Xed CA Finance Newsletter Week Dec 8 Dec 14

7/31/2019 Xed CA Finance Newsletter Week Dec 8 Dec 14

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11 Pages 8th

DEC 2011 14th

DEC 2011 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4 BUSINESS NEWS 5-8

INTERNATIONAL NEWS 9 MISC NEWS 10 GENERAL AWARENESS 11 FINANCE NEWS

NEWS DIGEST

IN BRIEF

PERSONALITIES OF TH

WEEK

COMPILED BY

INDUSTRY ANALYSI

RS/$: 54.2355(as on 15th Dec 2011)

BSE SENSEX: 15,881(as on 14th Dec 2011)

ECONOMICINDICATOR

Tax dept freezes bank

accounts of Kingfisher

Airlines, Air India

COVER STORY

FINANCE NEWS

EU to cut aid to 19

emerging countries

including China, India

GLOBAL & MISC NEWS

EU Divided on Fiscal

Treaty as Britain Dissents

XED NEWSLETTER

THERES AN APP FOR THAT

Shanker

Annaswamy

Steven A

Ballme


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TOP 5 HEADLINES OF THE WEEK

1. Tax dept freezes bank accounts of Kingfisher Airlines, Air India2. India worried over rising trade gap with China3. PSU banks plan to hire 5 lakh in next few years while global banks cut jobs in India4. EU Divided on Fiscal Treaty as Britain Dissents5. Virender Sehwag's 219 attracts advertisers; may sign Rs 10 crore deals

ECONOMIC INDICATORS

RS/$: 54.2355as on 15th Dec 2011 (Source:www.rbi.org.in) BSE SENSEX: Sensex closed at 15,881.14ason 14th Dec 2011 (Source:www.bseindia.com)

Date Open ClosePrice/

EarningsDividend

Yield

8/12/11 16,819.74 16,488.24 17.45 1.53

9/12/11 16,258.44 16,213.46 17.20 1.56

12/12/11 16,354.96 15,870.35 16.83 1.59

13/12/11 15,778.62 16,002.51 16.98 1.58

14/12/11 15,963.75 15,881.14 16.83 1.59

Which countries give employees the most generous holidays?

When considering the amount of holiday each employee is entitled to in any particular country, some clichs holdgood. North Americans are more industrious than South Americans, according to data compiled by Mercer, aconsultancy. Asians work harder than Europeans. Among the feckless workers from the old continent, those in thetroubled economies of Greece, Spain and Portugal have among the most generous holiday allowances. Take a look atthis videographic for more detail.
http://www.rbi.org.in/http://www.rbi.org.in/http://www.rbi.org.in/http://www.bseindia.com/http://www.bseindia.com/http://www.bseindia.com/http://www.bseindia.com/http://www.rbi.org.in/


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COVER STORY: THERES AN APP FOR THAT

What are apps? : Mobile apps, also called mobile applications, are software applications, usually designed to run onsmartphones and tablet computers. They are available through application distribution platformswhich are typically operated by the owner of the mobile operating system, such as the AppleApp Store, Android Market, and BlackBerry App World. The growth of the mobile app industryhas been phenomenal. It began with Apples launch of its App Store in July 2008. The marketfor apps that year was about $100mn. By end-2009, it had expanded to $1bn, and is expectedto cross $10bn this year. The dollar value of the app industry in North America has surpassedthe recorded music industry, and in three years, will overtake the film industry. Around half of

the mobile app economy is currently driven by the US, but this is changing fast as the marketfor smart phones expands in China and India.

Is India too far?Not in near future at least. In 2014, the Indian smartphone market would belarger than the entire US population. In India, the mobile applications particularly Games are the most dynamic partof the media sector, expected to grow at a cumulative 30% over the next five years. The average revenue per unit(ARPU) in Indias mobile phone industry is $5-6, as against the global average of $35-38. But there is a lot to beoptimistic and thrilled about as things are racing ahead.

Lets talk about industry majors: Two players stand out when itcomes to app development. iOS and Android are the operating systemsthat everybody not only loves to talk about but also loves to developapps for. However there is difference between the two on severalaccounts and it is safe to assume that android scores marginally better

and trumps iOS as the undisputed platform for app development. TheAndroid market is thriving with applications developed by smallboutique shops to very large organizations. The openness of theplatform makes the entry barrier for new entrants very low and thecost of development is minimal, thereby providing significantopportunities for interested players to get into this ecosystem. The ability to reach a wider range of devices such asSTBs, Connected TVs also enhances the interest of developers. Compared with Apples stringent guidelines applicationcertification for the Apple Appstore, Androids guidelines are easier to meet. This is an added advantage for developersto focus on application development on the Android platform. The platform also has very rich capabilities, including avery powerful UI layer that makes it easy for an application developer to write UI-centric applications for Androiddevices. The platform inherently supports features such as Flash, Maps, Google Latitude (location), Picasa as well asGmail integration - thereby leveraging many ofGoogles popular applications.

Apps in the cloud:It seems literally impossible for anyone to stay away from the Cloud phenomenon and the app

industry is no exception. Content provider Brightcove has announced the availability of itsApp Cloud content platform for iOS and Android applications. This will help developersquickly roll out apps, hence more choices for users. Also, these apps will be built in HTML5version so that they can be easily upgraded. The value in the new app cloud or the newHTML5 apps for the users is in the native wrapper, which provides an icon and skin to theapp that lets them work like native apps. Users will easily be able to access HTML5 apps as ifthey are native apps. The cost for them is also likely to come down, since such apps will be

easier to create because the basic app will remain the same and only different wrappers will be needed for differentplatforms.

Mobile app policing:A new mobile app rating system has been introduced by the wireless trade industry association(CTIA) and Entertainment Software Rating Board. The new rating system will guide the parents and children whenevermobile apps show inappropriate content. When developers submit their applications to a participating storefront theywill be able to complete a detailed yet quick multiple choice questionnaire that is designed to assess an application's

content and context with respect to its age-appropriateness. BlackBerry is bringing the proposed app rating system toits app store - BlackBerry App World. Google and Apple, however, plan to stick to their own rating system.

Final word: Lets conclude on this note; in the past weekend, the Android Market exceeded 10 bn app downloads -with a growth rate of 1 bn app downloads per month. Google now plans to introduce a new set of awesome apps eachday for only 10 cents each. Indian developers can very well leverage the opportunity provided by the androidplatform. The success enjoyed by the Indore-based Twist Mobile whose seven apps saw more than 19.3mn users overthe last eight months only strengthens the Indian contribution and credentials, and off course when Toronto-basedXMG Studio Inc, one of the largest independent mobile game development studios in app economy for Apple andAndroid smartphones scouts for partners in India, there is every possibility of big money flying around for those whodevelop apps. With 1.2bn population accessing mobile phones, jumping on the app development bandwagon neverseemed to make more sense for Indians. As they say, theres an app for everything.


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PERSONALITIES OF THE WEEK

Shanker Annaswamy

Give due credit to people. Dont take all the credit but put the right person in chargeand stay behind and support him.

Transitioning glory:You have all the reason in the world to achieve your grandest dreams. Imagination plus innovationequals realization & Shanker Annaswamy, MD, IBM India & Regional General Manager of IBM in

India/South Asia has all the attributes to reach the point of that realization. For any person makingthe transition from healthcare to IT is a tough task, but not for Shanker Annaswamy. Annaswamy,a veteran in the medical electronics business for 27 years has donned executive roles at Philips and Wipro-GE. Astrong believer in cross-functional responsibilities, he had received kudos while at Wipro-GE from no less than GEchairman Jeffrey Immelt.

Edging change:Shanker Annaswamy was born in Guntur, Andhra Pradhesh. He was raised in Chennai, Tamil Nadu. He was theaverage, boy-next-door, who could barely read through his history & geography books in school. To escape thesedreaded subjects, he opted for engineering elective in Class XI. Annaswamy discovered that he had a natural flair forengineering. Thus, he studied electronics & communication at Madras University-affiliated, College of Engineering,Guindy. The cocooned south Indian left Chennai for the first time when he got a job with Philips Medical Systems inMumbai in 1978. Philips gave him great cross-functional exposure. In 1990, Annaswamy quit Philips & joined WiproGE Medical Systems. In 1994, Annaswamy decided to take a break from the corporate world. He took up a job as

advisor to the government of Oman. He spent 3 years in the lap of luxury. He lived in a sprawling villa, learnt alabout the rich Omanese culture and trained 3 local persons to set up the state healthcare system.

Zestful comeback:You cant take the zest out of a corporate honcho. Annaswamy was back in Wipro GE Medical Systems shouldering theresponsibility of running manufacturing & operations for the company. Change comes from unexpected quartersAnnaswamy was invited to a CEO conclave, which was to be addressed by then President A.P.J. Abdul Kalam. Kalamtalked about how IT could transform India, especially in rural education & health. The speech got Annaswamycharged. He wanted to contribute to the IT momentum. In mid-2004, Annaswamy joined IBM. Envisioning the futurehe believes that there will be a synergy between telecos & the banking & financial services. He says, You need toreally bring a kind of a dashboard in front of the CEO to show how the assets & loans are performing & how theycompare with other banks. If you are able to bring in these details, the business people would be able to transformtheir businesses well. The ability to analyze the data & provide insights becomes very important for the banks.

Steven A. Ballmer

The number one benefit of information technology is that it empowers people to do whatthey want to do. It lets people be creative.

Leading a behemothSteven A. Ballmer is the CEO of Microsoft. Steve Ballmer joined Microsoft on June 11, 1980 &became Microsoft's 30th employee, the first business manager hired by Gates. During thesubsequent years, Ballmer headed several Microsoft divisions, including operations, operatingsystems development, & sales and support. In January 2000, he was officially named CEO ofMicrosoft. As CEO, Ballmer handled company finances; however Gates still retained control of the"technological vision". He served as President of Microsoft from July 1998 to February 2001, havingpreviously served as Executive Vice President, Sales and Support since February 1992.

Resonant vivacity:Ballmer was born in March 1956, grew up near Detroit, where his father worked as a manager at Ford Motor Co. Hegraduated from Harvard University with a bachelors degree in mathematics & economics. After college, he worked for2 years at Procter & Gamble Co. as an assistant product manager & before joining Microsoft, attended StanfordUniversity Graduate School of Business. Variously described as ebullient, focused, funny, passionate, sincere, hard-charging & dynamic, Ballmer has infused Microsoft with his own brand of energetic leadership, vision & spirit over theyears. His flamboyant stage appearances at Microsoft events are widely circulated on the Internet. One widelycirculated video, captured at a developers' conference, features a perspiring Ballmer chanting the word "developers"Ballmer is known to be a boisterous leader & it is a rumor when Mark Lucovsky walked into Ballmers office & told theMicrosoft CEO he was leaving the company for Google, Ballmer picked up his chair & chucked it across the room. Hispassion for Microsoft has made him very openly criticize his competitors. "You don't need to be a computer scientist touse a Windows Phone. I think you do to use an Android phone." Steve Ballmer plans to transform the whole company,making every one of its businesses optimized for new hardware form factors & cloud services.


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BUSINESS NEWS

1) Tax dept freezes bank accounts of Kingfisher Airlines, Air India-Reuters 9 DecIndia's tax officials have frozen 11 bank accounts of Kingfisher Airlines (KING.NS) and 10 of AirIndia AIR.UL earlier this month as they have failed to pay their service tax dues, an officiafrom the Mumbai service tax department said. State-run carrier Air India owes the department1.5 bn rupees, while India's third largest airline Kingfisher owes the department 700 mn rupeesfor the April-August period, said S.K.Solanki, commissioner of service tax (zone 1, Mumbacommissionerate) of the Central Board of Excise and Customs. Many Indian carriers includingstate-run Air India are troubled by rising fuel costs and price wars emanating from intense

competition causing investors and government to worry about their survival.

2) India worried over rising trade gap with China- TOI 9 DecThe widening trade deficit with China has the country's strategic establishment worried,providing backing to the commerce department's move to restrict imports as part of its'China strategy' while pressing for free-trade agreements with other countries todiversify sourcing. The National Security Council Secretariat, which recently hostedinter-ministerial consultations on the burgeoning India-China trade gap and its strategicimplications, has sent out a note to all stakeholders detailing its concerns.

The country's growing trade and economic relations with China are being seen as aserious concern, as India could become strategically dependent on its neighbour, agovernment official said. India's trade deficit with China is estimated to reach $60 bnby 2014-15, up nearly three-fold from $23 bn in 2010-11. Bilateral trade with China was $63 bn in 2010-11,with China accounting for $43 bn worth of imports.

3) PSU banks plan to hire 5 lakh in next few years while global banks cut jobs in India- ET 9 DecState-run banks led by Union Bank of India and Punjab National Bank are picking upthe slack in recruitment in financial services with plans to hire as many as 5 lakh inthe next few years even as BNP Paribas, Nomura, Barclays and others cut jobs inIndia. A whopping 44 lakh candidates will appear for a common recruitment testfor clerks in public sector banks up to December 11 for about 50,000 jobs in the nextfour months, bank executives said.

This is above the 10.5 lakh who took the examination for officers posts recently. "InPSBs, expansion of branches and replacement of retired staff are driving significantincreases in hiring," said NS Rajan, partner and global leader (people andorganisation) at consultants Ernst & Young. "We predict that they need to add about

5,00,000 jobs over the next few years, hence will show a robust growth in hiring trends."

4) Food Inflation Falls to 6.6%- TOI 8 DecFood inflation dropped to almost a three and-a-half-year-low of 6.6% for the week to November26 as a good harvest drove down vegetable prices further, raising hopes that the stubborninflation will finally ease. Fruit and vegetables and items such as milk, meat and eggs have keptfood inflation high, which in turn has kept the overall inflation at over 9% during the 11 monthstill November. Food articles have a 14.3% weight in the wholesale price index.Food price have dropped nearly a percent from the week before when inflation stood at 8%.

The high base effect, 8.93% inflation a year ago, also contributed to the decline. Economistsexpect this base effect and good farm season to drive down inflation further. There was anunseasonal spike in vegetable prices December 2010; accordingly, the base effect would helpkeep food inflation low in December 2011, said Aditi Nayar, economist with ICRA. She addedthat food inflation could fall to 3-5% during December.

5) House panel rejects 49%FDI in insurance & NIAI Bill in its present form- ET 9 DecA key parliamentary panel has dealt a series of setbacks to the governmentsattempts to revive faltering economic reforms, saying it sees no merit in a proposato allow 49% foreign investment in insurance companies while comprehensivelyrejecting a legislation intended to provide legal backing to the National IdentificationAuthority of India, or NIAI.

2 reports one on insurance and the other on NIAI by Parliaments standingcommittee on finance headed by Yashwant Sinha, will come as a further blow to thegovernment, which suspended a decision to open up Indian supermarkets to foreigninvestors under pressure from dissenting allies and the Opposition.


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6) Subsidy Bills a Shocker, to Top Budget by 1 L cr- TOI 8 DecThe total subsidy bill for the year 2011-12 could exceed the estimates by up to Rs. 1,00,000crore, or 70%. This could widen fiscal deficit to as much as 5.7% of GDP. Although fiscalslippage isnt unexpected as the finance minister himself confirmed and explained theovershooting of expenditure a few weeks ago it is the extent of it that is surprising. Evenwhen the government came out with its budget estimates, we had projected a fiscal deficitof 5.1%, said DK Joshi, chief economist with ratings agency Crisil.

It is likely the government may still be able to keep the fiscal deficit to less than 5.7% ofGDP by saving on some expenses, but the disproportional ballooning of subsidies is

worrying. The net increment (in subsidies) would be roughly not less than Rs. 80,000 cr. Itmay be Rs. 1,00,000 cr, The economy is in a difficult situation, but it does not mean thatwe should start eating lizards, he said. Lok Sabha on Wednesday approved the Rs. 56,800 -crore additionaexpenditure proposed by the government during 2011-12 through a voice vote.

7) Pilot Grouses Come Free if You Fly Kingfisher- TOI 8 DecKingfisher pilots who have not been paid for two months took the unusual step of airingtheir grievances over the aircraft announcement system on flights out of Delhi. Theannouncement said it is their sense of duty towards the guest that is making them flydespite not being paid salaries for the past two months, and was made after the aircraftwas taxiing after landing. The announcements are part of a wider protest by pilots after adeadline set by them passed without any payments being made. Some pilots say they nowplan to wear black armbands while reporting for work. The move could worsen the situationfor the troubled airliner as 140 of its 700 pilots have resigned and are serving their notice

period. About 11 pilots have already left to join IndiGo despite threats of legal action byKingfisher.

8) Audi eyes volume drivers' strategy to overtake Mercedes- The Hindu 9 Dec22,000 luxury cars were sold in India in 2011. By 2015, it is expected to balloon to55,000-60,000 units. In India, the luxury car market is led by BMW. By 2015, it isexpected to balloon to 55,000-60,000 units. Audi India is looking at various volumedrivers as part of a strategy to overtake rival Mercedes-Benz and become number twoin the luxury segment in two years. The target to reach the second position in twoyears is achievable, Mr Michael Perschke, Head, Audi India said, adding that We takethat as a challenge. We would look at leadership by 2015. Next year we're competing ina new segment (with the Q3 compact SUV) and stepping up our operations. We'rethe fastest growing within the Volkswagen Group. Globally this year, Audi is already expected to claim the secondspot in the luxury car space from Mercedes.

9) Cosmetics industry size may hit Rs 20,000 cr by 2014- The Hindu 8 DecThe cosmetics industry size is likely to double to Rs 20,000 cr by 2014 on account of higher incomelevels and rising fashion consciousness, particularly among urban women, a study has said. Atpresent, the industry size is worth Rs 10,000 cr, the study by industry body Assocham said. Theindustry has mainly been driven by improved purchasing power and rising fashion consciousnessamong people, it said. The chamber covered 6,000 consumers across the country. The industryplayers are spending heavily on promotional activities to increase consumer awareness, the surveysaid. It said women in the age group of 30 and above are getting selective about the type ofproducts they use. As older women are more conscious of their appearance, especially skin, theyare willing to spend more on separate sets of creams and lotions which target their problem areas,it said.

10) Reliance Industries eyes energy targets in Americas- TNN 11 Dec

Reliance Industries Ltd, is scouting for oil investments in the Americas as it looks toincrease the stake of crude production it owns to feed its refinery, the world's largest, asenior executive said. The company is also looking to invest more in the United Statesshale gas sector, Executive Director PMS Prasad told Reuters. Reliance has outlined plansto spend $4 billion to $4.5 billion by 2014 on three U.S. shale gas joint ventures itentered into last year. Reliance's share price has fallen nearly 29 percent this year,underperforming the broader index, on investor worries about declining output at its keyoffshore India gas field.

This year, Reliance brought in the expertise of BP to help it on the offshore D6 block, where output is lagging targets,and the British company has said production from the field off India's east coast could rise from 2014. BP, which paid$7.2 billion to Reliance for a 30 percent stake in more than 20 oil and gas blocks, has said it hoped to get approvals tobegin work this year. Those approvals from the Indian government are still pending.


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11) Ministry agrees on 26% FDI in aviation- HT 12 DecThe civil aviation ministry has agreed to the proposal of allowing foreign carriers to buy 26%stake in private airlines, industry sources said. Earlier, the ministry had proposed to fix a capof 24% on foreign direct investment (FDI) by overseas carriers. The department of industriapolicy and promotion (DIPP) had proposed 26% foreign direct investment (FDI) by foreignairlines into the domestic industry, in the backdrop of private carrier Kingfisher Airlines slippinginto a severe debt crisis and several others facing resource crunch. The home ministry and thePlanning Commission have already supported the draft cabinet note in this regard. Thefinance ministry has also given the green signal to the proposal, with a rider that suchinvestments should not violate SEBIs takeover code.

12) Carbon Loses Gains as Europe Debt Crisis Outweighs Durban Deal- Bloomberg 12 DecCarbon prices gave up gains on speculation Europes debt crisis will depress demand even as theworlds largest polluters back away from positions that have stymied global climate talks. China,the worlds biggest emitter, and India agreed at the climate summit that ended yesterday inDurban, South Africa, to take part in talks starting next year that would bind them for the first timeto emission reductions.

The U.S., the second- biggest emitter, also signed on to plan led by Europe to reach a globalagreement by 2015 to restrict greenhouse gases linked to climate change by 2020. Europes ability

to solve its debt problems and stabilize its economy will do more to drive carbon prices thaninternational environmental agreements, said Assaad Razzouk, chief executive officer of SindicatumSustainable Resources Group, a developer of clean-energy projects that is partly owned byCitigroup Inc. and Cargill Inc.

13) Fortis Healthcare hit by governance issues- TNN 12 DecSince September19, when Fortis Healthcare India announced it was buying theoverseas healthcare business of its promoters, Malvinder and Shivinder Singh, its stockprice has tumbled 25% in a market that is down 3.5%Investment analysts haveexpressed concerns over this $665-million intra-group transaction, notably fairness ofpricing for shareholders of the listed company, basis of valuation, standard ofdisclosures and related-party dealings. "We have corporate governance concerns overthis company," said Rashesh Shah, an analyst with ICICI Direct, who downgraded thestock to 'hold' from 'buy' after the transaction price was announced on November 1

Between November 2010 and August 2011, the Singh family bought six overseas assets through Fortis HealthcareInternational, a Singapore-registered company in which they own 100%.

14) Economy Sends SOS as Factory Output Slumps- TOI 13 Dec

Indias industrial output fell for the first time in 28 months on the back of fallingconsumer demand and declining corporate investments, spooking the financial markets,but brightening the prospects of an interest rate cut. Production at factories, utilities andmines shrank 5.1% in October, far exceeding forecasts of a 0.5-1% decline, causingshare indices to fall 2%, benchmark yields to drop, and the rupee to hit a new low of52.61 against the dollar. Last week, the government cut its growth forecast for the yearto around 7.5%, but industrial output data released on Monday has raised fresh doubts about the econo mys ability tomeet even the new target. The industrial sector, which includes manufacturing, mining and electricity, accounts foralmost 24% of the GDP. While every segment of the manufacturing sector contracted in October, capital goods outputdeclined as much as 25.5%, suggesting a near shutdown in corporate investments and expansion.

15) Court to consider charges on Dec 17- TOI 14 DecThe countrys top investigating agency on Monday charged five officials of the EssarGroup and Loop Telecom with fraud and conspiracy as part of a wide-ranging court-

monitored investigation into Indias telecom sector. The Central Bureau of Investigationfiled charges in a Delhi court against industrialists Ravi Ruia and Anshuman Ruia, thepromoters of Essar Group, its Director for strategy and planning, Vikas Saraf, and Looppromoters IP Khaitan and Kiran Khaitan. The accused also include three companies Loop Telecom Pvt Ltd, Loop Mobile India Ltd and Essar Tele Holding.

The charges have been filed under Section 120 B, which defines criminal conspiracyand Section 420, cheating, of the Indian Penal Code. The five officials could face a prison sentence of up to sevenyears in case of an unfavourable verdict. The court will consider the charges on December 17. The shares of EssarGroup fell sharply as the news of the CBI charges made the rounds. Essar Oil fell about 10.9%, Essar Ports shed7.71% and Essar Shipping lost 9.7%, even as the BSE Sensex, the main market barometer shed only 2.12%. TheEssar Energy stock, which is listed in London, lost 8.5% in trade on Monday on the FTSE.


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16) HCL eyes acquisitions in Germany and France amid European Crisis- ET 13 DecHCL Technologies, a provider of IT services whose clients include Deutsche Bank andGlaxoSmithKline, said the European debt crisis will help it to buy and partner with localfirms. The New Delhi-based company targets deals in the Nordic countries, Germany andFrance because continental Europe is the "biggest growth area for us," Chief ExecutiveOfficer Vineet Nayar said in an interview in HCL's London office. Clients often want to workwith a local vendor and HCL will pursue "aggressive partnerships in the local markets andaggressive acquisitions," he said.HCL bought UK software provider Axon Group for $658 million in 2008, its biggest everdeal. Rival Tata Consultancy Services said in September it was weighing acquisitions in France, Germany, Japanand

the US. "All large Indian IT companies are looking at the M&A game more closely, given that valuations have comedown in Europe," said Standard Chartered analyst Pankaj Kapoor, who has an "outperform" rating on HCL shares.

17) Buyout Binge Leaves 3i Teetering on the Brink-TOI 14 DecFor a company like 3i Infotech, which once had dreams of being counted amongstIndias top software product companies, the past 15 days must have been nightmarish.Yields on the Mumbai-based firms foreign currency convertible bonds skyrocketed to41.15% from 24.52%, a level indicating possibility of a default. A few days earlier,Crisil downgraded its debt to junk at one go after reaffirming its A- status in August,forcing a desperate scramble for funds from reluctant lenders. 3is market cap hascollapsed by Rs 900 Cr so far this year. It has struggled to pay salaries and may beforced to sell assets bought at sky-high valuations during the stock market boom toreduce its debt.

The ICICI Group-promoted company, which has marquee investors such as Citigroup, Macquarie and LIC, now faces ableak prospect unless it can find some way to raise cash quickly. A debt-driven acquisition binge has come back tohaunt the company causing a severe cash crunch, repelling investors and lenders and raising the prospect of either adistress sale or cutback in operations. The debt build-up happened largely due to these acquisitions. At Rs 2,300crore, the companys debt is nearly six times its current market cap, a red rag for many investors. The 3i stock hasslumped 90% from its peak of Rs 162 and is now trading at Rs 19.

18) Rupee at Lifetime Low Adds Insult to Injury- TOI 14 DecThe rupee crashed to a new lifetime low that can leave a lasting scar on the economy andcorporates, which are already bruised by slumping output, declining consumer demand andhigh interest rates. The rupee, the worst-performing currency in Asia, ended 0.7% lower at53.22 to the US dollar. It touched an intra-day low of 53.52. Currencies of other emerging andmajor nations are also falling. But the rupees depreciation was steeper as contraction inindustrial output and battered government finances amplified the overall turbulence in the

currency markets due to the European sovereign crisis. Slicing $9 billion off the export numbersdue to accounting goof-up is not helping either. Importers and companies with overseasliabilities watched the horror show play out on the currency markets for the sixth straight day.

19) Samsung plays smart, Nokia says it's smartest- ET 14 DecAfter overtaking Apple as the world's largest smartphone vendor last quarter, Samsung is setto dethrone Nokia as the king of smartphones in India. "Part of the battle is already won; wewill become number one next year," says Ranjit Yadav, who heads Samsung India's mobileand IT businesses. In fact, Samsung was already the market leader in value terms with a32.3% share in the smartphone market, according to data from market research firm GfK, anindustry official said on condition of anonymity. GfK tracks retail sales of mobile handsetsNokia, however, says the largest handset maker still dominates the Indian smartphonemarket. With the launch of its Windowsbased Nokia Lumia family of smartphones within a

week, the company will strengthen its leadership position, she added. Most analysts say Nokia still leads the

smartphone segment, which accounts for 6% of the 213-million Indian handset market.

20) Companies reduce health benefits as costs rise- TOI 14 DecStung by a 20% increase in health insurance costs, companies are increasinglyasking employees to co-pay and a large number of employers are dropping parentsout of their group health insurance cover. The cost of health cover has gone upbecause in more than half the companies the premium is not enough to cover claims.According to an employee benefit survey conducted by Marsh India, around 90%employers have adopted some form of cost containment measures in their benefitplan as compared to 81% in the last year. Over 52% employers are likely to makechanges to their benefit offerings over the next three years. The survey shows thatorganization-sponsored parents coverage under group health has reduced from 51%to 40%.


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INTERNATIONAL NEWS

21) EU Divided on Fiscal Treaty as Britain Dissents- TOI 10 DecEurope divided in a historic rift over building a fiscal union to preserve the euro,with a large majority of countries led by Germany and France agreeing to moveahead with a separate treaty, leaving Britain isolated. Twenty-three of the 27leaders agreed to pursue tighter integration with stricter budget rules for thesingle currency area, but Britain said it could not accept proposed amendments tothe EU treaty after failing to secure concessions for itself.After 10 hours of talks, all 17 members of the Euro zone and six countries that

aspire to join resolved to negotiate a new agreement alongside the EU treaty witha tougher deficit and debt regime to insulate the Euro zone against the debt.German Chancellor Angela Merkel said she was very satisfied with the decisionsThe world would see that Europe had learned from its mistakes and avoided

lousy compromise, she said. Merkel said she had not given up hope that Britain would eventually agree to changethe EU treaty to anchor stricter budget discipline. Active ECB support will be vital in the coming days.

22) Climate Conference close to deal on Green Fund-Reuters 8 DecNegotiators are close to agreeing the shape of a Green Climate Fund, which isdesigned to help poor nations tackle global warming and nudge them towardsa new global effort to fight climate change. Rich countries have pledged up to$100 bn a year by 2020 to aid poor states most directly affected by risingglobal temperatures to adapt their economies and protect themselves fromadverse weather. But critics say it could remain a hollow shell unless there is

also agreement on where the actual funds come from -- and how the moneyis spent. "I have a fair amount of confidence this is going to get done in apositive way," said U.S. climate envoy Todd Stern. Some cash could comefrom imposing a charge for carbon emissions on international shipping, but itis unclear whether ministers will adopt that proposal made in draft texts.

23) Microsoft unveils CRM with in-built social network- TOI 8 DecSoftware giant Microsoft launched the new version of its customer relationshipmanagement solution 'CRM R7 2011' in India, with integrated social networking capabilities"CRM R7 2011 integrates social capabilities into Microsoft Dynamics CRM and furtherstrengthens service and marketing processes for businesses. "Its integration with Office365 makes the value proposition for customers even more compelling," Microsoft DynamicsIndia Group Director Subhomoy Sengupta told reporters here. CRM solutions help companiesmanage interactions with their customers, clients and sales prospects. With the social feature

integrated, employees within an organisation would be able to interact real-time,strengthening lead generation and accelerating customer and influencer outreach, Senguptasaid.

24) Canada pulls out of Kyoto pact to avoid penalty- TOI 14 DecCanada withdrew from the Kyoto Protocol to avoid the $13.6-billion penalty it wouldhave had to pay for failing to meet the emission reduction target that has been set fornext year. The Canadian withdrawal came a day after the world had affirmed thesecond commitment period of the Kyoto Protocol on the back of a tough round ofnegotiations in Durban, which went beyond the stipulated two weeks. Canada's pulloutis ironic since it had broken into diplomatic niceties in South Africa, pointing fingers atIndia for blocking a future deal even as it was preparing to walk out of its existing commitments within 24 hours.

The UN Convention executive secretary slammed the move saying, "I regret that Canada has announced it wil

withdraw and am surprised over its timing. Industrialized countries, whose emissions have risen significantly since1990, as is the case for Canada, remain in a weaker position to call on developing countries to limit their emissions".

25) Three quarters of world's poor live in middle-income countries: Oxford study- The Hindu 8 DecIf you think that most poor people in the world live in the poorest countries, you aremistaken. A new study of 1.65 bn of the world's poor by Oxford University, UK, shows that72% (1,189 mn) live in middle-income countries compared with 459 mn in low-incomecountries. What's more, higher percentage (586 mn) live in severe poverty' in middleincome countries than in low-income (285 mn), says the study released in London. TheOxford Poverty and Human Development Initiative Director, Dr Sabina Alkire, said: Thefindings are startling. If you apply our global poverty measure, nearly three quarters of thepoor live in middle-income countries. Another key finding is that 50 per cent (827 million)

of the poor live in South Asia, which includes India, and 29 per cent in Sub-Saharan Africa (473 million).


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MISCELLANEOUS NEWS

26) Virender Sehwag's 219 attracts advertisers; may sign Rs 10 crore deals- ET 9 DecWith his stupendous 219-run show catapulting Virender Sehwag to the top of the one-daycricket record books, the advertisers have rushed in to sign on the flamboyant batsman withdeals worth an estimated Rs 10 Cr. The record-breaking innings by Sehwag has not onlymade him the top-scorer in a one-day cricket match, it has also enhanced his value inthe brand endorsement market, experts said. The cricketer could sign at least 4-5endorsement deals. These deals could be collectively worth Rs 10 cr a year, going by anestimated annual fee of Rs 2-2.5 cr charged by Sehwag for every brand endorsement deal.

33-year-old Sehwag currently endorses about ten brands, including Adidas, Karbonn Mobiles, Royal Challenge, HeroMotoCorp and Emami's Zandu Balm. Playing against West Indies at Indore on 8th Dec, Sehwag broke his role modeSachin Tendulkar's record (of 200 runs) to make the highest score in a one-day match.

27) UPA isolated as key opposition parties flock to Anna Hazare meet- TNN 12 DecAnti-corruption crusader Anna Hazare made an impactful return to the "anshan-andolan (fasting-protest)" arena on Sunday, drawing an enthusiastic and youthfucrowd to Jantar Mantar and rallying major non-Congress parties to his cause. Threemonths after his epic 13-day fast at Ramlila Maidan, the response to Anna's seven-hour protest is proof that the Gandhian has not lost traction with popular sentimentdespite his now familiar anti-government announcements. He also succeeded insplitting the ruling Congress from BJP, Left and several regional parties. Congress

leaders remained the target of the agitationists while UPA partners like Trinamool Congress chief Mamata Banerjee

were questioned over their silence on Lokpal in contrast to vocal opposition to foreign investment in retail.

28) Harley COO: Bikes will get more 'accessible'- Reuters 12 DecHarley Davidson Inc's chief operating officer Matt Levatich said the company will offermotor bikes that are more "physically and financially accessible" to buyers both in the US &abroad, but it will continue to keep its manufacturing operations almost entirely in thecountry. Levatich said at the Reuters Global Manufacturing and Transportation Summit thatthe company is striving to appeal to a broader array of buyers, from women and minoritiesin the United States to those in emerging markets. While volume and market share forseveral of its bikes has grown in 2011, the company's products still appeal to a narrow band of buyers. The leastexpensive bike Harley is priced at about $8,000. Levatich said the company may consider making smaller and lessexpensive bikes. The company does some CKD assembly of motorcycles in Brazil & India due to tariff issues in thosecountries.

29) Defence spend in 5 years to cross Rs 5,20,000 crore- TOI 13 DecDefending long unresolved borders against two potentially hostile nuclear-armed neighbours does not come cheap. Besides, acquiring a wide array ofweapon systems for billions of dollars, India will spend upwards of Rs 60,000crore over the next five years on developing military infrastructure andcapabilities for the western and eastern fronts.

If the cost of raising the already-sanctioned new mountain strike corps in thenorth-east is pegged at another Rs 60,000 crore and a conservative estimate ofdefence capital outlay in the 2012-2017 timeframe crossing Rs 4,00,000 croreare taken into account, it adds up to a staggering Rs 5,20,000 crore. This doesnot include the huge day-to-day cost of maintaining a 13-lakh armed forces.

30) Japan chooses F-35 as mainstay fighter jet: Reports- TOI Dec 13

Japan has chosen the US-made F-35 stealth jet as its next-generation mainstay fighter in amulti-billion dollar deal, reports said on Tuesday. Kyodo News cited unnamed governmentsources as saying the ministry had decided to buy 40 F-35 fighters, while the Nikkei businessdaily said only that the jet remained a "prime candidate".

The defence ministry picked the jet made by Lockheed Martin to replace its ageing fleet of F-4jets over two rivals, the Boeing-made F/A-18 Super Hornet and the Eurofighter Typhoon. TheF-35, the most expensive weapons programme in Pentagon history, has been plagued by costoverruns and technical delays. The jet, co-developed with British defence giant BAE Systems, isthe most expensive among the three candidates, with a price tag estimated at $113 million peraircraft.Japan initially aimed to acquire the F-22 stealth fighter to renew its fleet, but US lawprohibits exports of the jet with the United States having said it would halt production of themodel.


11/16

INDIAN INFORMATION TECHNOLOGY INDUSTRY

Over the past decade, the Indian information technology (IT) / ITenabled Services (ITeS) industry has become the countrys premiergrowth engine, crossing significant milestones in terms of revenuegrowth, employment generation and value creation, in addition tobecoming the global brand ambassador for India. With a compoundedannual growth rate (CAGR) of over 24% in the last decade, the IndianIT/ITeS industry has been contributing notably to economic growthaccounting for around 5.6% of the countrys Gross Domestic Product

in FY 2010 and also providing direct employment to about 2.3 millionpeople (from just about half a million in 2001).

Overview: The Industry is categorized into 4 broad segments: IT services, Software products and engineeringservices, IT enabled services (ITeS - BPO) and Hardware. These segments generated combined revenues of $73.1billion in 2009-10 from $69.4 billion in 2008-09 - a growth of 5.3%. The revenue from IT services constituted about50% of the total industry revenues. The export revenues touched $50.1 billion in 2009-10, accounting for over 68%of the total Indian IT/ITeS Industry revenues. India has become one of the fastest growing IT markets in Asia Pacific,owing to its increased IT spending in the last few years. The domestic IT/ITeS market revenues were $23 billion forthe year 2009-10. Over the last 5 years, the domestic market has grown from $10 billion in 2004-05 at a CAGR of18.1%. With the US and UK continuing to be Indias top export destinations, t he focus of the Indian IT/ITeS industryto diversify geographic risk to other markets like Asia Pacific, Australia and Middle East, may need to pick up steamsoon if the industry is to insulate itself from business turbulence in these markets. In terms of verticals contributing toIT consumption, the Banking, Financial Services and Insurance (BFSI) vertical continues to be the dominant ITconsuming vertical, contributing to over 40% of Indias total IT/ITeS exports in 2009-10. The Telecom vertical was the2nd largest consumer of IT, contributing to about 20% of Indias IT/ITeS exports in the year 2009 -10. With acontribution of about 16% to Indian exports, the Manufacturing vertical was the third largest IT consuming verticalTogether the top 3 sectors accounted for around 76% of the total exports in 2009-10.

Global Crisis, Depreciation & Slowdown: The tier II technology players are affected the most in times of aslowdown due to their inability to absorb the sharper budget cuts by clients due to lack of operational scale andlimited offerings. The trend in the budget allocation of the US clients will be crucial in determining the growth ofIndian IT companies. The rupee-dollar movement will also play an important role since an abrupt currency movementhurts net margins of companies. The impact of the depreciating rupee on the bottom line will vary for each companyas it would largely also depend on the hedging positions taken by these firms. As per Nasscom, the sovereign debtcrisis in Europe and slow recovery in the US will not impact the Indian IT industry this fiscal, as clients in thesegeographies will continue to spend on IT services to run their businesses cost-effectively. As the industry's exposureto the debt-ridden countries like Greece, Italy and Spain is limited, the risk in case of defaults by their governmentswill be minimal, as outsourcing of IT services would continue. Clarifying that the present crisis arising out of limitedgovernment spending due to debt burden was different from the 2008-09 crisis resulting in tech meltdown, Mittal saysdespite uncertainty, the sentiment remains positive.

Emerging Trends & Outlook: Going forward, a consolidationwave is expected in the years to come, where small and mediumplayers would merge to compete for large scale deals and keep upwith the changing industry dynamics. Emerging trends in servicedelivery like Cloud Computing and Platform BPO are likely toremodel the industry by creating new business opportunities forthe IT/ITeS vendors and driving changes in the traditional serviceofferings. Among IT users increased flexibility, lowerimplementation time, easier maintenance and lower Total Cost ofOwnership stand out as the primary reasons for adopting cloud. Platform BPO is a technology-integrated BPO that provides acomplete business solution by packaging a technology platformwith a domain application. The service delivery moves from beingpeople-centric in the traditional BPO model to platform-centric inthis new approach. With increasing labour costs, a lot of BPOplayers are now expanding to tier-II and tier-III Indian cities andhiring less expensive workers, while adding centres in othercountries as well to make most of the opportunity. Indiasfundamental advantagesabundant talent and costaresustainable over the long term. With a young demographic profileand over 3.5 million graduates and postgraduates that are addedannually to the talent base, no other country offers a similar mixand scale of human resources.


12/16

FINANCE NEWS

1. EU to cut aid to 19 emerging countries including China, India ET 8 DecThe European Commission decided on Wednesday to cut aid from 2014 to 19 emergingeconomies including China, India and Brazil, the EU's development commissioner AndrisPiebalgs said. The commissioner said the decision was taken to bring about "a shift in ourrelations with emerging countries and a focus of the aid on the poorest countries" between2014 and 2020. The 27-state European Union is the world's biggest donor, accounting for 50%of world aid with 53.8 billion euros ($72 billion) handed out last year. The European Commission manages 20% ofthat aid, or 11 billion euros. Between 2007-2013, about 980 million euros are earmarked for South Africa, 470 million

euros for India, 170 million euros for China and 61 million euros for Brazil. A European confederation of relief agenciessaid the approach could be flawed as it ignored big local concentrations of poverty within countries whose nationaaverages are higher. Piebalgs said when presenting his plans that "governments are capable of fighting againstpoverty on their own," indicating a change in the balance of aid distribution that sees, for instance, Britain pump vastsums to India, which then pumps out its own substantial aid to African nations.

2. Micro lenders diversify portfolios, says Crisil Business Standard 8 DecAccording to rating agency Crisil, the non-banking financial company - MFI (Microfinanceinstitution) model by the regulator would further push micro lenders to scout for ways tostrengthen their financials, as the new guidelines put several restrictions on micro lending"The MFI sector's growth and profitability prospects have moderated since implementation ofthe Andhra ordinance, because of the subdued funding environment and the operatingchallenges associated with regulatory restrictions on multiple lending, loan size, and end-use

of loans," Crisil said in a note. Micro-lenders are, therefore, diversifying their business models by starting new

ventures aimed at entering other asset classes. These are mostly secured classes such as loans against gold jewelleryhousing and vehicle financing loans, the credit rating agency added. Crisil also said the sustainability of micro lenderswould depend on how effectively they framed their business models. "While most of these new business initiatives areat an early stage, MFIs' ability to develop systems and processes, and scale up operations would shape their businessrisk profiles," said Nagarajan Narasimhan, director, Crisil Ratings.

3. CDS can catalyse Indian bond markets: Crisil ET 8 DecThe introduction of credit default swaps (CDS) by the Reserve Bank will lead to a gradual deepeningofIndias corporate bond market, as CDS can enhance the bond market investors' appetite for lowerrated issuers, beyond their traditional favourites in the high-safety category, rating agency Crisil saidin a statement. CDS are instruments that provide buyers with protection against credit losses, just asinsurance products do. CDS provides credit protection to corporate bond buyers, as the sellers of theswaps guarantee the credit-worthiness of the product. Thus, the risk of default is transferred from the holder of thefixed income security to the seller of the swap. As investors can buy CDS protection against potential credit losses,

they will be more open to invest in instruments rated lower than 'AA' category, which is critical for the growth of bondmarkets. Increased use of CDS, over the medium term, has potential to impart additional liquidity to the bondmarkets, which have so far been predominantly illiquid, it said.

4. Japans Gold Exports Most Since 1985 as Individuals Sell Jewelry, Bars Bloomberg 8 DecGold shipments from Japan, the worlds third-largest economy, are at the highest level since at least1985 as individuals who purchased jewelry more than 20 years ago are selling it amid record prices.Shipments in the 10 months ended October totaled 95.6 metric tons, according to Takahiro Morita, theJapan director of the World Gold Council. Bullion is set for an 11th year of gains as central banks joininvestors in purchasing the metal to diversify assets. Bullion exports to Thailand tripled and those

to Singapore doubled in the 10 months ended October from a year earlier, according to statistics released by Japansfinance ministry. Exports have been increasing to Southeast Asia and China in particular. In China, the biggest gold-jewelry consumer, inflation is eroding the value of bank deposits, prompting investors to seek returns in bullion. Goldhit a high of $850 an ounce in the 1980s and averaged $418.50 during the decade, according to Bloomberg data.

5. Bullion dominates futures market, agriculture at 10%- TOI 12 DecPolicymakers have repeatedly said that commodity futures help farmers hedge their risks. Butdata from Forward Markets Commission (FMC), the regulator for the business worth Rs 106 lakhcrore during April-October, paints a different picture. The share of agricultural trade is just a tadover 10%. Of course, the government itself is to blame for this partly as it has banned futurestrading in several commodities such as pulses, say market players. Futures are a risk hedging tool, which helpsfarmers and producers cover their risk using contracts that mature after a stipulated period. After bullion, metals andenergy are the most popular bets at commodity exchanges. Officials in the government and regulatory bodiesacknowledge that there is a problem with some of the contracts and non-delivery is an issue that has cropped up invarious forums over the last few weeks. Former FMC chairman B C Khatua said that volumes were low in farmproducts due to low awareness levels. Besides, he said that given the volatility in bullion prices, there was morehedging in these products.


13/16

6. Bank deposit growth outpaces credit Business Standard 10 DecThe deposit growth of the countrys banks outpaced credit expansion for the firsttime this financial year in November, on the back of high deposit rates and asluggish loan demand. While deposits expanded at 18 per cent from a year ago, thecredit growth was capped at 17.6 per cent, according to data released by theReserve Bank of India (RBI). This was the slowest rate at which bank advances havegrown in this financial year. The higher deposit accretion has enabled the banks toinvest in government securities at more-than-required levels. RBI data show thatbanks investments in government securities were higher by around 17 per cent ason November 25, compared with same period last year. Only recently had the

central banks deputy governor, Subir Gokarn, said banks were maintaining a 29 per cent SLR. Banks continue tokeep deposit rates attractive even when credit growth was not picking pace. RBI has projected a deposit growth of 17per cent and credit growth of 18 per cent by the end of March 2012.

7. Structured realty debt a big hit with HNIs ET 13 DecInvestment products structured around high-yielding real-estate debt are becoming increasinglypopular among rich investors. Conventional money managers, however, view this as a disturbing trendas they expect real estate companies to face low demand, default on payments and fire-sell primeassets to raise funds over the next few months. Financial services institutions such as Barclays, JMFinancial and IIFL Wealth, among other smaller players, are offering equity-linked real estate notes to rich clients whoinsist on capital protection, but would also like to pocket higher yields in real-estate debt and participation in equitieswealth managers said. An equity-linked real estate debenture is a typical debt note, but it differs from standard fixed-income product as the final payout is based on return of the underlying equity, which in this case is the Nifty stockbasket. The structure follows an 80:20 ratio, where 80% of the funds are invested in debt papers issued by real estate

companies. The fund manager uses the remaining 20% of the corpus to buy Nifty options which ensures 100%participation in the stock market. Nifty-linked real estate debentures park nearly 80% of the money in high-yieldingshort-term bonds and non-convertible debentures issued by developers. Affluent investors are advised to invest in therange of Rs 5-10 crore in this product, with a lock-in period of 18 to 24 months.

8. RBI caps bank equity investments in non-core business ET 13 DecThe Reserve Bank of India (RBI) on Monday for the first time imposed a cap on banks' direct or indirectequity investments in non-financial service companies, seeking to make banks focus more on their corebusiness. The rules cap equity investments by banks in a non-financial services entity at 10% of acompany's paid-up capital or 10% of a bank's paid-up capital and reserves whichever is less. The newrules will also cap indirect investments in non-financial service companies made by subsidiariesassociates or joint ventures of banks or by asset management companies controlled by banks up to

20% of the share capital of the investee (the entity receiving the investment) company. Equity investment by abanking group - such as the bank and an insurance company in which it has a stake - in a non-financial services

company should not exceed 20% of its paid-up capital and reserves. The RBI says the rules are meant to checkindirect influence or misuse.

9. Diamonds to Rise as Demand Expands at Double Supply, Bain Says Bloomberg 9 DecDiamond prices are poised to rise as demand grows at double the pace of supply through 2020because of expanding middle class populations in China and India, said Bain & Co. in a report for theAntwerp World Diamond Centre. World demand is expected to expand an average 6.4 percent a yearto almost 247 million carats by 2020 while production grows an annual 2.8 percent to 175 millioncarats, it said in the report. Output totaled 133 million carats last year, it said. Historically suchsupply-demand imbalances have provided the foundation for firm prices in the industry, the Boston, Massachusetts-based consultant wrote in the report. China and India will increase their share of world diamond demand to about 30percent by 2020, from 21 percent, as middle class populations in the two countries will more than double to 469million people, according to Bain & Co. Supply will be driven by a recovery to pre-crisis output at current mines and asmuch as 23 million carats from 13 new mines from companies such as De Beers, OAO Alrosa and Rio Tinto Group.

10. Indian Oil Corp tops Fortune India 500 list; RIL at second spot ET 12 DecState-run Indian Oil Corp has emerged as the country's biggest company in terms of annual revenue,followed by Mukesh Ambani-led private sector giant Reliance Industries at the second place, as per anannual list of Fortune 500 companies in India. All the 500 firms together recorded a collective turnoveof Rs 45,79,911.38 crore in the latest financial year. Indian Oil Corp was the biggest with annuarevenue of Rs 3,23,113.12 crore, followed by Reliance Industries with a full-year revenue of Rs2,72,923.36 crore. Both IOC and RIL have retained their top-two ranks from the previous year, FortuneIndia said. In this year's list, the two are followed by Bharat Petroleum (Rs 1,56,580.12 crore) at thethird and State Bank of India (Rs 1,47,843.92 crore) at the fourth place. Other entities in the list

are Hindustan Petroleum (5th rank), Tata Motors (6), Oil & Natural Gas Corp (7), Tata Steel (8), HindalcoIndustries (9) and Coal India (10). The magazine said that the total sales of the country's 500 top corporations havegrown by 21.5 per cent from the last year, while their median growth has been even higher at about 25 per cent.


14/16

FINANCE FEATURE

Index Outlook: Looking for a toehold(http://www.thehindubusinessline.com/features/investment-world/market-watch/article2704260.ece?ref=wl_features
http://www.thehindubusinessline.com/features/investment-world/market-watch/article2704260.ece?ref=wl_featureshttp://www.thehindubusinessline.com/features/investment-world/market-watch/article2704260.ece?ref=wl_featureshttp://www.thehindubusinessline.com/features/investment-world/market-watch/article2704260.ece?ref=wl_featureshttp://www.thehindubusinessline.com/features/investment-world/market-watch/article2704260.ece?ref=wl_features


15/16

SOURCES

SOURCES FOR ECONOMIC INDICATORS, STATS & GRAPHS:www.rbi.org.inwww.bseindia.comwww.eonomist.com/blogs/dailychart

SOURCES FOR COVER STORYhttp://www.themobileindian.com/news/4097_Cloud-based-Android-iOS-apps-in-the-makinghttp://www.ciol.com/Developer/Android/Feature/App-developers-can-accelerate-Android-growth/157446/0/http://www.windsorstar.com/business/High+tech+minimalism/5845562/story.html

http://www.themobileindian.com/news/4113_Divided-opinion-on-newly-introduced-mobile-app-rating-systemhttp://www.business-standard.com/india/news/xmg-studio-scouts-for-partner-in-india/456116/http://www.itjungle.com/tfh/tfh121211-story01.htmlhttp://android.ciol.com/Android/Feature/Androids-guideline-an-advantage-for-app-developers/157448/0/http://www.themobileindian.com/news/4165_Windows-8-Store-for-Apps-unveiledhttp://www.themobileindian.com/news/4231_Flight-Control-Mirrors-Edge-now-free-for-Apple-deviceshttp://www.themobileindian.com/news/4195_Instagram-coming-soon-to-Androidhttp://techcircle.vccircle.com/500/pc-content-is-passe-get-mobile-optimised-with-mobstac/http://www.informationweek.in/Government/11-12-14/Government_of_India_shares_plans_to_increase_broadband_penetration.aspxhttp://www.thehindubusinessline.com/industry-and-economy/info-tech/article2695629.ece?ref=wl_industry-and-economyhttp://www.ciol.com/Developer/Android/Feature/Androids-guideline-an-advantage-for-app-developers/157448/0/http://www.berryreview.com/2011/12/14/connect-in-private-launches-email-browsing-apps-that-bypass-rims-noc/http://www.mydigitalfc.com/news/mobile-apps-hit-1-million-magic-mark-four-years-422http://www.indiainfoline.com/Markets/News/Telecom-Newsletter-December-05-to-December-09-2011/5308424660

SOURCES FOR PERSONALITIES OF THE WEEK:http://www.telegraphindia.com/1050830/asp/jobs/story_5170433.asphttp://www.india-inc.in/Shanker-Annaswamy.htmlhttp://www.ciol.com/content/news/exeTrack/Portraits/2006/106100301.asphttp://www.business-standard.com/india/news/qa-shanker-annaswamy-md-ibm-india/436360/http://en.wikipedia.org/wiki/Steve_Ballmerhttp://www.crunchbase.com/person/steve-ballmerhttp://www.wired.com/wiredenterprise/2011/11/cloud-foundry/all/1http://arstechnica.com/microsoft/news/2011/09/steve-ballmer-we-are-reimagining-microsoft.arshttp://www.huffingtonpost.com/2011/10/19/steve-ballmer-android-iphone_n_1019586.html

SOURCES FOR ARTICLES (1-30)

1) Tax dept freezes bank accounts of Kingfisher Airlines, Air India-Reuters 9 Dec

http://in.reuters.com/article/2011/12/09/kingfisher-air-india-idINDEE7B804D201112092) India worried over rising trade gap with China- TOI 9 Dechttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00103&ViewMode=HTML3) PSU banks plan to hire 5 lakh in next few years while global banks cut jobs in India- ET 9 Dechttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00105&ViewMode=HTML4) Food Inflation Falls to 6.6%- TOI 8 Dechttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=15&EntityId=Ar01501&ViewMode=HTML5) House panel rejects 49% FDI in insurance & NIAI Bill in its present form- ET 9 Dechttp://articles.economictimes.indiatimes.com/2011-12-09/news/30498334_1_insurance-sector-foreign-insurers-parliamentary-panel6) Subsidy Bills a Shocker, to Top Budget by 1 L cr- TOI 8 Dechttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00101&ViewMode=HTML7) Pilot Grouses Come Free if You Fly Kingfisher- TOI 8 Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00105&ViewMode=HTML8)Audi eyes volume drivers' strategy to overtake Mercedes- The Hindu 9 Dechttp://www.thehindubusinessline.com/companies/article2701492.ece?homepage=true&ref=wl_home9)Cosmetics industry size may hit Rs 20,000 cr by 2014- The Hindu 8 Dechttp://www.thehindubusinessline.com/industry-and-economy/marketing/article2698909.ece?homepage=true&ref=wl_home10) Reliance Industries eyes energy targets in Americas- TNN Dec 11http://articles.economictimes.indiatimes.com/2011-12-11/news/30504672_1_shale-heavy-oil-reliance-industries11)Ministry agrees on 26% FDI in aviation- HT Dec 12http://www.hindustantimes.com/News-Feed/SectorsAviation/Ministry-agrees-on-26-FDI-in-aviation/Article1-781010.aspx12)Carbon Loses Gains as Europe Debt Crisis Outweighs Durban Deal- Bloomberg Dec 12http://www.bloomberg.com/news/2011-12-12/carbon-loses-gains-as-europe-debt-crisis-outweighs-durban-agreement.html13) Fortis Healthcare hit by governance issues- TNN Dec 12http://articles.economictimes.indiatimes.com/2011-12-12/news/30507446_1_promoters-malvinder-singh-transaction

14) Economy Sends SOS as Factory Output Slumps- TOI Dec 13
http://www.rbi.org.in/http://www.bseindia.com/http://www.eonomist.com/blogs/dailycharthttp://www.themobileindian.com/news/4097_Cloud-based-Android-iOS-apps-in-the-makinghttp://www.ciol.com/Developer/Android/Feature/App-developers-can-accelerate-Android-growth/157446/0/http://www.windsorstar.com/business/High+tech+minimalism/5845562/story.htmlhttp://www.themobileindian.com/news/4113_Divided-opinion-on-newly-introduced-mobile-app-rating-systemhttp://www.business-standard.com/india/news/xmg-studio-scouts-for-partner-in-india/456116/http://www.itjungle.com/tfh/tfh121211-story01.htmlhttp://android.ciol.com/Android/Feature/Androids-guideline-an-advantage-for-app-developers/157448/0/http://www.themobileindian.com/news/4165_Windows-8-Store-for-Apps-unveiledhttp://www.themobileindian.com/news/4231_Flight-Control-Mirrors-Edge-now-free-for-Apple-deviceshttp://www.themobileindian.com/news/4195_Instagram-coming-soon-to-Androidhttp://techcircle.vccircle.com/500/pc-content-is-passe-get-mobile-optimised-with-mobstac/http://www.informationweek.in/Government/11-12-14/Government_of_India_shares_plans_to_increase_broadband_penetration.aspxhttp://www.informationweek.in/Government/11-12-14/Government_of_India_shares_plans_to_increase_broadband_penetration.aspxhttp://www.thehindubusinessline.com/industry-and-economy/info-tech/article2695629.ece?ref=wl_industry-and-economyhttp://www.ciol.com/Developer/Android/Feature/Androids-guideline-an-advantage-for-app-developers/157448/0/http://www.berryreview.com/2011/12/14/connect-in-private-launches-email-browsing-apps-that-bypass-rims-noc/http://www.mydigitalfc.com/news/mobile-apps-hit-1-million-magic-mark-four-years-422http://www.indiainfoline.com/Markets/News/Telecom-Newsletter-December-05-to-December-09-2011/5308424660http://www.telegraphindia.com/1050830/asp/jobs/story_5170433.asphttp://www.india-inc.in/Shanker-Annaswamy.htmlhttp://www.ciol.com/content/news/exeTrack/Portraits/2006/106100301.asphttp://www.business-standard.com/india/news/qa-shanker-annaswamy-md-ibm-india/436360/http://en.wikipedia.org/wiki/Steve_Ballmerhttp://www.crunchbase.com/person/steve-ballmerhttp://www.wired.com/wiredenterprise/2011/11/cloud-foundry/all/1http://arstechnica.com/microsoft/news/2011/09/steve-ballmer-we-are-reimagining-microsoft.arshttp://www.huffingtonpost.com/2011/10/19/steve-ballmer-android-iphone_n_1019586.htmlhttp://www.huffingtonpost.com/2011/10/19/steve-ballmer-android-iphone_n_1019586.htmlhttp://in.reuters.com/article/2011/12/09/kingfisher-air-india-idINDEE7B804D20111209http://in.reuters.com/article/2011/12/09/kingfisher-air-india-idINDEE7B804D20111209http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00103&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00103&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00103&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=15&EntityId=Ar01501&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=15&EntityId=Ar01501&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=15&EntityId=Ar01501&ViewMode=HTMLhttp://articles.economictimes.indiatimes.com/2011-12-09/news/30498334_1_insurance-sector-foreign-insurers-parliamentary-panelhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://www.thehindubusinessline.com/companies/article2701492.ece?homepage=true&ref=wl_homehttp://www.thehindubusinessline.com/companies/article2701492.ece?homepage=true&ref=wl_homehttp://www.thehindubusinessline.com/industry-and-economy/marketing/article2698909.ece?homepage=true&ref=wl_homehttp://www.thehindubusinessline.com/industry-and-economy/marketing/article2698909.ece?homepage=true&ref=wl_homehttp://articles.economictimes.indiatimes.com/2011-12-11/news/30504672_1_shale-heavy-oil-reliance-industrieshttp://articles.economictimes.indiatimes.com/2011-12-11/news/30504672_1_shale-heavy-oil-reliance-industrieshttp://www.hindustantimes.com/News-Feed/SectorsAviation/Ministry-agrees-on-26-FDI-in-aviation/Article1-781010.aspxhttp://www.hindustantimes.com/News-Feed/SectorsAviation/Ministry-agrees-on-26-FDI-in-aviation/Article1-781010.aspxhttp://www.bloomberg.com/news/2011-12-12/carbon-loses-gains-as-europe-debt-crisis-outweighs-durban-agreement.htmlhttp://www.bloomberg.com/news/2011-12-12/carbon-loses-gains-as-europe-debt-crisis-outweighs-durban-agreement.htmlhttp://articles.economictimes.indiatimes.com/2011-12-12/news/30507446_1_promoters-malvinder-singh-transactionhttp://articles.economictimes.indiatimes.com/2011-12-12/news/30507446_1_promoters-malvinder-singh-transactionhttp://articles.economictimes.indiatimes.com/2011-12-12/news/30507446_1_promoters-malvinder-singh-transactionhttp://www.bloomberg.com/news/2011-12-12/carbon-loses-gains-as-europe-debt-crisis-outweighs-durban-agreement.htmlhttp://www.hindustantimes.com/News-Feed/SectorsAviation/Ministry-agrees-on-26-FDI-in-aviation/Article1-781010.aspxhttp://articles.economictimes.indiatimes.com/2011-12-11/news/30504672_1_shale-heavy-oil-reliance-industrieshttp://www.thehindubusinessline.com/industry-and-economy/marketing/article2698909.ece?homepage=true&ref=wl_homehttp://www.thehindubusinessline.com/companies/article2701492.ece?homepage=true&ref=wl_homehttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/08&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://articles.economictimes.indiatimes.com/2011-12-09/news/30498334_1_insurance-sector-foreign-insurers-parliamentary-panelhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=15&EntityId=Ar01501&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=15&EntityId=Ar01501&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00105&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00103&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/09&PageLabel=1&EntityId=Ar00103&ViewMode=HTMLhttp://in.reuters.com/article/2011/12/09/kingfisher-air-india-idINDEE7B804D20111209http://www.huffingtonpost.com/2011/10/19/steve-ballmer-android-iphone_n_1019586.htmlhttp://arstechnica.com/microsoft/news/2011/09/steve-ballmer-we-are-reimagining-microsoft.arshttp://www.wired.com/wiredenterprise/2011/11/cloud-foundry/all/1http://www.crunchbase.com/person/steve-ballmerhttp://en.wikipedia.org/wiki/Steve_Ballmerhttp://www.business-standard.com/india/news/qa-shanker-annaswamy-md-ibm-india/436360/http://www.ciol.com/content/news/exeTrack/Portraits/2006/106100301.asphttp://www.india-inc.in/Shanker-Annaswamy.htmlhttp://www.telegraphindia.com/1050830/asp/jobs/story_5170433.asphttp://www.indiainfoline.com/Markets/News/Telecom-Newsletter-December-05-to-December-09-2011/5308424660http://www.mydigitalfc.com/news/mobile-apps-hit-1-million-magic-mark-four-years-422http://www.berryreview.com/2011/12/14/connect-in-private-launches-email-browsing-apps-that-bypass-rims-noc/http://www.ciol.com/Developer/Android/Feature/Androids-guideline-an-advantage-for-app-developers/157448/0/http://www.thehindubusinessline.com/industry-and-economy/info-tech/article2695629.ece?ref=wl_industry-and-economyhttp://www.informationweek.in/Government/11-12-14/Government_of_India_shares_plans_to_increase_broadband_penetration.aspxhttp://www.informationweek.in/Government/11-12-14/Government_of_India_shares_plans_to_increase_broadband_penetration.aspxhttp://techcircle.vccircle.com/500/pc-content-is-passe-get-mobile-optimised-with-mobstac/http://www.themobileindian.com/news/4195_Instagram-coming-soon-to-Androidhttp://www.themobileindian.com/news/4231_Flight-Control-Mirrors-Edge-now-free-for-Apple-deviceshttp://www.themobileindian.com/news/4165_Windows-8-Store-for-Apps-unveiledhttp://android.ciol.com/Android/Feature/Androids-guideline-an-advantage-for-app-developers/157448/0/http://www.itjungle.com/tfh/tfh121211-story01.htmlhttp://www.business-standard.com/india/news/xmg-studio-scouts-for-partner-in-india/456116/http://www.themobileindian.com/news/4113_Divided-opinion-on-newly-introduced-mobile-app-rating-systemhttp://www.windsorstar.com/business/High+tech+minimalism/5845562/story.htmlhttp://www.ciol.com/Developer/Android/Feature/App-developers-can-accelerate-Android-growth/157446/0/http://www.themobileindian.com/news/4097_Cloud-based-Android-iOS-apps-in-the-makinghttp://www.eonomist.com/blogs/dailycharthttp://www.bseindia.com/http://www.rbi.org.in/


16/16

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/13&PageLabel=1&EntityId=Ar00100&ViewMode=HTML15) Court to consider charges on dec 17- TOI Dec 14http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/13&PageLabel=1&EntityId=Ar00101&ViewMode=HTML16) HCL eyes acquisitions in Germany and France amid European Crisis- ET Dec 13http://economictimes.indiatimes.com/tech/ites/hcl-eyes-acquisitions-in-germany-and-france-amid-european-crisis/articleshow/11087048.cms17) Buyout Binge Leaves 3i Teetering on the Brink-TOI Dec 14http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/14&PageLabel=1&EntityId=Ar00101&ViewMode=HTML18) Rupee at Lifetime Low Adds Insult to Injury- TOI Dec 14http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/14&PageLabel=1&EntityId=Ar00100&ViewMode=HTML19) Samsung plays smart, Nokia says it's smartest- ET Dec 14http://economictimes.indiatimes.com/tech/hardware/smartphone-samsung-set-to-dethrone-nokia-after-apple-in-india/articleshow/11101564.cms20) Companies reduce health benefits as costs rise- TOI Dec 14http://timesofindia.indiatimes.com/business/india-business/Companies-reduce-health-benefits-as-costs-rise/articleshow/11102143.cms21) EU Divided on Fiscal Treaty as Britain Dissents- TOI 10 Dechttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/10&PageLabel=1&EntityId=Ar00101&ViewMode=HTML22) U.N. Climate Conference close to deal on Green Fund-Reuters 8 Dechttp://in.reuters.com/article/2011/12/07/climate-fund-idINDEE7B60KF2011120723) Microsoft unveils CRM with in-built social network- TOI 8 Dechttp://timesofindia.indiatimes.com/tech/enterprise-it/services-apps/Microsoft-unveils-CRM-with-in-built-social-

network/articleshow/11017825.cms24) Canada pulls out of Kyoto pact to avoid penalty- TOI Dec 14http://timesofindia.indiatimes.com/home/environment/developmental-issues/Canada-pulls-out-of-Kyoto-pact-to-avoid-penalty/articleshow/11100587.cms25) Three quarters of world's poor live in middle-income countries: Oxford study- The Hindu 8 Dechttp://www.thehindubusinessline.com/industry-and-economy/article2695177.ece?homepage=true&ref=wl_home26) Virender Sehwag's 219 attracts advertisers; may sign Rs 10 crore deals- ET 9 Dechttp://economictimes.indiatimes.com/news/news-by-industry/services/advertising/virender-sehwags-219-attracts-advertisers-may-sign-rs-10-crore-deals/articleshow/11046434.cms27) UPA isolated as key opposition parties flock to Anna Hazare meet- TNN Dec 12http://articles.timesofindia.indiatimes.com/2011-12-12/india/30508245_1_team-anna-anna-hazare-lokpal28) Harley COO: Bikes will get more 'accessible'- Reuters Dec 12http://in.reuters.com/article/2011/12/12/manufacturing-summit-harley-idINDEE7BB0ML2011121229) Defence spend in 5 years to cross Rs 5,20,000 crore- TOI Dec 13http://timesofindia.indiatimes.com/india/Defence-spend-in-5-years-to-cross-Rs-520000-crore/articleshow/11088523.cms30) Japan chooses F-35 as mainstay fighter jet: Reports- TOI Dec 13

http://timesofindia.indiatimes.com/world/rest-of-world/Japan-chooses-F-35-as-mainstay-fighter-jet-Reports/articleshow/11091164.cms

INDUSTRY ANALYSIS SOURCES INDIAN INFORMATION TECHNOLOGY INDUSTRY1. http://www.pwc.com/en_IN/in/assets/pdfs/publications-2011/Indian_IT-ITeS_Industry_-

_Changing_Landscape_and_emerging_trends.pdf2. http://economictimes.indiatimes.com/tech/ites/European-crisis-not-to-hit-Indian-IT-Som-Mittal-President-Nasscom/articleshow/10066980.cms3. http://www.business-standard.com/india/news/rupee-depreciation-positive-for-it-sector/450188/4. http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/small-mid-it-players-volatile-rupee-poor-demand-to-play-spoilsport-in-q3/articleshow/11087810.cms5. http://articles.economictimes.indiatimes.com/2011-10-30/news/30338975_1_convergys-talented-workforce-labour-costs6. http://investorzclub.blogspot.com/2011/09/it-software-companies-market-share-in.html

FINANCE NEWS SOURCES1. http://articles.economictimes.indiatimes.com/2011-12-07/news/30485903_1_world-aid-andris-piebalgs-countries2. http://business-standard.com/india/news/micro-lenders-diversify-portfolios-says-crisil/457920/3. http://articles.economictimes.indiatimes.com/2011-12-08/news/30490644_1_cds-credit-default-swaps-corporate-bond4. http://www.bloomberg.com/news/2011-12-08/japan-s-gold-exports-most-since-1985-as-individuals-sell-jewelry-bars.html5. http://timesofindia.indiatimes.com/business/india-business/Bullion-dominates-futures-market-agriculture-at-10/articleshow/11075517.cms6. http://business-standard.com/india/news/bank-deposit-growth-outpaces-credit/458096/7. http://economictimes.indiatimes.com/markets/analysis/structured-realty-debt-a-big-hit-with-hnis/articleshow/11087460.cms8. http://economictimes.indiatimes.com/markets/stocks/market-news/rbi-caps-bank-equity-investments-in-non-core-business/articleshow/11087744.cms9. http://www.bloomberg.com/news/2011-12-09/diamonds-to-rise-as-demand-expands-at-double-supply-bain-says.html10. http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/indian-oil-corp-tops-fortune-india-500-list-ril-at-second-spot/articleshow/11083835.cms
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