Sawant to contest LS polls from Mumbai as an independent candidate

Posted by criss brown
Firstpost Politics Rakhi Sawant to contest LS polls from Mumbai as an independent candidate

Read more at: http://www.firstpost.com/politics/rakhi-sawant-to-contest-ls-polls-from-mumbai-as-an-independent-candidate-1451919.html?utm_source=ref_article



 Firstpost Politics Rakhi Sawant to contest LS polls from Mumbai as an independent candidate 
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Supreme Court: Suspend Rajasthan Royals and Chennai Super Kings from IPL

Posted by criss brown

The top court also proposed Sunil Gavaskar as interim President of BCCI in place of N Srinivasan.

NEW DELHI — The Indian Supreme Court on Thursday asked the Board of Control for Cricket in India to suspend Rajasthan Royals and Chennai Super Kings from the Indian Premier League.

The top court also proposed Sunil Gavaskar as interim President of BCCI in place of N Srinivasan till it gives final verdict in the matter. Any person associated with India Cements will not be involved with BCCI, said the court.

The Indian board have to come up with its response on its proposals tomorrow.

The Supreme Court on Tuesday urged Srinivasan to stand down while an investigation is conducted into illegal betting, saying his refusal to quit so far was 'nauseating'. A two-judge panel warned it could order the BCCI chief, regarded as the most powerful man in world cricket, to stand down unless he did so voluntarily as his continued presence in his post was hampering the investigation which involves his son-in-law.

The bench was looking at a damning report that it commissioned last year into wrongdoing in the IPL following a betting and spot-fixing scandal that rocked the domestic Twenty20 tournament.

The report, released in February, concluded that Srinivasan's son-in-law Gurunath Meiyappan could be guilty of illegal betting on IPL games, in a major blow to Srinivasan who is due to take over as head of the International Cricket Council in July.

Meiyappan was the team principal of Chennai Super Kings, an IPL franchise owned by Srinivasan's India Cements company and captained by national skipper Mahendra Singh Dhoni.

The report, by a panel headed by retired judge Mukul Mudgal, suggested that Meiyappan may have passed on team information to outsiders for illegal betting, but did not specify what information or to whom.
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Monday 10 March 2014

Nokia X Android smartphone launched at Rs 8,599

Posted by criss brown
NEW DELHI: Nokia has launched Nokia X, the first phone from the company to run on Google's Android operating system. The phone, priced at Rs 8,599, will be available through online and offline retailers across India starting Monday.

Nokia X was unveiled by Nokia on February 24, during the MWC at Barcelona in Spain, along with Nokia X+ and XL.

Nokia X sports a 4-inch WVGA LCD display (480 X 800p, 233ppi). The dual-sim phone is powered by a 1GHz dual-core Qualcomm Sn
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Saturday 8 March 2014

FBI to probe missing Malaysia Airlines plane

Posted by criss brown
WASHINGTON: The FBI is sending agents and technical experts to assist a team probing the disappearances of a Malaysia Airlines jet that had several Americans aboard, US media reported Saturday.

US officials told The Los Angeles Times that they are trying to determine whether there was any terror link to what caused Flight 370 to go missing as it carried 239 people from Kuala Lumpur toward Beijing.

The fact that at least three of the passengers are believed to be Americans "gives us entree" to the case," a top federal law enforcement official told the newspaper.

"But so far, what happened is a mystery." A US official told CNN that FBI agents stationed at the American Embassy in Kuala Lumpur, including an FBI legal attache, were monitoring the situation closely.
Asked to confirm the reports, an FBI spokesman only replied: "We are ready to assist if needed."

Although two passengers appeared to have been using stolen EU passports, "there is no indication this is a terrorist attack; stolen passports are certainly not indicative of a terrorist attack," a senior counterterrorism official told the Times.

The official stressed there was "no evidence" of terrorism thus far. According to the federal law enforcement official, FBI personnel will help review video of the Kuala Lumpur airport for images of passengers at the ticket counter, security sections and the boarding area. The agents would then use counterterrorism technology to find any possible matches with known members of Al-Qaeda or other terror groups.

And the US National Transportation Safety Board may also join the investigation "because the jet was built by Boeing in this country," the law enforcement official said.

The stolen passports used by two passengers on the plane are believed to have come from an Italian and a an Austrian.

"Just because they were stolen doesn't mean the travelers were terrorists," a Department of Homeland Security official said. "They could have been nothing more than thieves. Or they could have simply bought the passports on the black market."

Meanwhile, mystery surrounded the identity of two passengers who appear to have used stolen European passports to board a jet.

More than 30 hours after air traffic control lost communication with the Boeing 777, concerns were mounting over the possible security breach, as authorities in Southeast Asia said there was still no sign of the plane after the search resumed at sea.

Thirty-eight Malaysians and seven Indonesians were aboard, as well as a range of other nationalities including Australian, Indian, American, Dutch, and French.

Malaysia Airlines urged "all Malaysians and people around the world to pray for flight MH370".

The carrier admitted: "It has been more than 24 hours since we last heard from MH370 at 1:30 am. The search and rescue team is yet to determine the whereabouts of the Boeing 777-200 aircraft."


The plane's disappearance triggered a search effort involving vessels from several nations with rival maritime claims in the tense South China Sea.

China, Vietnam, Malaysia, the Philippines and Singapore threw vessels and aircraft into the effort, as did the US Navy with a surveillance plane and a destroyer carrying two helicopters.

"We are setting these (territorial) issues aside in view of humanitarian reasons," Philippine military spokeswoman Lieutenant Cheryl Tindog said.

If the worst is confirmed, it would be the second fatal crash in the nearly 20-year history of the popular Boeing plane. A 777-200 operated by South Korea's Asiana Airlines skidded off the runway after hitting a sea wall in San Francisco last year, killing three people.

Malaysia Airlines has suffered few safety incidents in the past. Its worst occurred in 1977, when 93 people perished in a hijacking and subsequent crash in southern Malaysia.





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Malaysia Airlines denies crash report, says plane still missing

Posted by criss brown
KUALA LUMPUR/HANOI: A Malaysia Airlines flight carrying 227 passengers and 12 crew went missing over the South China Sea on Saturday, presumed crashed, as ships from countries closest to its flight path scoured a large search area for any wreckage.

Vietnamese state media, quoting a senior naval official, had reported that the Boeing 777-200ER flight from Kuala Lumpur to Beijing had crashed off south Vietnam, but Malaysia's transport minister later denied any crash scene had been identified.

"We are doing everything in our power to locate the plane.

We are doing everything we can to ensure every possible angle has been addressed," Transport Minister Hishamuddin Hussein told reporters near the Kuala Lumpur International Airport.
 "We are looking for accurate information from the Malaysian military. They are waiting for information from the Vietnamese side," he said.

Vietnam's state-run Tuoi Tre news also quoted Admiral Ngo Van Phat as qualifying his earlier remarks about a crash site having been identified, saying he had been referring to a presumed crash site beneath the plane's flight path using information supplied by Malaysia.

A crash, if confirmed, would mark the U.S.-built Boeing

777-200ER airliner's deadliest incident since entering service 19 years ago.

The plane disappeared without giving a distress signal - a chilling echo of an Air France flight that crashed into the South Atlantic on June 1, 2009, killing all 228 people on board. It vanished for hours without issuing a distress call.

VANISHED AFTER REACHING 35,000 FEET

Flight MH370, operating a Boeing 777-200ER aircraft, last had contact with air traffic controllers 120 nautical miles off the east coast of the Malaysian town of Kota Bharu, Malaysia Airlines chief executive Ahmad Jauhari Yahya said in a statement read to an earlier news conference in Kuala Lumpur.

Flight tracking website flightaware.com showed the plane flew northeast over Malaysia after takeoff and climbed to an altitude of 35,000 feet. The flight vanished from the website's tracking records a minute later while it was still climbing. Malaysia and Vietnam were conducting a joint search and rescue, he said but gave no details. China and the Philippines have sent ships to the South China Sea to help in any search and rescue.

"We are extremely worried," Chinese Foreign Minister Wang Yi told reporters in Beijing before the initial Vietnamese report that the plane had crashed. "The news is very disturbing. We hope everyone on the plane is safe."

The flight left Kuala Lumpur at 12.21 a.m. (1621 GMT Friday) but no trace had been found of the plane more than eight hours after it was due to land in the Chinese capital at 6.30 a.m. (2230 GMT Friday) the same day.

"We deeply regret that we have lost all contacts with flight MH370," Jauhari said.

The airline said people from at least 14 nationalities were among the 227 passengers - at least 152 Chinese, 38 Malaysians, seven Indonesians, six Australians, five Indians, four French and three Americans. Two infants were on board.

If it is confirmed that the plane has crashed, the loss would mark the second fatal accident involving a Boeing 777 in less than a year and by far the worst since the jet entered service in 1995.
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Monday 3 March 2014

Being Human: Salman Khan’s apparel brand raked up sales of Rs 179 crore in its first year

Posted by criss brown
MUMBAI: After delivering a series of Rs100-crore blockbuster films, Bollywood superstar Salman Khan has come up with yet another Rs150-crore-plus super hit. And this time, it's not a film, but his apparel brand Being Human. The brand , born out of Khan's philanthropic initiative, achieved retail sales of over Rs179 crore in 2013, its first calendar year after launch.

"Brand Salman is a major factor that defines the success story of Being Human clothing. It is his huge following that has driven the sales to such a level in just one year of its launch in India," said Manish Mandhana, joint managing director at Mandhana IndustriesBSE 0.04 %, which holds exclusive worldwide licence to design, manufacture, retail and distribute the brand. 

The royalties received on the sale of this fashion line go to support the education and healthcare initiatives of the Being Human — The Salman Khan Foundation. 

While annual sales of Being Human have surpassed box office collections of all Salman Khan films except Ek Tha Tiger, which grossed Rs198 crore, some experts feel the performance of this clothing line is closely aligned to the commercial success of Salman Khan, who has incidentally broken several box-office records in the last three years. 



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