Xed CA Finance Newsletter Week Jan 12-Jan 18

8/3/2019 Xed CA Finance Newsletter Week Jan 12-Jan 18

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11 Pages 12th

JAN 2012 18th

JAN 2012 www.xedintellect.co

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

CORPORATE INTELLIGEN

RS/$ : 50.67(as on 18 Jan 2012)

Nov 2011 IIP : 5

ECONOMICINDICATOR

New Maruti model to

replace iconic 800, Alto

COVER STORY

FINANCE NEWS

India Inc recovers

20% of market value

lost in 2011

GLOBAL& MISC NEWS

Mass S&P downgrade,

Greek debt impasse hit

euro zone

BUREAUCRACY "THE DRACULA OF INSTITUTIONAL BEHAVIOR"

Sir Alex

Ferguson

Billy Bea

Hindustan Unilever Lim

XED NEWSLETTER a weekly Finance news bulle


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TOP 5 HEADLINES OF THE WEEK

1. New Maruti model to replace iconic 800, Alto says MD Shinzo Nakanishi2. Italy disaster could hit cruise industry3. Contraband cigarettes market seen at Rs 1,900 Cr this year4. Mass S&P downgrade, Greek debt impasse hit euro zone5. Pak PM Gilani gets SC contempt notice, parliament backing

ECONOMIC INDICATORS

RS/$: 50.67 as on 18 Jan 2012 (Source: www.rbi.org.in)The rupee rose for the 5th consecutive session on Wednesday and touched its highest in more than 2 months, drivenby robust dollar inflows and a rise in the euro, though dollar demand from oil importers tempered gains. Steps takenby the RBI to reduce the scope for speculation in the currency market also continued to support rupee.

Index of Industrial Production (IIP): 5.9% in Nov 2011Industrial production bounced back to a five-month high of 5.9% in November, 2011, on the back of a recovery in themanufacturing segment. In October, it had contracted by 4.74%.

POVERTY, INEQUALITY AND REDISTRIBUTIONGovernments can reduce poverty and inequality through taxes and cash transfers. Successful programmes such asProgresa-Oportunidades in Mexico and Bolsa Famlia in Brazil have helped reduce poverty and inequality in the lastcouple of decades, but compared with rich countries, Latin American countries still fall short. According to a new

report by the OECD, a club of mostly rich countries, Chile is the group's most unequal member. It also finished thirdfrom the bottom, ahead only of Mexico and Israel, in relative poverty, measured by the share of the populationearning less than half the median income. (Brazil fares even worse in both categories, but is not part of the OECD)Government spending on health, education and social policies is low, around 16% of GDP; the OECD average isaround 27%. While the government has introduced Ingreso tico Familiar, the new cash transfer programme onlytargets the extreme poor. More efficient and progressive taxes would raise revenues and reduce inequality. Taxevasion by corporations and individuals alone is estimated to cost the government some 2.5% of GDP. Chileseconomy grew by 6.6% last year, but will slow to around 4% this year. Better job opportunities and higher qualityeducation are needed to improve labour productivity and boost growth.
http://www.rbi.org.in/http://www.rbi.org.in/


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COVER STORY: BUREAUCRACY "THE DRACULA OF INSTITUTIONAL BEHAVIOR"

Even if you do not know a thing about Bihar, chances are still very much that you knowthis. You will find many scholars from Bihar in the campus of JNU pursuing degrees inhistory, economics or international relations. Many come from humble backgrounds. Almostall have a stock reply when you ask them what they are doing: preparing for Civil Services.Some lucky souls do manage to crack it. And then they are literally besieged by agentsfronting for parents of to be brides from Bihar. In this marriage market, a dowry of even Rs1 crore is possible if you have cracked the civil services exam. These high prized people are called Indian bureaucrats.

Definition: Bureaucracy is an administrative system, which places undue emphasis on adherence to complexprocedures and inflexible rules of operation. It is an administration characterized by excessive red tape and routineThis impedes effective action, slows down decision-making and adds unnecessary layers of costs. Indian Bureaucratslately have acquired a dubious distinction of corrupt souls. Their actions, intentioned and forced are nothing butmanifestation of corruption, inefficiency or perhaps cowardice.

Introducing India to Bureaucracy: It began when Jawaharlal Nehru, India's first PrimeMinister, wanted to tailor the Indian economy after the Soviet Union's socialistic economicstructure. In his mind, he strongly believed that the state should control every aspect of theIndian economy, and thus, a planned economic growth could be achieved.At that time every entrepreneur had to receive a certified nation building license from therelevant license officer. Only a few players were allowed in any industry to preventunnecessary competition. Extensive regular audits by excise officials were made mandatoryto oversee quality compliance. To prevent capitalistic monopolies, Nehru made sure

companies receive licenses before expanding their production capacity. To ensure balanced economic growth, hewanted industries to be located all across India rather than at select industrial hubs. His moves made sure Companieshad to receive plethora of licenses. Officials and bureaucrats who were underpaid could not have asked for more. Thebribing culture to speed up things started since then. Nehru wanted to control growth. He forgot entrepreneuriagrowth doesnt happen in isolation. It was always better to facilitate than control. So it never really comes as asurprise when recently Indian democracy is rated as one of the worst in Asian countries by a Hongkong firm. India at9.21 fared worst than Vietnam (rated at 8.54), Indonesia (8.37), Philippines (7.57) and China (7.11).

Levels of Bureaucracy: Central versus State:The Indian constitution provides three lists for demarcating areas ojurisdiction: the union list, the state list, and the concurrent list. The union list includes items on which the centragovernment has exclusive authority to make and enforce laws, such as foreign affairs, customs duties, and taxation ofincome. Likewise, the state list contains areas (law enforcement, land policies) over which the state has exclusiveauthority to make and enforce laws. Both the central and individual state governments have control over items on theconcurrent list, such as labor welfare and price controls. It is important to note that bureaucratic processes (getting

licenses and approvals) related to items on the union list are fairly streamlined. However, the lower rungs of thegovernment (state and municipal) are still struggling to streamline their processes. Obtaining a power connection iswithin the domain of the state authorities. Depending on the state in which the unit is being set up, obtaining a powerconnection can take from six to 18 months. In some states, this may involve seeking approvals from nine differentagencies and filling out 40 different forms. Even if a firm were to try to establish its own power generator, it would stilrequire approvals by state government authorities. In addition, if excess power were generated, it could not be sold toadjoining plants. Environmental clearances, regardless of the nature of the unit being set up, are required by moststates and may entail filling multiple forms. Though some states, such as Punjab, have actively reduced the clearancerequirements only for hazardous industries (dubbed the "red category"), others still require clearances for all unitsregardless of industry. Labor law in India is a morass. Labor laws are on the concurrent list; this means that whileboth central and state governments get to formulate policies, it is the state that implements them. For waterconnection, a company may have to deal with 11 different agencies and fill out 21 forms.

Summing up:Bureaucracy bashing is perhaps the favorite past time in India, but has it always

been this way? Have we ever had people we would like to emulate? Not many but there are few.First, when the late Rajiv Gandhi was brutally assassinated in 1991, tempers ran high and therewas mayhem all around in Sriperumbudur. One IPS officer, without any weapon on his self,protected the body from being ravaged. His name was Dr R K Raghavan, one of India's mostdistinguished police officers, whom the Supreme Court relies on routinely for helping them withsensitive cases, only because of his impartiality and honesty. If today millions of Indians are ableto pay their electricity bills online or transact on their property easily, without paying bribes to anyone, the creditgoes, not to a Lokpal watching over every single government servant, but to Rentala Chandrashekhar, JSatyanarayana and their extraordinary team of IAS officers who pioneered e-governance in the country. Likewise, ifHyderabad became the toast of the global investor community, with Microsoft establishing its only offshore facilityoutside the US till date, and Google, HSBC and Oracle, to name just a few, investing millions and creating thousandsof jobs, the credit goes to the same team. Indian bureaucracy has no doubt been in tatters, but it is also undoubtedlythe only thing that can produce stalwarts who can change the system. And it is high time for them to heed the call.


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PERSONALITIES OF THE WEEK

Alexander Chapman Ferguson

Strong Foothold:Sir Alex Ferguson is the most successful manager in British football history, winning more than 30trophies during his time, in charge of Manchester United. Yet despite more than two decades atthe United helm he remains focused on increasing that tally, bringing yet more silverware to Old

Trafford. Like so many of football's top managers, AlexanderChapman Ferguson emerged from humble beginnings. Born in

Govan, the shipbuilding district of Glasgow, his working-classroots played a role in his ascent to become the most successful manager in PremierLeague history and, after an incredible two decades in charge of Manchester Unitedhe has won the respect of everyone in the game. The manager was knighted;becoming Sir Alex Ferguson, in the Queen's birthday honors list as a reward for hisservices to British football & he was conferred upon the FIFA Presidential Award in2011.

Revamping the reds:Ferguson took the plunge into management with East Stirling in July 1974 then moved to First Division side St Mirrenin October of the same year. He promptly guided the Paisley club to the championship in 1976-77 and, despite doingso on limited resources; Ferguson was sacked three years into his tenure after a disagreement with the club'schairman. He eventually signed on for Aberdeen in August 1978 and transformed an average side into the form teamof the 1980s, breaking The Old Firm (Rangers and Celtic) stranglehold on Scottish football, and led the Granite City

club to three league titles, four Scottish Cups and a League Cup in eight seasons.His greatest achievement, though, came in 1983 when he led Aberdeen to a 2-1 victory over the mighty Real Madridin the European Cup Winners' Cup. He rejected lucrative offers from Barcelona, Arsenal, Rangers and Tottenham totake control of Manchester United in November 1986. Ferguson inherited a dispirited team of underachievers who hadconsistently, to their supporters discontent, failed tobreak Liverpools domination. Ferguson rebuilt the club in minutedetail and revamped the youth system and stamped out the drinking culture at Old Trafford by shipping out many ofthe crowd's favorites. The 2000-01 season saw United cruise to another title, this time wrapping it up in mid-April, asFerguson became the first manager to win three English League titles in a row to become the most successfulmanager in the history of English football. A hard taskmaster, Ferguson gets 100% out of his players and commandsultimate respect. His experience is second to none and he knows every trick in the book in terms of psychologicalgames.

Billy Beane

Bold, sabermetrics specialist:Billy Beane is the Vice President & General Manager of Oakland Athletics. He was considered theprecursor of the trend that has swept the baseball worldsabermetrics (Sabermetrics is thespecialized analysis of baseball through objective, empirical evidence, specifically baseball

statistics that measure in-game activity). He is an innovativevisionary in a field clogged with myopic traditionalists. Heboldly discarded conventional wisdom and embraced theadvanced statistical analysis preached by a small band of radical basebaloutsiders, inspired by the self-educated statistician Bill James.

Molding Athletics

His parents, who had married young & never had a shot at college, wanted Billyto use his brain. His family wasnt particularly well-off. The reason his dadintroduced him to sports was the ability to acquire a college scholarship. It was a

way to pay for college. Stanford tried to recruit Billy as a quarterback, (QBoriginally called blocking back is a position in American and Canadian football)Anyway, Beane turned down Stanford. The New York Mets were offering him$125,000 to play baseball, and the middle-class military kid felt he ought to takethe money. Beane missed out on college. In 1990 he was a 27-year-oldoutfielder with the Oakland As. That was when he walked into the As front officeand said he wanted to quit playing and become an advance scout (they watchthe team that their teams are going to play in order to help determine strategy)Billy Beane has molded the Athletics into a perennial post season contender since

assuming the general manager's duties shortly following the 1997 season. Between 1997 and 2008, under Beane'swatch the Athletics have compiled a 976-804 (.548) record over the last 11 seasons, which is the third-best record inthe American League and fifth best in all of baseball during that time frame. Under Beane, the Athletics have adoptedan organizational philosophy that stresses plate discipline and pitchers who command the strike zone.

You have all this past

experience in your mind

stored away, and something

current will trigger a memory

of that experience, I can see

that expressed as intuition,

and yeah, there is certainly aplace for that, though when

something like that happens,

we'll still try to find

something objective to back it

u . His idea o intuition

Only true champions

come out and show their

worth after defeat- and I

expect us to do that.


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BUSINESS NEWS

1) New Maruti model to replace iconic 800, Alto says MD Shinzo Nakanishi- ET 12 JanThe Maruti 800 and Alto, India's bestselling car models, are set to drive into the sunset asMaruti Suzuki is working on a replacement for the 800cc cars to bring in a more contemporaryand fuel-efficient model. Shinzo Nakanishi, MD of Maruti Suzuki, says that work is on to bringout a replacement for the two blockbuster models, and the new model could be expected in thenext two years. "Someday we have to change. Their replacement model is underdevelopment," said Nakanishi told at a time when the carmaker is facing stiff competition. Hesaid the two models had been in India for a "long long time" and perhaps required tuning to present-dayrequirements. "The new model will have a more contemporary shape, although it will also sport an 800cc engine. AndMaruti and Suzuki engineers will try to ensure high fuel efficiency." The Maruti 800, which has been phased out fromthe top metro cities due to new stricter emission norms, and the Alto 800 have been gamechangers for the Indian caindustry. Their affordable pricing and comfortable rides helped them emerge as the most preferred brands in theIndian car market.

2) Italy disaster could hit cruise industry-Reuters 14 Jan

The spectacular cruise liner accident off the coast of Italy is not just a disaster for theship's owners but could inflict wider damage on an industry already facing stiff headwindsCosta Concordia, with more than 4,000 people on board, flipped on its side after hitting arock on Friday night close to the beautiful island of Giglio, off Italy's west coast. At leastthree people died in the accident. The luxury 114,500-tonne ship was operated by CostaCrociere, a unit of Carnival Corporation & Plc, the world's largest cruise company. "This is

a PR (public relations) nightmare for the Costa brand," said Jaime Katz, equity analystfrom investment research company Morningstar in Chicago. The accident could hardlyhave come at a worse time for the group, with the global economic crisis already making

potential cruise customers nervous about their jobs and finances. In December Carnival, which accounts for about halfof the global cruise line business, lowered its prices for 2012 voyages because of weaker demand in crisis-hit Europe.

3) Contraband cigarettes market seen at Rs 1,900 Cr this year- The Hindu Business Line15JanThe growth of contraband trade of the product with the total market estimated to reach Rs1,900 Cr this year, up nearly 12 per cent from the previous year, according to industryestimates. High excise duty on cigarettes in India has resulted in the growth of contrabandtrade of the product with the total market estimated to reach Rs 1,900 Cr this year, upnearly 12 per cent from the previous year, according to industry estimates. In 2010-11, thesize of contraband cigarettes market in India was around Rs 1,700 Cr. Low cost cigarettesmake their way to India from China, Myanmar, Nepal, Bangladesh, Indonesia and Pakistan.

When asked about the factors behind the increase in illegal trade of the product, an official working with a cigrettecompany said, Extreme high excise duty and VAT rate on cigarettes in India make smuggling a particularly attractiveproportion. According to the industry estimates, 60 million sticks are smuggled every month in Mumbai followed by35 million sticks in Delhi and 20 million sticks per month in Pune, Bangalore and Hyderabad.

4)BMW recalls 89,000 Minis: US safety agency- TOI 16 Jan

German automaker BMW is recalling nearly 89,000 Mini Coopers, the US traffic safetyagency announced, citing the threat of a smoldering circuit board that could set the cars onfire. "The electric auxiliary water pump that cools the turbocharger has an electronic circuitboard that can malfunction and overheat," the National Highway Traffic SafetyAdministration said on its website. The recall affects various models of Mini roadsters builtfrom November 2006 to January 2011, including the Cooper S, Cooper S Countryman, andCooper JCW convertible.

5) Telenor, Unitech Spar over JV Valuation- TOI 16 JanNorways Telenor has valued its Indian unit at over 600 Cr, escalating the spat with its

joint venture partner- real estate group Unitech- that has termed the valuation as bizarre.Unitech, owned by the Chandra family, insists the mobile phone company is worth at least20 times more between 11,000 Cr -12,000 Cr. The company launched mobile servicesunder the Uninor brand in late 2009 and has since built a base of over 35 million

customers. Telenors estimation of the value of its Indian unit is less than 7% of what itwas in 2009 when it picked up 67.25% stake in the telco for 6,100 Cr. Relations betweenthe partners have deteriorated in the recent past, raising questions on Uninors future in the 14-player Indiantelecom market. At the heart of the dispute is a proposal, put forward by Telenor, for 8,200-Cr rights issue by UninorTelenor says the funds are necessary to expand the business, but is opposed by Unitech. About two months ago,Telenor had valued Unitech Wireless even lower at 400 Cr (28per share). The Norwegian major subsequentlyappointed BNP Paribas, which valued the mobile phone company at 870 Cr (60 per share).


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6) Inflation at 2-yr low of 7.47%- TOI 17 JanInflation slowed to a two-year low in December on the back of asharp decline in food inflation, providing enough headroom forthe RBI to start easing tight monetary policy in the monthsahead. But economists said the RBI may start the process ofcutting interest rates only after the Union Budget which is likelyto be presented to Parliament in mid-March. Data released bythe commerce and industry ministry on Monday showed theannual rate of inflation, as measured by the wholesale priceindex, stood at 7.47% in December compared to 9.11% in

November and 9.45% during the corresponding month in theprevious year. This was the lowest reading since December2009 when it stood at 7.15%. The moderation comes as a huge

relief for policymakers who have been battling price pressures since 2010.

7) Alliance Air pilot mistakes Kochi for Kozhikode- IBN Live 17 JanA rude shock awaited passengers of an Alliance Air flight when they found the pilot hadlanded at Kochi though they were told they had reached their destination Kozhikode.The Thiruvananthapuram-Kozhikode-Kochi-Agatti flight with 23 passengers landed atKochi at 10.30 AM on Monday without proceeding to Kozhikode as the crew was likelyto cross the Flight Duty Time Limit (FDTL) if it was operated on schedule, Air Indiasources said. Kozhikode-bound passengers were asked to disembark andaccommodated in hotels. The flight was operated to Agatti and back here after whichthey were taken to Kozhikode by the same flight with 22 passengers as one person

cancelled his onward journey, airport sources said. The Kozhikode-bound passengersthought they had landed at Kozhikode while they had actually disembarked at Kochi.Airport sources said the crew might have misinformed the passengers that the flighthad reached Kozhikode while it had actually landed at Kochi.

8) Impossible to pre-screen content: Google, Facebook- DNA 17 JanExpressing their inability in filtering the content posted on their websites, Google and Facebooktold the Delhi high court that there was no way in which they can stop an individual from postinganything on their profile online. Putting forth the argument on behalf of Google, senior advocateNeeraj Kishan Kaul said, Its easy for people to say you can use filters. If we were to block theword sex, for instance, all data on ration cards, passports etc will get blocked in one go, as theword sex figures in all this data, so what wrong we are doing if this word is being used by anyindividual? It is difficult to analyse as to in what sense the word is being used.

Both companies are among 21 whose executives have been summoned to appear in person in atrial court on March 13 for allegedly hosting obscene and objectionable content. Google said it isworking as a search engine; its filtration will lead to surfers to sites theyre looking for.

9) Developers lure investors with FD-plus rates- HT 16 JanAs projects get delayed and investors tread cautiously with new developments, developers are offeringmore interests than bank fixed deposits to attract investors. Many cash-strapped developers are offering areturn of up to 12% per annum to investors if the project is delayed or cancelled. Around 31% of theprojects launched in the past 12 months are delayed by at least 6 months, said Pankaj Kapoor, managingdirector, Liases Foras, a real estate research and rating firm.Investors normally pay less per sq ft pricefor property than actual buyers and 12% returns is attractive in present situation where the stock marketis down too, said an investor who invested Rs.25 lakh in Shahs property.

10) CEO of IT co Atos says emails wasteful way to interact- TOI 18 Jan

Email is dead, Facebook founder Mark Zuckerberg declared famously last November.Now, Thierry Breton, chief executive officer of Atos, one of Europes largest ITcompanies, wants to show the world how a 6-billion company can be run withoutinternal emails. Breton recently vowed that after 2014 none of Atos 80,000 employeeswill ever send an email to another.

Breton, 56, is a former French finance minister and took over as the Atos CEO in 2008He stopped using emails a few years ago. We use email for instant communication,which is a bad way to use emails, he told ET during a recent visit to India. We useemail for archiving data, which is a bad way to do it. We use email to send globa

information to everyone- this is also a bad way to communicate; we use email to manage processes, which is a badway to do it. We have many bad usages of email.Breton plans to replace email with social networking tools, whichhe believes will be more efficient. Atos is now a year into what it calls the Zero-email programme.


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11) Cash-rich realtors use correction to buy land- BS 14 JanThe Ajay Piramal Group and its partner, Sunteck Realty, the Ashok Piramal Group'sPeninsula Land, Oberoi Realty and the Wadhwa Group have become the most activebuyers in the property market here, where big companies such as DLF and HDIL areselling realty assets. With depressed market and so many peers anxiously dumping lots toraise cash, they sense a great and rare opportunity. While realty biggies are in a rush tosell their land parcels to reduce debt, a few cash-rich and low-debt property developersand companies sense an opportunity to seal big-ticket deals.

12) Nokia most-trusted; Anna beats Sachin- The Financial Express 16 Jan

Mobile handset maker Nokia has emerged as the most-trusted brand in India, ahead ofhomegrown Tata, while social activist Anna Hazare pipped master blaster Sachin Tendulkarin a recent survey. The survey titled 'The Brand Trust Report, India Study 2012', releasedhere today, placed the South Korean consumer durable firm LG in the third positionfollowed by Korean consumer electronics and appliances maker Samsung and Japanese firmSony at number four and five, respectively. Undertaken by Trust Research Advisory (TRA),the survey that also included personalities as brands puts Hazare at the 106th slot, while

the batting maestro Sachin Tendulkar is placed at the 234th position, followed by actor Salman, who is put at 355thrank. The survey conducted in August, takes into account the responses and views on 17,000 brands from over 2,700participants across 15 cities in the country.

Other big names that made their way into the top ten trusted brands are Maruti, Bajaj, LIC, Airtel and Reliance in thatorder. The survey notes that Tata group Chairman Ratan Tata is ranked at 583, followed by Vijay Mallya at the 603rdposition. Car stylist Dilip Chabria is ranked at 863 ahead of Reliance Group of Industries Chairman and Managing

Director Mukesh Ambani, who is ranked at 894th position.

13) Zero attrition at ITC as Workforce Wedded for Life- TOI 18 JanHalf of ITCs 7,000-odd managers have been with the tobacco, hotels and consumerproducts enterprise for more than a quarter of century. Attrition at senior managementlevels- from chief executive officer to business heads- has been zero for at least 15 yearsnow. The last time ITC hired to fill up the top deck was 23 years ago when it roped in SSivakumar from a farmers co-operative to conceptualise the path-breaking e-Choupalmodel. And perhaps fittingly, Anand Nayak, chief of human resources, has been with theKolkata-headquartered consumer goods giant for almost four decades.

Meet the lifers at perhaps the only corporation amongst the top tier of India Inc that has so many managers whodedicate their entire professional life to a single company. Hindustan Unilever (HUL) is the only other sizeable Indianoperation that comes close to matching ITCs ability to keep the brass together in such huge n umbers for as long a

time. Half of HULs 1,500 managers are lifers. At senior management levels, it goes up to 60% although if youcombine mid- and senior-level managers, it comes down to a third. HULs overall attrition rate is 5% and of late it haslost senior managers to rivals.

14) Govt set to allow 49% foreign stake in Indian airlines- TOI 18 JanIn a major relief to financially distressed Indian carriers, the government on Tuesday saidforeign airlines would soon be allowed to acquire up to 49% stake in them. After beingdebated for years, new aviation minister Ajit Singh announced this move following a meetingwith finance minister Pranab Mukherjee in the backdrop of at least two big airlines strugglingto avoid a shutdown due to financial troubles and others desperately looking for funds. Theaviation ministry was initially in favour of a 24% cap which was later relaxed to 26% toattract foreign airlines as this would give them some say in running of the airline. However,the sheer scale of financial stress forced the government to raise the cap to 49%. The same

reason also led to the sidelining of old security fears that such a move would only bring money from airlines in the

Gulf and China which had till now held up clearing of this move.

15) Wipro CEO TK Kurien poaches star performers from rivals - ET 12 JanWipro Chief Executive TK Kurien is poaching star performers from rival firms as heapproaches the final stages of a mass cull of middle and senior management staff ina sweeping reorganization meant to infuse urgency and purpose into a laidback workculture. Kurien has been handpicking hard-charging specialists from IT servicesmarket leader Tata Consultancy Services and revenue growth leader Cognizant andpaying them top dollar, choosing lean and mean replacements to fill the space vacated by the departing executivesOver the past nine months, about 60 managers, some of them long-termers in the 31-year-old company, have beenasked to leave. The evaluation was based on how they were rated by customers directly or indirectly served by themCompany insiders and others familiar with the plan said by the end of financial year 2012, a similar number wouldhave been ejected, meaning Wipro would have shed half its middle and senior management staff.


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16) HDFC Bank in 'Harvard Business Review' elite list of 10 companies- ET 18 JanHDFC Bank has been featured by 'Harvard Business Review' in a list of 10 companiesglobally that have grown their net income by 5% every year for the 10-year periodended 2009, the private lender said today. The list is based on a survey, 'How thegrowth outliers do it', which covered 2,347 organisations, all with market capitalisationof USD 1 bn.

"These companies have been recognised for prospering over the long-term and beingmore stable and innovative than their competitors," the survey report said. "Theymake small bets early and diversify their portfolios, are active acquirers, have

processes that support speed and flexibility, build innovations into everydayoperations and hold to their talent and keep their senior leadership stable," it said.Referring to HDFC Bank, the report said the Indian lender had a history of entering into new growth markets throughinitiatives like the launch of international debit cards, tele-banking, mobile banking and foreign exchange services,among others. Besides HDFC Bank, the other Indian company to be featured in the list is IT giant Infosys.

17) India Inc in race for own domain name- The Hindu Business Line 11 JanAs many as 100 Indian corporate entities are expected to join the global race to ownInternet domain names with their own brand extensions. This has been made possiblebecause the Internet Corporation for Assigned Names and Numbers (ICANN), the globalagency that manages Internet-related tasks, has started accepting applications to managenew top-level domains names that appear at the end of website addresses, such as .comand .org. So, soon you will have web site addresses that end with extensions such as .tata,.reliance, .icici or even such generic names as .bank, .shopping or .food. ICANN has

thrown open the window for receiving applications for four months, from January 12 to April 12.

18) Weekends set to shrink for markets- BS 12 JanYour five-day week may be history. So, could be your Saturday siesta. If some quietbrainstorming in big board rooms crystallizes, equity market participants may have to put inan extra day at office every week. At present, equity markets are open from 9 am to 3.30pm on weekdays. Other segments operated by stock exchanges such as currency derivativesand interest rate futures are also shut on Saturday and Sunday. Stock exchanges are said tobe toying with the idea of opening a regular trading window on Saturdays. The window maybe for a shorter duration, in line with the Saturday banking hours.

19) Attitude Tops Performance in Appraisals-ET 13 JanAt Microsofts Global Technical Support Centre (GTSC) in Bangalore, a team of

over 1,000 engineers solves problems for the Redmond, Washington-based

companys blue-ribbon corporate customers, including the likes of the NationalAeronautics and Space Administration and GE, the engineering and financialservices major. The problems have become increasingly complex over the yearsand average time to resolve a complaint is upwards of eight hours. Theengineers work under intense time pressure as the glitches they are solvingcould result in loss of business for clients.

But at the end of the year, the engineers are not being judged on how fast they solved problems or how high theywere rated in customer satisfaction surveys. Employees are increasingly being judged on the quality of theirinteraction with colleagues with values such as proclivity towards collaborative behavior and knowledge-sharing beinghighly rated. Risk-taking ability is also valued. For some companies, behavior, rather than the ability to meet targetsis the route to a good increment this appraisal season.

20) Reckitt Poaches from HUL as India Turns SE Asia HQ- My India News 14 Jan

Reckitt Benckiser, one of the worlds largest consumer goods companieshas upgraded India to its regional headquarters for southeast Asia,covering a swathe of 12 nations representing a market of 1.8 billionpeople. Reckitt India Chairman & Managing Director CM Sethi will overseethis new domain, which has been carved out of the Asia operationsSingapore, traditionally the regional base for most multinational companies(it used to be Reckitts headquarters for Asia), will now become one of theterritories controlled from India. In strengthening India, Reckitt could alsocause severe discomfiture to its biggest rival, Hindustan Unilever, as welas Unilever offices in other countries. In its search for the best managers to

fill key positions here and in the southeast Asian region, Reckitt has been poaching key executives from HUL,regarded as a veritable fount of management talent that has produced stalwarts such as Harish Manwani, the globalchief operating officer of Unilever.


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INTERNATIONAL NEWS

21) Mass S&P downgrade, Greek debt impasse hit euro zone- Reuters 13 JanStandard & Poor's downgraded the credit ratings of nine euro zone countries, stripping Franceand Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday13th for the troubled single currency area. "Today's rating actions are primarily driven by ourassessment that the policy initiatives that have been taken by European policymakers in recentweeks may be insufficient to fully address ongoing systemic stresses in the eurozone," theU.S.-based ratings agency said in a statement. In a potentially more ominous setback, negotiations on a debt swap byprivate creditors seen as crucial to avert a Greek default that would rock Europe and the world economy broke up

without agreement in Athens, although officials said more talks are likely next week. If Greece cannot persuade banksand insurers to accept voluntary losses on their bond holdings, a second international rescue package for the eurozone's most heavily indebted state will unravel, raising the prospect of bankruptcy in late March, when it has toredeem 14.4 billion euros in maturing debt.

22) Apple reveals supply chain to silence labor critics- Reuters 13 JanApple revealed its closely guarded list of global suppliers for the first time and vowed to deawith worker abuses, hoping to deflect criticism it was turning a blind eye to cases of poorworking conditions in a mostly Asian supply chain. The dramatic and unprecedented stepunveiling the names of 156 companies that represent 97 percent of the company's supplychain was an unusual move in an industry that relies heavily on foreign component suppliersto drive margins. It is rarer still for a notoriously secretive company, underscoringspeculation that new Chief Executive Tim Cook has ushered in an era of greater

transparency. Predecessor Steve Jobs, who died in October, kept an iron grip on the internal workings of the company

he founded and turned into the world's largest technology company.

23) RBS to cut 4,450 jobs in fresh jobs cull- Reuters 12 JanRoyal Bank of Scotland abandoned ambitions to be a top global investment bank and said itwould cut another 4,450 jobs as it bows to pressure from the UK government to shut down riskyoperations and prepare for tougher international regulations. Britain owns 83 percent of Britain'sfifth biggest bank after pumping in 46 billion pounds to keep it from going under during thefinancial crisis and the country's taxpayers are currently sitting on a 24 billion pound loss. Thegovernment has demanded that RBS shrink its investment bank further, despite the bankalready halving that part of its business over the last three years. RBS will now stop trading shares and advisingcompanies on takeovers, both loss-making businesses, in arguably the starkest retreat by a big investment bank asthe financial crisis and tough new rules hit profits across the industry. In total the bank has cut 34,000 jobs sinceChief Executive Stephen Hester was brought in to turn the bank around when it was bailed out in 2008. The Unitetrade union said that 22,000 of those jobs were in the UK alone.

24) Drug Execs may wish they'd never heard of Paula Deen- Forbes 17 JanDrug giant Novo Nordisk has nabbed Paula Deen, the celebrity chef who popularized,among other things, cheeseburger meatloaf and hamburgers served with eggs and baconon doughnuts instead of buns, as a new spokeswoman to help raise awareness about type2 diabetes which she has. Many in the drug industry wish it werent so, but withoutmajor legal and regulatory changes, such matches between celebs and drug firms are ascertain as the sun rising in the east. Thats too bad, because it may not be the best thingfor the drug firms themselves over the long run. Deen told USA Today that she has haddiabetes for three years, and hatched the deal with Novo after the companys sales repsapproached her asking if she could come up with healthier versions of her recipes. She

said, How did you know I had type 2 diabetes? (She also takes Novos diabetes shot Victoza.) Deen admits to USAToday she is being paid. Talking about money is garish. Its tacky, she said. But, of course, Im being compensatedfor my time. Thats the way our world works.

25) India-Israel relations come out of Arab world shadow- TOI 13 JanThe India-Israel relationship is finally out of the closet. In three days in Israel and Palestine, foreign minister S M Krishna showed that Indian foreign policy may have finally maturedenough to be able to conduct perfectly normal, successful relations with Israel and the Arabworld simultaneously, without worrying about hurting feelings or stepping on toes. For years,India has conducted its relations with Israel almost covertly, as if trying to hide from theArab world, where its traditional friends lay. But an official who was part of Krishna'smeetings in Israel observed, "This visit proved that at the highest levels, India and Israel canopenly discuss issues of interest and concern with each other like other normal partners,without inhibitions." That, in essence was the greatest strategic takeaway from Krishna's visit to Israel, the first inover a decade, with a country that has rapidly become one of India's most important partners, particularly in criticaareas of security, defence and what matters to Indians most, agriculture.


10/16

MISCELLANEOUS NEWS

26) Pak PM Gilani gets SC contempt notice, parliament backing- TOI 17 JanPakistan's Supreme Court on Monday slapped a contempt notice on Prime Minister Yousaf RazaGilani, demanding he testify to explain why he had ignored its directives to reopen graft casesagainst his party boss and President Asif Ali Zardari. The order escalated the political crisis that couldlead to early elections and cost Gilani his job. However, hours later, Pakistan's National Assemblyconvened for a special session and passed a resolution reposing "full confidence and trust'' in thegovernment that could help Gilani offset the SC ruling's implications. The resolution asked "all stateinstitutions (to) act within (constitutional) limits" in an apparent reference to the military formeddling in politics. The resolution is seen as the government's attempt to reassert parliament'ssupremacy amid mounting pressure from the judiciary.

27) Superpower? 230 million Indians go hungry daily- TOI 14 JanWith 21% of its population undernourished, nearly 44% of under-5 children areunderweight and 7% of them dying before they reach five years, India is firmlyestablished among the worlds most hunger ridden countries. The situation is better thanonly Congo, Chad, Ethiopia or Burundi, but it is worse than Sudan, North Korea, Pakistanor Nepal. According to International Food Policy Research Institute (IFPRI) which givesGlobal Hunger Index (GHI), India is 67th amongst worst 80 countries in terms ofmalnourishment. Today, India has 213 million hungry and malnourished people by GHIestimates although UN agency Food and Agriculture Organization (FAO) puts the figureat around 230 million. India is home to the largest number of hungry people, about aquarter of the estimated 820 million in the whole world. The National Family and HealthSurvey (NFHS), last carried out in 2004-05, had shown that 23% of married men, 52%of married women and a chilling 72% of infants were anemic- a sure sign that ashockingly large number of families were caught in a downward spiral of slow starvation.

28) Real danger of US strike on Iran: Russia- Financial Express 12 JanRussian Security Council secretary Nikolai Patrushev warned that military escalation is likelyin Iran, with "real danger" of a US strike. He added that Syria, which has refused to break itsties with Tehran, could also be a target for Western intervention. "There is a likelihood ofmilitary escalation of the conflict, and Israel is pushing the Americans towards it," saidPatrushev. "At present, the US sees Iran as its main problem. They are trying to turnTehran from an enemy into a supportive partner, and to achieve this, to change the currentregime by whatever means," he added.

29) Nuclear weapons only for strategic deterrence: Army chief- TOI 16 JanIndia has rejected Pakistan's continuing veiled threats of using tactical nuclear missiles inthe battlefield to deter Indian forces, holding that no one should be foolish enough tothink of nuclear weapons as war-waging weapons. "Let's be quite clear on it... Nuclearweapons are not for war-fighting. They have got a strategic significance and that is whereit should end," said Army chief General V K Singh, speaking on the sidelines of the 64thArmy Day on Sunday. Asked about reports that both Pakistan and China were fastbolstering their nuclear arsenals, Gen Singh said, "I and my Army are not bothered aboutwho has nuclear weapons. We have our task cut out and we will progress along that." The"task" is to "transform" the 1.13-million strong force into "an agile, lethal and networked force", which can rapidlymobilize and then launch and sustain multiple armoured thrusts across the border, even as India maintains a credibleminimum nuclear deterrent. The largely futile Operation Parakram, the massive forward troop mobilization along thewestern front after the Parliament attack in December 2001, taught the Army harsh lessons since it took almost amonth for it to amass strike formations at the borders. By then, the US had prevailed on the then NDA regime to backdown, and Pakistan had shored up its defences.

30) HIV 10 times more prevalent among migrants than general population- TOI 12 JanMigration is fuelling India's HIV epidemic. National AIDS Control Organizations latestfigures show that besides high risk populations like sex workers, the highest burden ofHIV is among migrants - 3.6%, which is 10 times the HIV prevalence among the generapopulation. With migration rates increasing, the prevalence will only get worse. Accordingto the 2001 census, 30.1% of the population was considered to have migrated (314 mn) -a considerable increase from 27.4% in 1991. NACO has, therefore, identified 108 railwaystations - which are both source and destination of migrants travelling in search of workThese are now the focus of the country's anti-HIV fight. Red Ribbon Express (RRE), whichchugs out of Delhi on, will stop at most of these 108 identified stations to test migrants

for HIV besides carrying out counseling and spreading anti-HIV messages. During it's year-long journey, RRE wiltraverse through 23 states, cover 30,000 km and stop at 162 stations.


11/16

CORPORATE INTELLIGENCE

HINDUSTAN UNILEVER LIMITED

Head Quarters: Mumbai, IndiaRevenue: US$ 3.69 billion (Rs 19401 cr) 2010-11

What They Do: A part of the 44.3 billion UnileverGroup, Hindustan Unilever Limited (HUL) is India'slargest fast moving consumer goods (FMCG) company,with leadership in Home & Personal Care Products andFoods & Beverages. With over 35 brands spanning 20distinct categories such as soaps, detergents,shampoos, skin care, toothpastes, deodorants,cosmetics, tea, coffee, packaged foods, ice cream andwater purifiers, the company is a part of the everydaylife of millions of consumers across India. Its portfolioincludes leading household brands such as Lux,Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Ponds,Vaseline, Lakm, Dove, Clinic Plus, Sunsilk, Pepsodent,Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, KwalityWalls and Pureit.

Key People:Harish Manwani(Chairman); Nitin Paranjpe (CEO &Managing Director)

Iconic over Time: HULs journey through history economic boom, depression, world wars, changingconsumer tastes and the changes brought bytechnology began with a simple idea and a singularpurpose. With a soap named Sunlight, William HeskethLever wanted to relieve the drudgery of washing inVictorian England. It was 1888 when Kolkata harbourreceived a consignment of crates marked: Made inEngland by Lever Brothers. Sunlight arrived in India,

just 4 years after it was introduced in England. In1933, Lever Brothers India Limited was incorporated inIndia, when a decision was taken to startmanufacturing soaps in India instead of importing. In1956, Lever Brothers India Limited, HindustanVanaspati Manufacturing Company Limited and UnitedTraders Limited formally merged to form HindustanLever Limited.

The liberalisation of the Indian economy, which startedin 1991, marked an inflexion in HUL's growth curve.Removal of the regulatory framework allowed thecompany to explore every single product andopportunity segment, without any constraints onproduction capacity. Simultaneously, deregulationpermitted alliances, acquisitions and mergers. With adeep understanding of Indian markets and Indianculture, the company seized opportunities to growinorganically, like it acquired the Tata Oil Mills Limitedin 1994 and went in for other acquisitions that broughtbrands like Kissan, Kwality, Lakm and Modern in itsambit. Some opportunities came its way, like BrookeBond and Lipton under a worldwide acquisition byUnilever. Brooke Bond India and Lipton India mergedin 1994 to form Brooke Bond Lipton India Limited,which merged with HUL in 1996.

Doing Well by Doing Good: From the Indianisationof management way back in the 1940s that led to

Prakash Tandon becoming thefirst Indian Chairman in 1961,to the era of price control onsoap in the 1970s, expansion inthe 1980s, the big acquisitionsand mergers of the 1990s and the challenges ofcompetition and globalisation brought by the newmillennium, HUL has travelled a long distance indeedWith a heritage of over 75 years in India, the missionthat inspires HUL's more than 16,000 employees, is tohelp people feel good, look good and get more out oflife with brands and services that are good for themand good for others. It is a mission HUL shares withits parent company, Unilever, which holds about 52 %of the equity. The rest of the shareholding isdistributed among about 360,675 individuashareholders and financial institutions.

INTELLIGENCE BYTES: The legacy of HUL brands includes Lifebuoy soap

launched in 1895, Pears in 1902, Lux in 1905, Vimpowder in 1913, Vanaspati launched in 1918 and thefamous Dalda brand in 1937, Ponds Cold Creamlaunched in 1947, Surf in 1959, Rin bar & Bru Coffee in1969, Clinic shampoo in 1971, Close-up toothpaste in1975 and Fair & Lovely skin cream in 1978.

In 2001, HUL unveiled the Power Brands approachunder which it identified 35 Power brands, from atotal of 110 brands, to be pushed for higher growthThese brands were chosen for their strength,uniqueness and growth potential. They also spannedall the 20 categories & relevant benefits & pricepositions.

The company's name was changed to HindustanUnilever Limited in 2007 to reflect the One Unileverphilosophy that seeks to use Unilever's global reachand the local knowledge of its Indian operations todeliver faster growth.

In 2009 HUL got caught in the vortex of a globaslowdown. The darling of the bourses as welmanagement students in the nineties had turned apariah, overtaken by nimble rivals. Historically, beingtoo margin-focused, it kept losing market share & alsosome bargaining power in the process.

The Indian arm of Unilever, among the mostaggressive global consumer companies when it comesto emerging markets, seems to have shed its marginobsession now and is not willing to cede any space tocompetition even if it means cutting prices andallowing a higher share of margin to retailers


12/16

FINANCE NEWS

1. SBI caps losing its hold on debt restructuring business ET 13 JanSBI Capital Markets, the undisputed leader in loan syndication as well as debt recast, is slowly losingits grip in the market. Unlike in the past, lenders in the domestic market are no longer signing on thedotted lines if a loan is syndicated or restructured by SBI Caps, the investment banking arm of StateBank of India. One of the key responsibilities of a loan syndicator is to convince lenders that they haveappraised the company and that the company is worth investing in. A number of bankers on conditionof anonymity say they are no longer comfortable if a proposal is attached to SBI Caps and that they would prefer tovet it themselves -a far cry from the days when SBI Caps' project-appraisal skill was perceived to be impeccable. Aperceived failure in a series of restructured cases like GTL, Air India and Kingfisher added to the growing feeling in themarket that SBI Caps is driven more by the fees it earns on advisory than being fair to all lenders in the consortium.

2. NRE deposits rise at cost of dollar deposits Business Standard 13 JanWhile inflows in Non-resident (External) Rupee accounts (NRE) have increased on the back ofhigher interest rates, the funds in foreign currency non resident (FCNR) and Non-ResidentOrdinary Rupee (NRO) accounts have been falling because of the interest rate differential. TheReserve Bank of India (RBI) has deregulated NRE deposits and banks can now offer interest rateson NRE deposits on par with domestic deposits of same maturity. Interest rates on NRE accountshave increased by 500-600bps since the announcement made on December 16, 2011. Interest

rates on FCNR dollar deposits that are still regulated are around 2-2.5 per cent, while banks are taking NRE depositsat 9-10 per cent. Bankers said that the flows have been encouraging so far. However, it is largely in the form of shiftin preference from FCNR and NRO accounts. Bankers have suggested to the central bank that deregulation be allowedin foreign currency accounts, too. However, the central bank is not believed to be convinced with the idea, as higheraccretion in FCNR deposits would only increase forex liability of Indian banks.

3. India's forex reserves slump by $3.14 billion ET 15 JanIndia's foreign exchange reserves slumped by $3.14 billion to $293.54 billion in the first week of 2012,the lowest level in almost 15 months, largely due to revaluation of non-dollar assets and sale of dollarsby the central bank to curb the rupee's slide. The forex reserves fell by $3.14 billion to $293.54 billionfor the week ended Jan 6 as compared to $296.68 billion in the previous week, according to theweekly statistical supplement of the Reserve Bank of India (RBI). India's forex reserves kitty has dipped by almost$27 billion since October end largely because of the sale of dollars by the Reserve Bank of India to rein in the value orupee against the greenback. Revaluation of non-dollar currencies in the reserves like the euro has also resulted by asharp fall in the forex reserves. This is the fifth consecutive drop in the country's foreign exchange reserves. Thereserves have dropped by $13.24 billion in the last five week under review. Foreign currency assets, the biggestcomponent of the forex reserves, dipped by $3.12 billion to $259.80 billion for the week ended Jan 6.

4. India Inc recovers 20% of market value lost in 2011 Business Standard 15 JanThe new year seems to have begun on a good note for India Inc in the stock market, as just 10days of trading in 2012 has helped them recover one-fifth of the total loss suffered in itsvaluation during entire 2011. It is the large corporate houses like Ambanis and financiaconglomerates like ICICI and HDFC groups that are leading the gains in stock markets, aftetaking a huge beating in the previous year. All the listed companies together lost nearly Rs 19.5lakh crore worth valuation in 2011, when the stock market tanked by nearly 25 per cent amidglobal headwinds. While markets have appreciated by only about 5 per cent in the 10 days of

trading so far in 2012, the total gain in valuation for this period stands at about Rs 4 lakh crore. As per the BSE datathe cumulative market value of all listed firms in the country stands at Rs 57,40,194 crore currently, as against Rs53,48,645 crore at the end of 2011. The market benchmark Sensex has gained nearly 700 points or about 5 per centso far in 2012, after falling by more than 5,000 points during 2011. The stock market data shows that marketvaluations have improved significantly for almost all the large corporate houses so far in 2012, barring a few likeBharti group, Infosys and HUL, and the experts are optimistic about a rebound on these counters as well.

5.S&P downgrades euro zone's EFSF bailout fund Reuters 16 JanRating agency Standard & Poor's cut its credit rating of the European Financial StabilityFacility, the euro zone's rescue fund, by one notch to AA+ on Monday, three days after it cutthe ratings of France and Austria by the same margin. In a statement, S&P said the decisionwas all but inevitable following the cuts to the creditworthiness of France and Austria, whichwere two of the EFSF's guarantors. The EFSF was set up by the 17 governments that share theEuropean single currency in May 2010 and has so far been used to provide emergency loans toIreland and Portugal. It is also expected to contribute to a second bailout of Greece. The fund has an effective lendingcapacity of 440 billion euros (363 billion pounds), which depends on guarantees, mainly from the euro zone's AAAcountries, only four of which now remain: Germany, Luxembourg, Finland and the Netherlands. In a statement, theEFSF said the downgrade would not affect its lending capacity, and emphasized that its short-term rating remained atS&P's top level and that if the EFSF could find ways of providing credit enhancements, it could reassess its move.


13/16

6. World's most undervalued currency TOI 17 JanThe Indian rupee is the world's most undervalued currency, trading at around 61% below its'actual' price against the dollar, The Economist's latest Big Mac Index has found. The indexmeasures the effective purchasing power of different currencies by looking at how muchMcDonald's popular burger costs in various countries. The rupee, which has depreciatedaround 17% against the dollar in the last six months, is even more undervalued thanthe Chinese yuan, which was estimated to be 41% undervalued. The index compares thedollar price of the Big Mac in a country with the price of the burger in the US, where it

currently sells for $4.20. In the case of India, the index uses the Maharaja Mac, which costs Rs 84, since the Big Macis not sold here. Based on the January 12 exchange rate of Rs 51.90 to a dollar, the burger cost $1.62 in India. The

purchasing power parity - which is the local price (Rs 84) divided by the price in the US ($4.20) - works out to 20. Thedifference between the PPP and the exchange rate will tell you whether a currency is overvalued or undervalued andby how much. In July 2011, when the last Big Mac Index was prepared and India was included for the first time, therupee was trading around 44.40 to a dollar. It was then under-valued by 53%. Although the index does provide thebroad trend, cheap burgers do not necessarily mean that a currency is excessively undervalued or over-valued.

7. RBI advises equity investors to scale down expectations on returns ET 16 JanIndia's banking and financial sector regulator Reserve Bank of India (RBI) has advised both theforeign and domestic equity investors to scale down their expectations on returns in thebackdrop of falling returns on debt and thereby avoid imbalances that could lead to the nextround of global financial crisis. The advice comes from the RBI deputy governor Dr KCChakrabarty, who was addressing the representatives of the global banking regulators inHyderabad on Monday. According to Chakrabarty, "Sensex cannot give 30%returns on equityevery day. There has to be relation between debt and equity. When the overall return on debt comes down, then

the return on equity also has to come down." The RBI deputy chief viewed that the fundamental imbalances pertainingto returns on debt and equity capital were still unresolved in many economies, providing fertile ground for thefinancial engineers to develop complex financial products that were ultimately leading to crises related derivatives andsub-prime. Further, according to the RBI deputy chief, another fundamental imbalance in global economies that is stilresolved pertained to productivity and efficiency of capital. "In any society, which is to develop and prosper, rich mustsave and poor must borrow. Today, world over in the economies, rich borrows and poor saves. When rich borrows, itbecomes inefficient, whereas when poor borrows it becomes more efficient and productive."

8. Banks need to invest in digital platform: PwC Business Standard 17 JanA survey by PricewaterhouseCoopers (PwC) has found that Indian lenders are not investingin digital platform for banking even as customers are ready to pay for service which theyuse.Banks have generally been slow to openly embrace the digital innovation. They tend to seedigital platforms only as a way to reduce costs and it is time they start to invest in their digitalofferings keeping in with the expectations of the customers, said PwC India's associate director for

financial services, Robin Roy. According to PwC report "The Digital Tipping Point", 85% of Indians who polled statedthat they would pay for transaction notifications coming through social networking sites. Other areas where customersare ready to pay include spending analysis tools, relevant third-party offers and storing documents in a virtual vault.

9. Private, foreign banks cannot pay 'excessive' salary to CEOs: RBI TOI 13 JanIssuing guidelines on compensation of CEOs and staff of private and foreign banks, RBI saidall private and foreign lenders will have to obtain prior approval from it for renumeration ofCEOs and whole time directors as per the Banking Regulation Act, 1949 which prohibitsexcessive renumeration. However, the guideline did not specify what would constituteexcessive renumeration. While designing the compensation arrangements it should beensured that there is a proper balance between fixed pay and variable pay, it said. Variablepay, however, should not exceed 70 per cent of the fixed pay in a year. The guidelines wouldbe implemented from 2012-13. "As hitherto, private sector and foreign banks operating inIndia would be required to obtain regulatory approval for grant of remuneration to whole time directors or chief

executive officers in terms of Section 35B of the Banking Regulation Act, 1949," RBI said in a notification.

10. SBI slashes processing fee for greater home loan pie ET 12 JanState Bank of India (SBI) has slashed processing fees on home loans by half, amove aimed at garnering a larger pie in the home loan market and givingcompetition to private banks and housing finance companies. The bank hasreduced processing fee on home loan above Rs 75 lakh to Rs 10,000 from Rs20,000. For loans in the range of Rs 30 to Rs 75 lakh, the fees have beenlowered to Rs 6,500 from Rs 10,000 earlier. The processing fee for loan below

Rs 30 lakh continues to be 0.25% of the loan amount. In November, SBI was the first bank to do away with pre-payment penalty on floating and fixed rate loans. "At a time when corporate sector is going through a lot of pain, SBImay prefer to decelerate its corporate loan book and expand its retail loan book. And this move may be aimed atthat," said Hemindra Hazari, head of research - institutional equities at Nirmal Bang, a broking firm.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/banks-need-to-invest-in-digital-platform-pwc/articleshow/11527267.cms#write


14/16

FINANCE FEATURE

Basel 3 implementation: Indian banks to plan for more capitalhttp://economictimes.indiatimes.com/opinion/comments-analysis/basel-3-implementation-indian-banks-to-plan-for-

more-capital/articleshow/11548116.cms
http://economictimes.indiatimes.com/opinion/comments-analysis/basel-3-implementation-indian-banks-to-plan-for-more-capital/articleshow/11548116.cmshttp://economictimes.indiatimes.com/opinion/comments-analysis/basel-3-implementation-indian-banks-to-plan-for-more-capital/articleshow/11548116.cmshttp://economictimes.indiatimes.com/opinion/comments-analysis/basel-3-implementation-indian-banks-to-plan-for-more-capital/articleshow/11548116.cmshttp://economictimes.indiatimes.com/opinion/comments-analysis/basel-3-implementation-indian-banks-to-plan-for-more-capital/articleshow/11548116.cmshttp://economictimes.indiatimes.com/opinion/comments-analysis/basel-3-implementation-indian-banks-to-plan-for-more-capital/articleshow/11548116.cms


15/16

SOURCES

SOURCES FOR ECONOMIC INDICATORS, STATS & GRAPHSwww.rbi.org.inhttp://economictimes.indiatimes.com/www.eonomist.com/blogs/dailychart

SOURCES FOR COVER STORY

http://findarticles.com/p/articles/mi_m1038/is_n1_v39/ai_17957847/?tag=content;col1http://www.referenceforbusiness.com/encyclopedia/Inc-Int/India-Doing-Business-in.html#bhttp://go4funding.com/Articles/Entrepreneur/Entrepreneurism-In-India.aspxhttp://www.corporateturnaroundexpert.comhttp://EzineArticles.com/?expert=Mike_Tenghttp://ezinearticles.com/?Bureaucracy-is-the-Parasite-to-Productivity&id=358549http://www.economist.com/node/17419783http://www.firstpost.com/india/indian-bureaucracy-rated-worst-in-asia-178865.htmlhttp://www.business-standard.com/india/news/lunchbs-kaushik-basu/381638/http://www.businessweek.com/magazine/content/07_12/b4026001.htmhttp://www.freeworldacademy.com/globalleader/india.htmhttp://thesundayindian.com/en/story/india039s-curse-bureaucracy/28421/http://defenceforumindia.com/politics-society/29979-no-surprises-indian-bureaucracy-rated-worst-asia-2.html

SOURCES FOR PERSONALITIES OF THE WEEK:http://soccernet.espn.go.com/manager/_/id/30/sir-alex-ferguson?cc=4716http://www.manutd.com/en/Visit-Old-Trafford.aspx

http://news.bbc.co.uk/sport2/hi/football/16347896.stmhttp://www.sbnation.com/soccer/2012/1/9/2694195/fifa-presidential-award-2011-alex-ferguson-ballon-dorhttp://bleacherreport.com/articles/857869-moneyball-the-truth-about-billy-beane-and-his-role-with-the-oakland-athleticshttp://www.nytimes.com/2011/09/25/magazine/for-billy-beane-winning-isnt-everything.html?_r=2&pagewanted=allhttp://mlb.mlb.com/oak/team/exec_bios/beane_billy.jsphttp://www.minorleagueball.com/2011/2/14/1988295/interview-with-oakland-athletics-general-manager-billy-beanehttp://www.maxim.com/amg/SPORTS/Articles/Baseball+Economics+Expert+Billy+Beane:+The+Man+Behind+Moneyball

SOURCES FOR ARTICLES (1-30)1) New Maruti model to replace iconic 800, Alto says MD Shinzo Nakanishi- ET 12 Janhttp://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/new-maruti-model-to-replace-800-alto/articleshow/11457196.cms2) Italy disaster could hit cruise industry-Reuters 14 Jan

http://in.reuters.com/article/2012/01/15/italy-ship-impact-idINDEE80E08520120115

3) Contraband cigarettes market seen at Rs 1,900 Cr this year- The Hindu Business Line15Janhttp://www.thehindubusinessline.com/industry-and-economy/economy/article2804051.ece?homepage=true&ref=wl_home4)BMW recalls 89,000 Minis: US safety agency- TOI 16 Jan

http://timesofindia.indiatimes.com/business/india-business/BMW-recalls-89000-Minis-US-safety-agency/articleshow/11506473.cms5) Telenor, Unitech Spar over JV Valuation- TOI 16 Janhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/16&PageLabel=1&EntityId=Ar00102&ViewMode=HTML6) Inflation at 2-yr low of 7.47%- TOI 17 Janhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012

/01/17&PageLabel=1&EntityId=Ar00106&ViewMode=HTML7) Alliance Air pilot mistakes Kochi for Kozhikode- IBN Live 17 Janhttp://ibnlive.in.com/news/plane-bound-for-kozhikode-lands-in-kochi/221674-3.html8) Impossible to pre-screen content: Google, Facebook- DNA 17 Janhttp://www.dnaindia.com/india/report_impossible-to-pre-screen-content-google-facebook_16385039) Developers lure investors with FD-plus rates- HT 16 Janhttp://www.hindustantimes.com/BusinessSectionPage/BusinessRealEstate/Developers-lure-investors-with-FD-plus-rates/Article1-798159.aspx10) CEO of IT co Atos says emails wasteful way to interact- TOI 18 Jan

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTML11) Cash-rich realtors use correction to buy land- BS 14 Janhttp://www.business-standard.com/india/news/cash-rich-realtors-use-correction-to-buy-land/461791/12) Nokia most-trusted; Anna beats Sachin- The Financial Express 16 Janhttp://www.financialexpress.com/news/nokia-mosttrusted;-anna-beats-sachin/900300/13) Zero attrition at ITC as workforce wedded for life- TOI 18 Janhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00101&ViewMode=HTML14) Govt set to allow 49% foreign stake in Indian airlines- TOI 18 Janhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012

/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTML15) Wipro CEO TK Kurien poaches star performers from rivals - ET 12 Janhttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-ceo-tk-kurien-poaches-star-performers-from-rivals-to-replace-middle-senior-level-executives/articleshow/11453509.cms
http://www.rbi.org.in/http://www.eonomist.com/blogs/dailycharthttp://soccernet.espn.go.com/manager/_/id/30/sir-alex-ferguson?cc=4716http://www.manutd.com/en/Visit-Old-Trafford.aspxhttp://news.bbc.co.uk/sport2/hi/football/16347896.stmhttp://www.sbnation.com/soccer/2012/1/9/2694195/fifa-presidential-award-2011-alex-ferguson-ballon-dorhttp://bleacherreport.com/articles/857869-moneyball-the-truth-about-billy-beane-and-his-role-with-the-oakland-athleticshttp://www.nytimes.com/2011/09/25/magazine/for-billy-beane-winning-isnt-everything.html?_r=2&pagewanted=allhttp://mlb.mlb.com/oak/team/exec_bios/beane_billy.jsphttp://www.minorleagueball.com/2011/2/14/1988295/interview-with-oakland-athletics-general-manager-billy-beanehttp://www.maxim.com/amg/SPORTS/Articles/Baseball+Economics+Expert+Billy+Beane:+The+Man+Behind+Moneyballhttp://www.maxim.com/amg/SPORTS/Articles/Baseball+Economics+Expert+Billy+Beane:+The+Man+Behind+Moneyballhttp://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/new-maruti-model-to-replace-800-alto/articleshow/11457196.cmshttp://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/new-maruti-model-to-replace-800-alto/articleshow/11457196.cmshttp://in.reuters.com/article/2012/01/15/italy-ship-impact-idINDEE80E08520120115http://www.thehindubusinessline.com/industry-and-economy/economy/article2804051.ece?homepage=true&ref=wl_homehttp://timesofindia.indiatimes.com/business/india-business/BMW-recalls-89000-Minis-US-safety-agency/articleshow/11506473.cmshttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/16&PageLabel=1&EntityId=Ar00102&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/16&PageLabel=1&EntityId=Ar00102&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/17&PageLabel=1&EntityId=Ar00106&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/17&PageLabel=1&EntityId=Ar00106&ViewMode=HTMLhttp://ibnlive.in.com/news/plane-bound-for-kozhikode-lands-in-kochi/221674-3.htmlhttp://ibnlive.in.com/news/plane-bound-for-kozhikode-lands-in-kochi/221674-3.htmlhttp://www.dnaindia.com/india/report_impossible-to-pre-screen-content-google-facebook_1638503http://www.hindustantimes.com/BusinessSectionPage/BusinessRealEstate/Developers-lure-investors-with-FD-plus-rates/Article1-798159.aspxhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://www.business-standard.com/india/news/cash-rich-realtors-use-correction-to-buy-land/461791/http://www.financialexpress.com/news/nokia-mosttrusted;-anna-beats-sachin/900300/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-ceo-tk-kurien-poaches-star-performers-from-rivals-to-replace-middle-senior-level-executives/articleshow/11453509.cmshttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-ceo-tk-kurien-poaches-star-performers-from-rivals-to-replace-middle-senior-level-executives/articleshow/11453509.cmshttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-ceo-tk-kurien-poaches-star-performers-from-rivals-to-replace-middle-senior-level-executives/articleshow/11453509.cmshttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-ceo-tk-kurien-poaches-star-performers-from-rivals-to-replace-middle-senior-level-executives/articleshow/11453509.cmshttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-ceo-tk-kurien-poaches-star-performers-from-rivals-to-replace-middle-senior-level-executives/articleshow/11453509.cmshttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00101&ViewMode=HTMLhttp://www.financialexpress.com/news/nokia-mosttrusted;-anna-beats-sachin/900300/http://www.business-standard.com/india/news/cash-rich-realtors-use-correction-to-buy-land/461791/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/18&PageLabel=1&EntityId=Ar00104&ViewMode=HTMLhttp://www.hindustantimes.com/BusinessSectionPage/BusinessRealEstate/Developers-lure-investors-with-FD-plus-rates/Article1-798159.aspxhttp://www.dnaindia.com/india/report_impossible-to-pre-screen-content-google-facebook_1638503http://ibnlive.in.com/news/plane-bound-for-kozhikode-lands-in-kochi/221674-3.htmlhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/17&PageLabel=1&EntityId=Ar00106&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/17&PageLabel=1&EntityId=Ar00106&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/16&PageLabel=1&EntityId=Ar00102&ViewMode=HTMLhttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2012/01/16&PageLabel=1&EntityId=Ar00102&ViewMode=HTMLhttp://timesofindia.indiatimes.com/business/india-business/BMW-recalls-89000-Minis-US-safety-agency/articleshow/11506473.cmshttp://www.thehindubusinessline.com/industry-and-economy/economy/article2804051.ece?homepage=true&ref=wl_homehttp://in.reuters.com/article/2012/01/15/italy-ship-impact-idINDEE80E08520120115http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/new-maruti-model-to-replace-800-alto/articleshow/11457196.cmshttp://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/new-maruti-model-to-replace-800-alto/articleshow/11457196.cmshttp://www.maxim.com/amg/SPORTS/Articles/Baseball+Economics+Expert+Billy+Beane:+The+Man+Behind+Moneyballhttp://www.minorleagueball.com/2011/2/14/1988295/interview-with-oakland-athletics-general-manager-billy-beanehttp://mlb.mlb.com/oak/team/exec_bios/beane_billy.jsphttp://www.nytimes.com/2011/09/25/magazine/for-billy-beane-winning-isnt-everything.html?_r=2&pagewanted=allhttp://bleacherreport.com/articles/857869-moneyball-the-truth-about-billy-beane-and-his-role-with-the-oakland-athleticshttp://www.sbnation.com/soccer/2012/1/9/2694195/fifa-presidential-award-2011-alex-ferguson-ballon-dorhttp://news.bbc.co.uk/sport2/hi/football/16347896.stmhttp://www.manutd.com/en/Visit-Old-Trafford.aspxhttp://soccernet.espn.go.com/manager/_/id/30/sir-alex-ferguson?cc=4716http://www.eonomist.com/blogs/dailycharthttp://www.rbi.org.in/


16/16

16) HDFC Bank in 'Harvard Business Review' elite list of 10 companies- ET 18 Janhttp://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/hdfc-bank-in-harvard-business-review-elite-list-of-10-companies/articleshow/11526882.cms17) India Inc in race for own domain name- The Hindu Business Line 11 Janhttp://www.thehindubusinessline.com/industry-and-economy/info-tech/article2793318.ece?homepage=true18) Weekends set to shrink for markets- BS 12 Janhttp://www.business-standard.com/india/news/weekends-set-to-shrink-for-mkts/461562/19) Attitude Tops Performance in Appraisals-ET 13 Janhttp://articles.economictimes.indiatimes.com/2012-01-13/news/30623961_1_thomas-payyapilli-behaviour-senior-managers

20) Reckitt Poaches from HUL as India Turns SE Asia HQ- My India News 14 Janhttp://www.myindiannews.com/news/reckitt-poaches-from-hul-as-india-turns-se-asia-hq

21) Mass S&P downgrade, Greek debt impasse hit euro zone-Reuters 13 Janhttp://in.reuters.com/article/2012/01/13/eurozone-idINDEE80C0LI20120113

22) Apple reveals supply chain to silence labor critics- Reuters 13 Janhttp://in.reuters.com/article/2012/01/13/apple-suppliers-idINDEE80C0HA2012011323) RBS to cut 4,450 jobs in fresh jobs cull- Reuters 12 Janhttp://in.reuters.com/article/2012/01/12/rbs-idINDEE80B07C20120112

24) Drug Execs may wish they'd never heard of Paula Deen- Forbes 17 Janhttp://www.forbes.com/sites/matthewherper/2012/01/17/why-drug-execs-might-wish-theyd-never-heard-of-paula-deen/25) India-Israel relations come out of Arab world shadow- TOI 13 Janhttp://timesofindia.indiatimes.com/india/India-Israel-relations-come-out-of-Arab-world-shadow/articleshow/11468549.cms26) Pak PM Gilani gets SC contempt notice, parliament backing- TOI 17 Janhttp://timesofindia.indiatimes.com/world/pakistan/Pak-PM-Gilani-gets-SC-contempt-notice-parliament-backing/articleshow/11518176.cms27) Superpower? 230 million Indians go hungry daily- TOI 14 Jan

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2012/01/16&PageLabel=1&EntityId=Ar00102&ViewMode=HTML28) Real danger of US strike on Iran: Russia- Financial Express 12 Janhttp://www.financialexpress.com/news/real-danger-of-us-strike-on-iran-russia/898881/29) Nuclear weapons only for strategic deterrence: Army chief- TOI 16 Janhttp://timesofindia.indiatimes.com/india/Nuclear-weapons-only-for-strategic-deterrence-Army-chief/articleshow/11502906.cms30) HIV 10 times more prevalent among migrants than general population- TOI 12 Janhttp://timesofindia.indiatimes.com/india/HIV-10-times-more-prevalent-among-migrants-than-general-population/articleshow/11456671.cms

SOURCES FOR CORPORATE INTELLIGENCE: HINDUSTAN UNILIVER LIMITEDhttp://www.hul.co.in/http://en.wikipedia.org/wiki/Hindustan_Unileverhttp://www.hul.co.in/Images/HUL_75Years_Special_Issue_tcm114-194253.pdfhttp://businesstoday.intoday.in/story/nitin-paranjpe-and-harish-manwani-hul-growth-fmcg/1/15751.htmlhttp://www.hul.co.in/Images/HUL_Annual%20Report_%202010-11_tcm114-268010_tcm114-268010.pdf

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