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Centre may follow Gorkhaland model to end Telangana deadlock

Friday 28 December 2012

Centre may follow Gorkhaland model to end Telangana deadlock

The UPA government is likely to come out with the proposal to constitute an autonomous Telangana Regional Council on the lines of Darjeeling Hill Council as an ad hoc solution to the contentious Telangana issue to end the political uncertainty in Andhra Pradesh.

It was indirectly hinted by Union Home Minister Sushil Kumar Shinde at the all-party meeting held at North Block in New Delhi on Friday. "We could take a bold decision on the Darjeeling Hill Council to end the Gorkhaland issue. Similarly, we are confident of finding a solution to the Telangana issue as well with the support of all the political parties in Andhra Pradesh," Shinde is learnt to have told the representatives of eight political parties at the meeting.

With the Home Minister categorically declaring that the Centre would come out with a solution to the Telangana imbroglio within a month, the ball is now completely in the court of the UPA government. Sources in the Congress party said the Centre would not dare take a decision on the bifurcation of the state at this stage, as it would stir the hornet's nest elsewhere in the country.

"There is a possibility that the Centre would come out with a proposal to form the autonomous Telangana Regional Council with adequate powers and a hefty financial package for the development of the region. The Centre would say that the proposal would only be an ad hoc solution for the vexed issue to end political uncertainty in the state and that the option of granting statehood to Telangana would continue to be on its agenda till a political consensus on the issue is evolved," sources said.

The Telangana Regional Council would be on the lines of Darjeeling Hill Council, which has recently transformed into Gorkhaland Territorial Administration with considerable autonomy for the local tribes. The regional council would be equipped with adequate funds, functions and functionaries. It would be headed by a legislator with Cabinet rank and would provide a legislative consultative mechanism for subjects like planning and economic development, water and irrigation, education, skill development and vocational education, local administration and public health. It would implement the sub-plan for the Telangana region and would be served by its own secretariat headed by an officer of the level of additional chief secretary in the state who would report to the chairman of the council.

The Congress high command is said to be of the view that the regional council proposal would be a sort of face saving option for the party, since without giving any commitment on the Telangana issue, it would be finished in the next elections. "Thus, the Congress party can go to the next General Elections with a promise to grant separate Telangana at a later stage, if the regional council mechanism does not work out," sources said.

Telangana Rashtra Samithi president K Chandrasekhara Rao, who had a 10-minute one-on-one meeting with Shinde after the all-party meeting, apparently realised that the Centre was in no mood to grant separate Telangana state straightaway. "It was a useless meeting and the Centre is not serious on the Telangana state formation. I am thoroughly disappointed. The three major parties - the Congress, the Telugu Desam Party and the YSR Congress, continued with their ambivalent stand on the Telangana issue. Shinde's assurance that the Centre would find a solution to Telagnana issue within a month is humbug," KCR told the media after the meeting and called for a Telangana shutdown on Saturday.

The Congress MPs from Telangana, however, are optimistic that the Centre would carve out Telangana state. "The formation of Telangana is inevitable. How and when it is possible has to be watched out. We will wait for one more month before spelling out our stand," a Telangana MP said.

The interesting part of the all-party meeting is that the TDP has scored some brownie points by telling the Centre that it was in favour of Telangana state. "We have given a letter addressed by our party president N Chandrababu Naidu to Shinde stating that the TDP is committed the formation of Telangana state as was indicated in our earlier letter to the Pranab Mukherjee Committee in 2008. We have not gone back on our stand mentioned in that letter, which is still with the Centre. And Shinde recorded in the minutes of today's meeting that the TDP is in favour of Telangana," said former minister Kadiam Srihari, who was one of the two representatives of the party who attended the all-party meeting.

The YSR Congress party, however, played safe by saying that it would respect the sentiments of Telangana people but would leave the decision to the Centre. The BJP and the CPI supported the Telangana state formation, while the CPI (M) said it would oppose bifurcation of the state as a matter of party policy, but asked the Centre to take a quick decision.

The Majlis-e-Ittehadul Muslimeen (MIM), while reiterating its stand for united Andhra Pradesh or Rayala Telangana, told the Home Minister that the Centre should take a quick decision on Telangana issue. "Because of the uncertainty, the people are suffering," MIM president Asaduddin Owaisi said. He reportedly picked up an argument with chief minister N Kiran Kumar Reddy, who was also present at the all-party meeting, on the volatile communal situation in Hyderabad.

Sexist comments by President's son, CPI-M leader invite West Bengal's ire

Sexist comments by President's son, CPI-M leader invite West Bengal's ire

Sexist comments by President Pranab Mukherjee's son and Congress MP Abhijit Mukherjee and prominent CPI-M leader Anisur Rahman dominated media space and was the subject of intense discussion across West Bengal on Friday. While Abhijit Mukherjee has drawn much flak for terming as "highly dented-painted" the women who participated in the mass protests at Delhi after the recent gang-rape incident, Rahman landed in a soup after asking chief minister Mamata Banerjee what she would charge for getting raped.
Facing all-round condemnation, both men apologised and withdrew their comments.
People, however, are not inclined to forget and forgive these "objectionable remarks".
The largest circulated vernacular daily Ananda Bazar Patrika came up with a banner headline "Kubakye besamal Banglar mukh" (Filthy utterances unsettle Bengal's image), referring to comments by the two leaders.
Another Bengali daily "Bartamaan" said Rahman has turned a "villain" in the CPI-M and the Left Front for his "obnoxious" attack on Banerjee.
It said Mukherjee, an MP from Jangipur, landed his own party in trouble with his comment.
Software engineer Summon Biswas said both the leaders deserve to be condemned in the strongest possible language: "If a woman applies make-up, does that bar her from protesting? As the son of our president, who has always been circumspect with his use of words, Abhijit should have displayed better sensitivity."
"At a time when the nation is enraged over a gang-rape, Rahman has shown his total lack of culture, taste and proper education," the engineer said.
Banker TP Dutta said he was "shocked" by the level of public discourse. "If those in public life make such remarks, it only shows that there are miles to go before the attitude towards women changes in society," he said.
Eminent writer Suchitra Bhattacharya said: "Anisur's comments are humiliating. Perhaps only those in politics are capable of such comments."
State Congress president Pradip Bhattacharya rapped Rahman. "Making such indecent comments is a tradition of the CPI-M."
Speaking to a Bengali-language television channel in his earlier assembly constituency Nalhati in Birbhum district, Abhijit Mukherjee said on Christmas day that "highly dented-painted" women visited discotheques and then appeared at India Gate to protest the Delhi bus gang-rape.
"What's basically happening in Delhi is somewhat like Egypt or elsewhere, where there was something called the Spring Revolution, which has very little connection with ground realities. In India, staging candle-light marches, going to discotheques - we did all this during our student life too, we were students too - I know very well what kind of character students should have," Abhijit said.
"Those who claim to be students - I can see many beautiful women among them they were highly dented-painted - they're giving interviews on TV, they've brought their children to show them the scenes," he said.
"I have grave doubts whether they're students because women of that age are generally not students," said Abhijit, who was elected an MP from Jangipur Lok Sabha seat in Murshidabad to fill up the vacancy caused by his father's elevation to the presidency.
Meanwhile, addressing a meeting of the party's peasants wing Krishak Sabha in North Dinajpur's Itahar, CPI-M leader Rahman had ridiculed the Banerjee government's decision to compensate victims of crimes against women like rape and trafficking.
"We have told the chief minister in the assembly that the government will pay money to compensate rape victims. What is your fee? If you are raped, what will be your fee?," asked Anisur Dec 25.
"As an opposition leader, she took along Champala Sardar from South 24 Parganas district to the state secretariat, claiming she was raped."
"We then told her: "Don't bring such hela fela meye (girls without any position in society). Bring some good girls."
"And there can be no better girl than you. You can say you have been raped. We ask, didi moni (elder sister), what is your fee? How much will you take for getting raped," he asked.

HC takes suo motu cognisance of Patiala gangrape case

HC takes suo motu cognisance of Patiala gangrape case

Taking suo motu cognisance of the Patiala gangrape-suicide case, the Punjab and Haryana high court on Friday directed the inspector general (IG) of police concerned to file a detailed status report of the incident and subsequent action taken against erring police officials. Taking notice of news reports about the incident, in which an 18-year-old gangrape victim was allegedly threatened by the accused and harassed by policemen when she approached the latter for getting an FIR lodged, chief justice AK Sikri said the incident depicted a very sordid state of affairs.
The chief justice observed, "Due to these extreme circumstances, the girl thought that the only course of action left was to end her life, blaming three men and a woman for destroying her life."
Stating that enough is enough, the order said, "The manner in which events are taking place in the last few days are an eye-opener. In a situation like this case, the alleged rapists were not only roaming freely but also allowed to reportedly threaten the victim and her family members, while the girl and her mother's requests had no effect on policemen, who remained deaf."
The chief justice further observed, "When the police start shielding and protecting culprits and start treating the victims of crimes as the accused, it is a sad day for democracy of a country governed by the rule of law," adding that the high court was compelled to take suo motu notice of such reports.
In his order, justice Sikri directed the Patiala IG to submit a report after examining each aspect leading to the victim's suicide. The court also told the IG to file a report fixing the responsibility of erring officials and stating the action taken against them.
Referring to incidents of rape in Delhi, the order stated that there was a need for combating this "rape culture" by reforming various institutions. "The law for punishing such crimes appears to be on the statute book; it is lack of adequate enforcement system which contributes to repeated commission of such crimes," justice Sikri observed.
The chief justice stressed on the need for a complete revamp and strengthening of the criminal justice system, while observing that one of the reasons for the upsurge of such crimes was lack of deterrence and a feeling in the minds of such criminals that the law would not be able to catch them, and in any case even if trial takes place, they would go unpunished. In this process, the first and foremost importance lies with the investigation of such crimes as and when reported, the order added.
The chief justice has also sought a report stating the measures police intended to take for preventing these occurrences in future. A notice in this regard has also been issued to the Haryana government and the Chandigarh authorities.

Bihar opposes National Water Policy

Bihar opposes National Water Policy

Patna, Dec 28 (PTI) Claiming that central regulation and control of water resources is unconstitutional and detrimental to its growth as well as that of other states, Bihar today opposed the National Water Policy, 2012.

The provision for central regulation and control of water resources is unconstitutional and brazen violation of the federal structure under which water comes under the state's jurisdiction, state Water ResourcesDepartment (WRD) Minister Vijay Kumar Chaudhary said in a statement.

Stocks fall under fiscal cliff pressure

Stocks fall under fiscal cliff pressure


Another day, another sell-off. With no resolution on the looming fiscal cliff, U.S. stocks sold off yet again on Friday.

The S&P 500, the Dow, and the Nasdaq fell between 0.6% and 0.8%, as fears grow about the impact of no deal.
The uncertainty has taken a toll on markets. Stocks have sold off for four straight sessions as hopes for a substantial budget agreement have diminished, and all three indexes are on track to end December in the red.
Friday's sell-off was broad, with 29 out of 30 Dow components in the red. Only American Express(AXPFortune 500) eked out a small gain. Stocks have actually had a pretty stellar year, with all three indexes up between 7% and 15%
President Obama and congressional leaders will discuss the fiscal cliff impasse at the White House Friday afternoon, and the House of Representatives will return on Sunday. Investors worry that failure to reach a deal could push the U.S. economy into recession.
Investors are hoping that leaders will at least be able to reach some sort of breakthrough that will postpone at least some of the automatic tax hikes and spending cuts due to take effect on Jan. 1.
"A lot of people are thinking about capital gains consequences and holding positions beyond this year," said Mark Helweg, founder of financial tech company MicroQuant..
Shares of Citigroup (CFortune 500)Wells Fargo (WFCFortune 500)Bank of America (BACFortune 500) and JPMorgan Chase (JPMFortune 500) all declined in early trading. Bank stocks were among the biggest drags on the market Thursday.
Investors shrugged off two better-than-expected economic reports Friday morning. Readings on both the Chicago purchasing managers index and pending home sales for December rose more than expected.
Shares of Hewlett-Packard (HPQFortune 500) fell after the company announced that the Department of Justice is investigating possible accounting fraud at Autonomy. After acquiring Autonomy for $11 billion last year, HP took an $8.8 billion write-down related to the acquisition this year.
Shares of Barnes & Noble (BKSFortune 500) rose 9% after British publisher Pearson(PSO) announced that it would invest $90 million for a 5% stake in the retailer's Nook unit.
European markets edged lower in afternoon trading. Italy sold €3 billion in 10-year government bonds Friday morning.
Asian markets ended stronger. Japan's Nikkei, which will be closed on Monday, ended the year up more than 20%. The Nikkei's recent strong run comes as the yen has been weakening on the prospect of further monetary easing. The Shanghai Composite posted further gains and is poised to end the year in the black.
The U.S. dollar rose against the euro, but dropped against the British pound and the Japanese yen.
The yield on the 10-year Treasury note moved up slightly to 1.71%. Oil prices were modestly higher, while gold moved slightly. To top of page

Magnitsky case: Putin signs Russian ban on US adoptions

Magnitsky case: Putin signs Russian ban on US adoptions

Sergei Magnitsky grave in Moscow, 7 Dec 12

Russian President Vladimir Putin has signed into law a ban on Americans adopting Russian orphans.
The law is a reaction to the US Magnitsky Act, which blacklists Russian officials accused of rights abuses.
The death of anti-corruption lawyer Sergei Magnitsky in 2009 became a symbol of the fight against corruption in Russia, and soured relations between Russia and the US.
The US state department says it "deeply regrets" the passing of the law.
On Friday, a Moscow court acquitted a prison doctor accused of negligence over Magnitsky's death. It was the only trial to be held in the case.
The judge said Dmitry Kratov had acted appropriately when Magnitsky fell ill in jail. Mr Kratov was deputy head of the high-security Butyrka prison in Moscow at the time.
A Russian official report last year concluded that Magnitsky had been tortured and handcuffed in jail.
Magnitsky represented London-based Hermitage Capital Management (HCM). He uncovered what he described as a web of corruption involving Russian tax officials, including the alleged theft of more than $200m (£125m).
After reporting it to the authorities, he was himself detained on suspicion of aiding tax evasion, and died in custody on 16 November 2009 at the age of 37.
US-born fund manager Bill Browder, who runs Hermitage Capital, spearheaded efforts in the US to put pressure on Russia over the Magnitsky case. Mr Browder was a major investor in Russia before Magnitsky's arrest.
Dmitry Kratov in court, 28 Dec 12Dmitry Kratov said he was innocent and expressed condolences over Magnitsky's death
Earlier this month the US Congress adopted the Magnitsky Act, prompting Russia's retaliation. The EU has also criticised Russia over its handling of the case.
Mr Putin signed the Russian lawafter it had been approved by the Russian parliament.
He told officials he saw no reason not to sign it, and said he would sign a presidential decree to "modify the support mechanisms for orphaned children".
"There are lots of places in the world where living standards are higher than they are here," Mr Putin said.
"Are we going to send all our children there? Perhaps we should move there ourselves?"
Some 3,400 Russian children were adopted by foreign families in 2011, almost one-third of the children going to American homes.
Over the same period, the number of children adopted by Russian citizens was 7,416.
In the past two decades Americans have adopted more than 60,000 Russian children.
"The Russian government's politically motivated decision will reduce adoption possibilities for children who are now under institutional care," US state department spokesman Patrick Ventrell said.
"We are further concerned about statements that adoptions already underway may be stopped and hope that the Russian government would allow those children who have already met and bonded with their future parents to finish the necessary legal procedures so that they can join their families," he added.
Suspicious death
The Moscow judge ruled on Friday that Mr Kratov had organised Magnitsky's transfer to hospital and had "taken all the necessary measures to treat the illnesses" that Magnitsky was suffering from.
Magnitsky had pancreatitis, but an investigation by Russia's presidential council on human rights concluded that he had been severely beaten and denied medical treatment.
The council's report, compiled while Dmitry Medvedev was president, singled out senior interior ministry investigator Oleg Silchenko and prison chief Ivan Prokopenko as being at fault for neglect over the lawyer's death.
The document said they "obstructed" his medical care by moving him to another prison just before he was due to have an operation, where there was a criminal failure to provide him with care in the last days of his life.
Magnitsky's mother, widow and lawyers believe that Mr Kratov has been used as a decoy by the authorities to protect the real culprits in the lawyer's death.
Mr Kratov's assistant Larisa Litvinova had also been a suspect in the case, but the investigation into her actions was dropped in April.

US embassy evacuated as rebels surge in Cental African Republic

US embassy evacuated as rebels surge in Cental African Republic
The turmoil in the landlocked African nation has prompted calls for France to intervene militarily in its former colony. 'Those days are gone,' said French President Franรงois Hollande.


Rebels are closing in on the capital of the impoverished Central African Republic, threatening to topple the weak government and push yet another African nation into civil war, failure, or outright collapse, The Associated Press and other news outlets are reporting. 

The former French colony joins a string of countries stretching from Mali and the Ivory Coast to Congo andSouth Sudan where war and turmoil have created waves of refugees and power vacuums for warlords or criminal groups to exploit. Several of the countries are former French colonies, raising questions for Parisabout whether to get involved in the conflicts. 
The United States evacuated its embassy in the CAR capital Bangui overnight, sending the ambassador and around 40 other staff to Kenya due to the deteriorating security situation, the AP reports. The United Nationshas also ordered around 200 non-essential staff to depart, as well. 
A day earlier, President Franรงois Bozizรฉ, who seized power in a 2003 coup, urged the US and France to intervene, according to Radio French International. Hundreds of demonstrators pelted the French Embassywith stones earlier this week, demanding that France intervene militarily to halt the rebel advance, Reutersreports.  
“We ask our French cousins and the United States of America, the great powers, to help us to push back the rebels … to allow for dialogue in Libreville [Gabon] to resolve the current crisis,” President Bozize said.
“There is no question of allowing them to kill Central Africans, of letting them destroy houses and pillage, and holding a knife to our throats to demand dialogue,” he said.
The rebel fighters are a coalition known as Seleka that have captured four regional cities and towns, including a diamond mining hub, since taking up arms on Dec. 10. They accuse Bozizรฉ of not upholding peace deals meant to end several regional uprisings.
The conflict has posed yet another challenge to French foreign policy, particularly in its former African colonies. There are around 250 French military advisers in the CAR, but French President Franรงois Hollande said yesterday that troops wouldn’t get involved. "If we are present, it is not to protect a regime, it is to protect our nationals and our interests, and in no way to intervene in the internal affairs of a country," President Hollande was quoted by AFP as saying. "Those days are gone."

DGCA seeks more details from Kingfisher on its finances

DGCA seeks more details from Kingfisher on its finances

DGCA has sought additional details from Kingfisher Airlines on how it would fund its revival plan submitted to the aviation regulator for resumption of its flight operations, official sources said on Friday.
The Directorate General of Civil Aviation (DGCA) has sought more details from the beleaguered carrier as to how it would garner funds for payment of dues to its lenders and vendors, apart from paying the pending salaries of its employees, they said.
Kingfisher CEO Sanjay Aggarwal had informed DGCA chief Arun Mishra on Monday that the airline would require about Rs 652 crore over the next 12 months to run its operations and the amount would be put in by its parent company UB Group. Of this, Rs 120 crore would be needed to meet salary arrears for its employees.
However, there was no word from the UB Group as to how it would commit the funding and raise it from where. Banks have been unwilling to fund the cash-strapped airline.
Civil Aviation Minister Ajit Singh had also said that the airline's parent company has not disclosed anything regarding funding.
Kingfisher's "financial picture is still not clear. UB Group has not said anything on the funding of KFA. Its plan is not backed by any clear funding proposal," he had said.
The sources said the DGCA would soon seek additional details regarding the funding plan and hold talks with Kingfisher's creditors and other vendors including airport operators, before deciding on its application seeking permission to relaunch its services.
With the liquor baron Vijay Mallya-owned airline owing money to its staff, banks, airports and tax authorities, the sources said all these stakeholders needed to be convinced that the carrier's interim revival plan was viable.
Kingfisher, which has a debt of nearly Rs8,000 crore and accumulated losses and liabilities of a similar amount, has been grounded since October one after its pilots and engineers went on strike.

Sensex rises; energy firms rally on fuel hike reports

Sensex rises; energy firms rally on fuel hike reports
Sensex rises 0.63% to end at 19,444.84 points, while the Nifty adds 0.65% to close at 5,908.35

Domestic gains were in line with Asian shares that gained on Friday as investors continued to eye the US ‘fiscal cliff’ negotiations amid news lawmakers will meet on Sunday in a final attempt to hammer out a deal. Photo: Hemant Mishra/Mint

Mumbai: The BSE Sensex ended higher on Friday led by gains in oil firms including Oil and Natural Gas Corp. Ltd (ONGC) following media reports the petroleum ministry has proposed gradually raising diesel prices.
Domestic gains were in line with Asian shares that gained on Friday as investors continued to eye the US “fiscal cliff” negotiations amid news lawmakers will meet on Sunday in a final attempt to hammer out a deal.
However, Bharti Infratel Ltd slumped in its debut after raising about $760 million in India’s biggest initial public offering (IPO) in two years, weighed down by a cautious outlook for mobile tower operators.
Investors are looking forward to India’s current account data for July-September due on Monday amid expectations it will show a record high deficit, sending the balance of payments into negative territory.
“Trend of the market will be based on events that are unfolding in next 15 days such as fiscal ciff resolution from US, RBI (Reserve Bank of India) policy action and earnings season that starts from mid-Jan,” said Deven Choksey, CEO and MD at KR Choksey.
The benchmark BSE Sensex rose 0.63%, or 121.04 points, to end at 19,444.84 points, gaining 1.05 percent for the week, its first gain in three weeks.
The broader Nifty also added 0.65%, or 38.25 points, to end at 5,908.35.
Despite an uneven share price performance in December, foreign institutional investors have been strong buyers this month, with inflows of over $4 billion bringing the total for the year to around $24 billion.
Energy conglomerate Reliance Industries Ltd (RIL) rose 2.76%, posting its best single-day gain since 17 September, as the stock was seen to have under-performed this year.
RIL shares have gained 18% so far this year, underperforming the 25.03% rise in the Sensex.
Meanwhile, oil producers gained as well on media reports the petroleum ministry has proposed a gradual rise in diesel prices, by Rs.1 a litre every month over a 10-month period.
ONGC shares rose 2.6%.
Oil marketing companies also advanced, with Hindustan Petroleum Corp. Ltd ending up 4.23%, IOC Ltd gaining 3%, and BPCL rising 2.4%.
Fuel subsidies in India are borne by the government, marketing and refining companies, as well as explorers.
Wind turbine supplier Suzlon Energy Ltd gained 7.8% on media reports that lenders will meet on Friday to discuss a loan restructuring package, dealers said.
However, Bharti Infratel slumped 12.9% , although the poor trading debut of the mobile tower operator is unlikely to deter future offerings in India, bankers said, with strong foreign fund bids expected to underpin the share market.
Some blue-chip banking shares ended lower on profit-taking, tied to the squaring of books at the end of the year. The BSE banking index has gained nearly 57% this year, as of Thursday’s close.
HDFC Bank fell 0.4%, while State Bank of India lost 0.4%. 

Bharti Infratel Drops After Biggest Indian IPO in 2 Years

Bharti Infratel Drops After Biggest Indian IPO in 2 Years

Bharti Infratel Ltd. (BHIN), a unit of India’s largest wireless operator, slumped on its trading debut after raising 41.7 billion rupees ($761 million) in the country’s biggest initial public offering in two years.
The shares dropped 13 percent to 191.65 rupees at the close in Mumbai today, compared with a 0.6 percent gain in the benchmark BSE India Sensitive Index. (SENSEX)
Bharti Airtel dropped as much as 1.5 percent and traded 0.9 percent higher at 321.40 rupees as of 11:15 a.m. in Mumbai. Photographer: Dhiraj Singh/Bloomberg
Bharti Infratel, the New Delhi-based unit of telecommunications operator Bharti Airtel Ltd. (BHARTI), set the listing price at 220 rupees apiece.
“The IPO price was probably too high and the return on investment isn’t very attractive,” said Deven Choksey, managing director at K.R. Choksey Shares & Securities Pvt. in Mumbai, which didn’t recommend buying the stock in the initial sale. “The IPO served as an exit option for older investors and isn’t likely to generate much returns for existing investors.”
Bharti Infratel’s return on capital was 3.1 percent in the year ended March 31, compared with parent Bharti Airtel’s 5.3 percent, according to data compiled by Bloomberg.
About 10 percent of Bharti Infratel’s stock was sold in the IPO, with retail investors paying 210 rupees a share. The sale to institutions and wealthy individuals was at 220 rupees apiece.
Today’s decline reduced Bharti Infratel’s market value to $6.6 billion from $7.6 billion at the listing price. In 2008, KKR & Co., the New York-based buyout firm, agreed to invest $250 million in Bharti Infratel, valuing the company at $12.5 billion.
Bharti Airtel increased 0.1 percent to 319.05 rupees today.

Exit Option

The stock was marketed at between 210 rupees and 240 rupees each, according to the IPOprospectus. Institutions and wealthy individuals bid for all of the 148.4 million shares reserved for them, while retail investors sought to acquire 12.2 million shares, according to data on the National Stock Exchange’s website on Dec 14.
The listing will provide an exit for companies such as Temasek Holdings Pte, Goldman Sachs Group Inc. and Citigroup Inc., which bought a $1 billion stake in 2007. As part of the offering, Bharti Infratel sold shares to 18 anchor investors, including Alliance Bernstein and Wellington Management Co., who agreed to hold the stock for at least 30 days.
Bharti Infratel operates 34,220 towers used by mobile-phone companies, its prospectus shows. Revenue, including of units, rose 11 percent to 94.52 billion rupees in the year ended March 31, according to the prospectus.

NMDC Sale

Bharti Infratel’s IPO was the largest since state-owned Coal India Ltd. (COAL) raised about 154.8 billion rupees in October 2010. It comes after India’s government this month raised 58.3 billion rupees by selling a 10 percent stake in NMDC Ltd. (NMDC), the nation’s largest iron ore producer. Initial offerings by PC Jeweller Ltd. and Credit Analysis & Research Ltd. were oversubscribed several times.
Indian stocks are poised for their biggest annual advance since 2009, after Prime MinisterManmohan Singh eased rules to allow more overseas investment to revive economic growth and avert a downgrade of the nation’s credit rating.

Tim Cook takes a 99 per cent pay cut in 2012... sort of

Tim Cook takes a 99 per cent pay cut in 2012... sort of

No stock windfall in 2012, knocks CEO's earnings down to a mere few million


Tim Cook takes a 99 per cent pay cut in 2012... sort of

Despite completing a largely successful first full year as Apple CEO, Tim Cook will earn 99 per cent less than he did in 2011.
The boss, who took over from the late Steve Jobs in August 2011, will bring in $4.1m (UK£2.5, AUD$3.9) in 2012, as Apple sales and stocks hit record levels under his stewardship.
However, the figures are somewhat deceptive. At the end of 2011, Cook earned a gigantic $375m (UK£232 AUD$360) stock windfall on top of his basic salary and bonus pay.
In fact, his 2012 salary went up over half a million dollars, from $900,000 (UK£558,000, AUD$866,000) to $1.4m (UK£860,000, AUD$1.34) in his first calendar year as the ruler of the roost in Cupertino.

Big shoes

Most observers would argue that Cook has led Apple admirably in the last 12 months after stepping into some very big shoes.
Product sales have been through the roof and the stock price is still up a third since he took over, despite the recent slump.
However, bigger challenges will face Cook in the forthcoming year, amid an increasing feeling that Apple may have peaked.
The increasing threat of Android in the smartphone and tablet game, as well as the damage to its reputation caused by the Apple Maps debacle and the ongoing patent protection suits, will encounter Cook in the New Year.

Kerala edges out Taj Mahal on Google search trends

Kerala edges out Taj Mahal on Google search trends

THIRUVANANTHAPURAM: Kerala has edged out Taj Mahal to become the number one travel destination in Google's search trends for India this year. Munnar is also on the list of top 10 Indian destinations on Google's Zeitgeist site showing search trends from around the world. The other top destinations in India include Wagah Border,Vaishno Devi and Amarnath.

Kashmir had come sixth on the list of top ten travel destinations under the 2012 Google search trends. Munnar came ninth, followed by the Gateway of India, in the search trends in the travel category released by Google for this year.

Tourism minister A P Anil Kumar termed the two listings for Kerala, including the number one spot, as a great encouragement for the state. "We are one of the first government establishments to make use of the internet to reach out to the world," he said.

Google's Zietgeist, which covers all search categories, answers the question of what the world searched for in a particular year. The trending for the year means search queries with the highest amount of traffic over a sustained period compared to the previous year.

Tourism secretary Suman Billa said Kerala Tourism has also engaged social media networks for promoting destinations in the state.The website of Kerala Tourism (www.keralatourism.org) is one of the most popular tourism destination websites in India, with over 250,000 unique visitors every month.

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