Crisis-ridden KSRTC to get 100 crores more

Amidst mounting criticism that the budget did not earmark adequate funds to bail out the ailing KSRTC, Finance Minister K M Mani said that an additional amount of `100 crore will be provided to the corporation to tide over the crisis. The minister was replying to the discussions on the State Budget 2013 in the Assembly on Wednesday.
In the light of the criticism from several quarters, including the open dissent lodged by Transport Minister Aryadan Mohammed, the Finance Minister’s attempt was clearly aimed at taking the sting out of the Opposition campaign that even the Treasury benches had not given a good rating for  the budget.
Announcing the additional grant of `100 crore, Mani, however reminded that the KSRTC crisis cannot be addressed by means  the current allotment of `200 crore. ‘’The cabinet has to work out a package for a total bailout,” he said. The contribution of the government to the Dairy Farmers Welfare Fund will go up from `400 to `500 per farmer, whereas the same to the Vyapari Vyavasayi Welfare Fund will be `750 in lieu of `500. The other new allotments announced are `3 crore for promotion of People’s Tourism projects in 50 grama panchayats, `50 lakh for the development of Moyin Kutty Vaidyar Mappila Kalakendram at Tirur, `10 lakh for the Moidu Moulavi Smarakam in Kozhikode, `10 lakh for taking over of the house and book collection of late Sukumar Azhikode, `1 crore for a KSRTC sub-depot at Irinjalakuda, `10 lakh for development of bus stand at Mundakkayam etc.
The FM’s speech was marred by protests of the Opposition benches for some time who alleged total discrimination of LDF MLAs’ constituencies, when Mani kept pleading to wait and go through the whole announcements.
He completed the speech without interruptions after the Opposition members walked out.
With the additional outlay of `298.47 crore, the budget estimates for 2013-14 shows a total deficit of `825.34 crore. A Western Ghats Climate Change Research Institute will be set up at Kottayam,for which `5 crore has been sanctioned.
Mani announced a hike in the annual turnover limit of traders under S. 61 for compulsory sales tax registration to `10 lakh, from the existing `5 lakh. In a move to checkmate the role of  speculators in skyrocketing land prices in the state, the FM announced that the stamp duty for registration of a property within six months from the date of  the first sale has been fixed at one-and half-times than the normal duty. The finance Minister  has earmarked funds for the Kochi Heritage Zone project (`13.85 crore), data bank for grama panchayats (`8 crore) and announced that sufficient funds will be earmarked for the River Management Authority.

 

Kushank Singhal

PGDM 2nd

Is Your Small Business Friends with Facebook?

Is Your Small Business Friends with Facebook?

In the consumer world, it can be hard to know whom to trust. With banner ads, TV commercials, and email blasts all buttering up company's products and services, consumers can often be left with more questions than value. Hence, they often turn to the only source they have left: each other.
According to Nielsen's Global Trust in Advertising and Brand Messages report, 92% of respondents completely or somewhat trust recommendations from people they know.
It's no secret that the billion-plus Facebook metropolis is a breeding ground for sharing, commenting, and posting opinions. Hence the social giant is homing in on its word-of-mouth marketing techniques to help the 15 million small businesses maintaining a Facebook page stay open for business.
“One thing we know is that word-of-mouth marketing is the most effective form of marketing,” says Facebook's director of small business Dan Levy. “What we think we're doing at Facebook is really bringing that same word-of-mouth marketing that small businesses have been using forever into the online world...”
For small businesses not yet on Facebook, Levy advises establishing a Facebook page. He refers to companies' pages as “mission control” for big and small businesses alike, as they serve as the central hub for creating a community, receiving feedback, notifying customers of product and services, and opening a doorway for dialogue.
“Small businesses want authenticate connections with their users and their fans,” Levy says. “In the same way we use the offline analogy, you want to have relationships with your customers [and] Facebook wants you to have relationships with your customers--the ones that you have now or the ones that you're still developing.”
Despite the 15 million small businesses that already use Facebook pages, Levy says he still finds that many small businesses are “intimidated” by Facebook. However, he assures these small businesses that there is nothing to fear. “What I tell all of them is using Facebook for your business is just like using Facebook as a user,” Levy says. “The types of things that you're going to post that your friends are going to want to see...that's the same thing that you're going to want to do as a business to really bring the human element to your business story in the same way that you were doing it as a user on Facebook...”
However, Levy encourages small business to not forget about the details, such as business hours, location, and business categories.He also advises small businesses to urge those on their email lists to interact with the business on Facebook to provide an alternative form of communication.
In addition to strengthening customer relationships online, Levy says creating a Facebook page can also help small businesses develop a mobile strategy.
“A post that you're going to make to your fans can be seen not just on the Web, but also on a mobile device,” Levy says. “Instead of having to go out and strike different agreements with different agencies for mobile strategies, your Facebook page is your hub for mobile posting.”
Compared to other data, Facebook data not only tells small businesses who their customers and potential customers are, but also what they're like, Levy says.
“A connection on Facebook isn't just an email address. It's actual real information about who your customer is [and] is a ways to interact with them on an ongoing basis,” Levy says. “It's something they're probably logged into almost every day.”
And although developments such as The Nearby app and Graph Search are fairly new to Facebook, Levy says, with time, these developments have the potential to help small businesses get discovered. According to Levy, 250 million Facebookers tag a location in their status every month. Hence, by using Nearby, consumers can search for local businesses their friends have checked into or posted about. As for Graph Search, instead of posting questions to their statuses, such as “What are some good local coffee shops in LA?”, users can use Graph Search to see what places their friends have been to, liked, or commented on.
abhishek kumar pgdm 2

Videocon to start rolling out 4G services by March 2014

Company won spectrum in six circles in the 1,800 MHz band for Rs 2,221 cr in Nov; Nokia Siemens is technology partner for the rollout.

Videocon Telecommunications would start rolling out fourth-generation (4G) long-term evolution (LTE) services by March 2014, using the 1800-MHz band of spectrum.
The company hopes to price its products and services cheaper than market rates. "Videocon has always been positioned as the value-for-money brand. Here, too, we will offer services at least 15-20 per cent cheaper compared to the market. We will roll out LTE services in three phases, starting from March next year," said Arvind Bali, chief executive, Videocon Telecommunications.
The company, which won spectrum in six circles in the 1800-MHz band for Rs 2,221.44 crore in November, would initially stick to these circles -Bihar, Gujarat, Haryana, Madhya Pradesh, Uttar Pradesh (East) and Uttar Pradesh (West). "But we have plans to become a pan-India operator," Bali said.
He added Videocon had the advantage of liberalised spectrum in the 1800-MHz band for 20 years, while incumbent operators had the 1800-MHz band that wasn't liberalised.
"As the spectrum is liberalised, operators can use the airwave for any technology," he said.
Initially, Videocon would start offering 4G services in select pockets in each circle. "We can always buy spectrum, depending on future requirements," Bali said.
Nokia Siemens is Videocon's technology partner for the 4G roll-out
Earlier, Videocon had invested about Rs 10,000 crore in developing the infrastructure to offer 2G services. However, its pan-India operating permit was quashed because of a Supreme Court order that cancelled 122 telecom licences. That equipment would be redeployed, Bali said, adding the company was yet to finalise future investments.
rajat singh
pgdm 2nd sem.
iimt

Videocon to start rolling out 4G services by March 2014

Videocon to start rolling out 4G services by March 2014

Company won spectrum in six circles in the 1,800 MHz band for Rs 2,221 cr in Nov; Nokia Siemens is technology partner for the rollout.

Videocon Telecommunications would start rolling out fourth-generation (4G) long-term evolution (LTE) services by March 2014, using the 1800-MHz band of spectrum.
The company hopes to price its products and services cheaper than market rates. "Videocon has always been positioned as the value-for-money brand. Here, too, we will offer services at least 15-20 per cent cheaper compared to the market. We will roll out LTE services in three phases, starting from March next year," said Arvind Bali, chief executive, Videocon Telecommunications.
The company, which won spectrum in six circles in the 1800-MHz band for Rs 2,221.44 crore in November, would initially stick to these circles -Bihar, Gujarat, Haryana, Madhya Pradesh, Uttar Pradesh (East) and Uttar Pradesh (West). "But we have plans to become a pan-India operator," Bali said.
He added Videocon had the advantage of liberalised spectrum in the 1800-MHz band for 20 years, while incumbent operators had the 1800-MHz band that wasn't liberalised.
"As the spectrum is liberalised, operators can use the airwave for any technology," he said.
Initially, Videocon would start offering 4G services in select pockets in each circle. "We can always buy spectrum, depending on future requirements," Bali said.
Nokia Siemens is Videocon's technology partner for the 4G roll-out
Earlier, Videocon had invested about Rs 10,000 crore in developing the infrastructure to offer 2G services. However, its pan-India operating permit was quashed because of a Supreme Court order that cancelled 122 telecom licences. That equipment would be redeployed, Bali said, adding the company was yet to finalise future investments.

Egypt for doubling trade with India

 

Egyptian President Mohamed Morsy (right) is welcomed by Commerce, Industry and Textiles Minister Anand Sharma during a meeting with captains of industry from Egypt and India in New Delhi on Wednesday. Photo: Kamal Narang.

Seeking Indian investments in energy, biotechnology and nanotechnology and cooperation in agriculture and space, Egyptian President Mohamed Morsy, on Wednesday, pushed for an ambitious goal of doubling trade with India in the next few years from the current level of $5.4 billion.

“The trade surge between India and Egypt pushes us to set up more ambitious goal of doubling this volume within the coming few years. Egypt needs more grains and these could be exported by India,” Mr. Morsy said at a function organised jointly by Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and Associated Chambers of Commerce and Industry of India (Assocham) here. The Egyptian President is on a four-day visit to India.

“I would like to invite Indian companies, businessmen and investors to take advantage of the promising opportunities Egypt offers and to assure that we will provide all required facilities and create the most inducting atmosphere for investment and business practice. One of our main focus areas is on attracting foreign direct investment. Both countries can co-operate in areas such as ICT, space science, energy, agriculture and nanotechnology,’’ he said.

He said Egypt was an attractive destination for India as it could act as a bridge between Asia and Africa. Till now, about 50 Indian companies, including Aditya Birla, Dabur and Kirloskar, had invested about $2.5 billion in Egypt.

Free economic zones

“Egypt is looking into setting up of free economic zones by Indian companies to trade and promote its projects in the country and neighbouring ones,” he said.

Commerce and Industry MinisterAnand Sharma said he would urge Indian companies to look at Egypt more seriously and invest in various sectors. “Indian companies can also partner Egyptian firms in sectors such as infrastructure, biotechnology, energy and pharmaceuticals,’’ he added.

Meanwhile, six memoranda of understanding (MoUs) were signed between Indian and Egyptian companies for exploring ways to promote ties to the level of strategic partnership. The six agreements signed included MoUs in the field of plastics, for setting up of a Plastic Park at Port in Egypt, co-operation in the field of engineering and vocational training and partnering for enhancement of financial and non-financial service for MSMEs (micro small and medium enterprises) in Egypt.

Keywords: India-Egypt trade, biotechnology, nanotechnology.

NAME MD. ABDUL WAHAB
CLASS- PGDM 1st 

 

Fed holds firm to stimulus plan despite brighter economy

Washington: The US Federal Reserve (Fed) on Wednesday pressed forward with its aggressive efforts to stimulate the US economy, saying it would take into account risks posed by its policies, but also how much work still needs to be done to lower unemployment.

Meeting just as turmoil in Europe took another turn for the worse, the central bank nodded to brighter economic signs in the US. But the Fed dropped a reference from its last policy statement that global financial strains were easing, and noted the headwinds from tighter fiscal policy in Washington.

The decision by the Fed’s policy-setting committee to continue to buy $85 billion in mortgage and Treasury bonds per month came despite growing concerns from some officials about the risks the purchases could pose, including possible disruptions to financial markets and future inflation.

“These costs remain manageable but will continue to be monitored, and we will take them into appropriate account as we determine the size pace and composition of our asset purchases,” Fed chairman Ben Bernanke told reporters after the central bank’s decision.

“When we see that the (labour market) situation has changed in a meaningful way, we may well adjust the pace of purchases,” he added.

Fed officials said the world’s largest economy had returned to moderate growth after a pause in the fourth quarter of last year. They also noted positive, if insufficient, strides in the labour market.

“The housing sector has strengthened further, but fiscal policy has become more restrictive,” the Fed said. It said it “continues to see downside risks to the economic outlook.”

Esther George of the Kansas City Fed again was the sole dissenter against the decision. She expressed concern the asset purchases could lead to financial imbalances and inflation.

US stocks rose after the statement was released, while the dollar hit a session high versus the Japanese yen. Prices for US Treasury debt dropped.

“The Fed still is in a very dovish mode and I do not expect to see them remove policy accommodation any time soon,” said Eric Stein, co-director of global income at Eaton Vance Management in Boston.

Minor forecast shifts

The Fed also released a new set of forecasts that showed only minor shifts in the expectations of policymakers.

Fed officials now see growth in a range of 2.3-2.8% in 2013, down from 2.3-3% in its December projections—a likely acknowledgment of the tightening of US fiscal policy.

For 2014, the Fed sees US gross domestic product expanding 2.9-3.4% versus 3.0-3.5% in December.

At the same time, estimates for the unemployment rate were also lowered slightly, even if they remained too high for most policymakers’ comfort. The Fed now believes the jobless rate, which registered 7.7% in February, will average 7.3-7.5% in the fourth quarter of this year.

However, the unemployment rate will not fall to 6.5%, the level at which the Fed says it will begin to consider raising interest rates, until 2015, the estimates indicate.

One key indicator that bolstered confidence in the US recovery was a February employment report showing a 0.2 percentage point drop in the jobless rate and the creation of 236,000 net new jobs.

If that pace of job growth can be sustained for a few months, the Fed might be able to claim substantial progress has been made toward an improved employment outlook—its own stated prerequisite for the cessation of bond buys.

Developments in Cyprus, where the prospect of a tax on bank deposits to help fund the country’s bailout sent jitters through the global financial system earlier this week, likely reinforced the resolve of Fed officials to bolster the US economy. The levy was rejected in parliament, leaving the financial rescue in disarray.

Bernanke called the situation in Cyprus “difficult” because the country faces fiscal and bank capitalization issues, as well as political stress.

“It does have some consequence,” he said. “But having said that, the vote failed and the markets are up today, and I don’t think the impact has been enormous.”

A Reuters poll published a week ago found economists expect the Fed’s current bond purchase plan eventually to total $1 trillion, though many see the central bank easing off on the pace of buying toward the end of the year. Analysts also see a large gap, potentially one or two years, between the time the Fed stops buying bonds and when it begins raising rates.

Global concerns aside, the Fed has plenty of reasons not to begin pulling back on stimulus yet. Its preferred measure of inflation continues to run below the Fed’s 2% target and unemployment remains far above its pre-recession levels.

The Fed cut benchmark overnight rates effectively to zero in 2008 as it battled the financial crisis. It has also bought more than $2.5 trillion in Treasury and mortgage bonds to keep long-term borrowing costs low to spur consumption and investment.

Since December, the central bank has said it would keep rates near zero until the jobless rate falls to 6.5% as long as inflation did not threaten to pierce 2.5% over a one- to two-year horizon—a commitment it reiterated on Wednesday. The Fed also restated a vow to keep policy loose even as the recovery picks up. 

 

 

 AMIT KUMAR SINGH

PGDM 2ND SEM............

Kingfisher Airlines staff demands Vijay Mallya's prosecution

PHOTO: Associated Press

Kingfisher Airlines employees, frustrated over not getting salary for last 10 months, have asked the government to prosecute promoter Vijay Mallya.

They also threatened to disrupt IPL matches of the Royal Challenger Bangalore (RCB), the team owned by Mallya.

"If Gopal Kanda, promoter of MDLR airlines, can be prosecuted for suicide of an employee, why can't the government prosecute Vijay Mallya for suicide of the family member of his employees," said Santosh Gautam, President of Kingfisher Airlines Maintenance Association.

MUST READ: Can Mallya's own wealth help to save Kingfisher?

The protesting employees have urged RCB players to boycott Mallya's team. They have also asked the Board of Control for Cricket in India (BCCI) not to allow RCB to participate in the upcoming Indian Premier League (IPL).

"Last time, when Formula 1 race was being organised here, afraid of our protests, KFA management paid our salary of one month and assured to pay the dues in instalments but they have failed to keep their promises. This time, we will protest outside the venue wherever RCB team plays their matches," said S C Mishra, another employee.

The employees asked the government to amend labour laws making non-payment of salaries a criminal offence and said "the Supreme Court should take suo motu cognizance of our matter in specific and in general for overall reforms required for the benefit of working class."

Seeking an early intervention on the issue, the employees have written letters to the President, the Prime Minister, the Chief Justice of India, United Progressive Alliance (UPA) Chairperson Sonia Gandhi, Civil Aviation Minister Ajit Singh, the Directorate General of Civil Aviation Arun Mishra.

PREETI CHAUHAN
PGDM 2sem

Kingfisher Airlines employees threaten to disrupt IPL, demand Vijay Mallya's prosecution

The protesting employees have urged RCB players to boycott Mallya's team. They have also asked the BCCI not to allow RCB to participate in the upcoming IPL 6.

PTI | Mar 20, 2013, 07.01PM IST

NEW DELHI: Frustrated over not getting salary for last 10 months, Kingfisher Airlines employees on Wednesday asked the government to prosecute promoter Vijay Mallya and threatened to disrupt IPL matches.

"If Gopal Kanda, promoter of MDLR airlines, can be prosecuted for suicide of an employee why can't the government prosecute Vijay Mallya for suicide of the family member of his employees," said Santosh Gautam, president of Kingfisher Airlines Maintenance Association.

They also threatened to disrupt IPL matches of the Royal Challenger Bangalore (RCB), the team owned by Mallya.

md. Shane Haider 

pgdm 2nd sem 

Shareholders signal dissatisfaction with HP's board

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  View PhotoReuters/Reuters - A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam

By Poornima Gupta

MOUNTAIN VIEW, California (Reuters) - Hewlett-Packard Co Chairman Ray Lane and several other directors narrowly kept their seats on the board as shareholders conveyed their displeasure over the botched $11 billion acquisition of British software firm Autonomy Plc.

Lane, a managing partner at high-powered Silicon Valley venture capital firm Kleiner Perkins, fellow venture capitalist Marc Andressen and other board members have come under fire from shareholders for one of the company's costliest acquisition mistakes in years.

Director and activist Ralph Whitworth told shareholders at the company's annual meeting on Wednesday to expect "some evolution" in the company's board, but did not elaborate.

Lane, whom influential proxy firm ISS recommended voting against, won just 58.88 percent of shareholder votes. That was well below last year's 96-percent tally.

ISS and Glass Lewis, a governance analysis firm, had recommended voting against a roster of other directors.

ISS gave the thumbs-down to McKesson Corp Chief Executive John Hammergren and former Wachovia Corp CEO G. Kennedy Thompson, while Glass Lewis recommended shareholders vote to remove four directors: Andreessen, lead independent director Rajiv Gupta, Hammergren and Thompson.

Hammergren got 53.91 percent of shareholders' votes versus 81 percent last year, while Thompson had 55.15 percent, down from 81.2 percent previously. Andreessen garnered 69.77 percent, off from 82 percent last year.
Problems with the acquisition, spearheaded by former CEO Leo Apotheker during his tumultuous 11-month reign, came to light after HP last year accused former management at the British firm, including then-CEO Mike Lynch, of accounting fraud, which Lynch again denied on Wednesday.
HP eventually swallowed a multi-billion dollar writedown on the asset's value, enraging some investors. The misstep capped a tumultuous decade for the company that encompassed the infamous "pretexting" scandal of 2006, during which it hired detectives to pose as journalists and board members to obtain their phone records.

"Today's vote was a challenge to business as usual for the HP Board following a decade of failures at HP and the board's insistence on blaming recent missteps on the previous CEO," Dieter Waizenegger, executive director of the CtW Investment Group, said in a statement. "These votes are too high to ignore."

The firm, which advises union pension funds with roughly $200 billion in assets and has opposed the re-election of Hammergren and Thompson, wants the board to replace them.
Lead independent director Gupta last week warned shareholders that disrupting the board would destabilize the company during a critical turnaround period. Gupta was re-elected with 80.25 percent of shareholder votes.
"They need to better manage the business," said Michel Cohen, a shareholder from Sunnyvale who voted against some of the board members. "They (board) were part of the old school where they made big mistakes, big acquisitions. They have not created a stable environment."
NEED SOME CHANGES
Investor unrest comes at a bad time for HP and CEO Meg Whitman, who has embarked on a multi-year turnaround to resurrect growth at a company once synonymous with Silicon Valley but has since stagnated as its core personal-computing and printing business declines.
She has asked investors for patience while the company enacts layoffs and cost cuts and expands into areas with longer-term potential, such as enterprise computing services.
"Despite what you have read in the headlines, we are on a solid financial foundation. There is still room for improvement," Whitman told shareholders on Wednesday. She won re-election to the board with more than 98 percent of the vote.
Whitworth, who runs activist hedge fund Relational Investors LLC and was named to the board of the struggling Silicon Valley computing company in 2011, defended HP's board, saying it was among the best he had seen. But he acknowledged that HP's investors have "rightfully" questioned some of the transactions the company has made.
Whitworth, whose firm owned about $800 million worth of HP shares, said shareholders can expect some changes in the HP board in the near term.
"I think you can expect some evolution of the board over the coming years, months maybe," he said at the annual meeting held at the Computer History Museum in Mountain View, a few miles from HP's headquarters.
Lynch, who has repeatedly denied HP's allegations, on Wednesday demanded the board provide more details on its accounting-related allegations, reiterating that HP mismanaged the software company after buying it.
HP said it was cooperating with the authorities and "cannot disclose any information that would interfere with any of the ongoing investigations into this matter."
"We refuse to be a scapegoat for HP's own failings," Lynch said in a letter to shareholders.
(Reporting by Poornima Gupta; Editing by David Gregorio, Leslie Gevirtz and Ryan Woo)
PINTU KUMAR OJHA
P.G.D.M2nd

Kingfisher employees for Mallya prosecution

New Delhi, March 20: Employees of Kingfisher Airlines, who have not been paid salary for the past several months, today asked the government to prosecute promoter Vijay Mallya and threatened to disrupt IPL matches.

"If Gopal Kanda, promoter of MDLR airlines, can be prosecuted for the suicide of an employee, why can't the government prosecute Vijay Mallya for the suicide of family members of his employees," said Santosh Gautam, president of Kingfisher Airlines Maintenance Association.

They also threatened to disrupt IPL matches of the Royal Challenger Bangalore, the team owned by Mallya.

"Last time, when the Formula 1 race was being organised here, afraid of our protests, the airline management paid our salary of one month and assured to pay the dues in instalments but they have failed to keep their promises. This time, we will protest outside the venue wherever the team plays its matches," said S.C. Mishra, another employee.

The protesting employees have urged the players to boycott Mallya's team. They have also asked the Board of Control for Cricket in India (BCCI) not to allow Royal Challenger Bangalore to participate in the upcoming Indian Premier League (IPL).
The employees asked the government to amend labour laws making non-payment of salaries a criminal offence and said the Supreme Court should take suo-moto cognisance of the matter.
Seeking an early intervention on the issue, the employees have written letters to the President, the Prime Minister, the Chief Justice of India, UPA chairperson Sonia Gandhi, civil aviation minister Ajit Singh and director-general of civil aviation Arun Mishra.
The Vijay Mallya-owned cash-strapped airline is grounded since October last year following unrest by employees over non-payment of salaries and subsequent disruption in its flight schedules.
The Standard Operator's Permit or flying licence of the airline expired on December 31, 2012 and the civil aviation regulator had refused to renew it, saying they would have to first clear the dues of their employees and other stakeholders.
Kingfisher Airlines owes more than Rs 8,000 crore to a consortium of 17 banks.
JEEUTIKA SINHA.
PGDM 2nd sem

 

Tesco poaches Facebook and Sainsbury's execs for Blinkbox taskTesco has poached Facebook head of retail Gavin Sathianathan and Sainsbury's head of digital and cross channel Mark Bennett, to Blinkbox's books and music offering.

Sathianathan joins from Facebook's EMEA unit in order to become the managing director of Blinkboxbooks, the ebook service that was born out of Tesco's acquisition of Mobcast in September.
During his time at Facebook, Sathianathan was tasked with leading the network’s adoption by the retail industry.
Sathianathan said: "Technology is changing how people read. Offering a digital book service is an example of what Tesco does best – focusing on the customer and anticipating their needs as the market evolves."
Meanwhile, former HMV and EMI employee Bennett has been appointed as managing director of Tesco’s online music-streaming service, which is being rebranded from We7 to Blinboxmusic.
Tesco has not revealed a launch date for either of the rebranded services, but claims both are scheduled to roll out later in the year.
Scott Deutrom, Blinkbox’s current director of advertising and sponsorship, is being appointed managing director of Tesco's recently announced Clubcard TV, a free ad-supported movie and TV service currently being tested with Tesco staff.
The new digital entertainment services will be run as separate entities from Blinkbox, the movie and TV streaming service that Tesco acquired in 2011. 
PRIYA
PGDM 2nd SEM

RPA Retains Honda Creative Account, Mullen Snags Acura; MediaVest Wins Media

Much-Watched Auto Review Wraps Up With Surprises

By:

Alexandra Bruell

Published: March 18, 2013

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American Honda Motor Co. has selected Los Angeles-based RPA as its creative agency on the Honda business, Boston-based Mullen for Acura and hired Publicis Groupe's MediaVest as its new media agency.

2013 Honda Accord EX-L V6 Sedan

It was a fast-moving process for what was the most closely watched review of the past year. For one thing, it's the biggest account the industry has seen go up for grabs in some time. Honda spent a total of $1.14 billion on U.S. advertising in 2011, according to the Ad Age DataCenter. And being a car, it's a plum account that just about any agency would want to have on its roster.
There's been an emotional component, too, as the outcome would weigh heavily on the fate of its incumbent of 27 years, RPA.
The review began in December, and Honda tapped search consultancy Roth Associates to manage the process. RPA was invited to defend both creative and media duties, according to people familiar with the pitch.
Three other creative agencies advanced to the final round of the pitch. They were MDC Partners' 72andSunny and Interpublic Group of Cos.' Mullen and The Martin Agency. Meanwhile, media agencies that participated in the final round of the review included independent Horizon, Publicis Groupe's MediaVest and Omnicom's PHD.

Related Stories

Honda Casting a Wide Net in $700 Million Agency Review

Slew of Shops, From DraftFCB to 72andSunny and Horizon Are In Contention

$700M Question: Will RPA Hang Onto Honda?

Shop Isn't Just Defending Its Largest Account -- It Could Be Fighting for Its Life

For RPA, the change is not fatal. But it will surely trim down an agency with so much invested in the account. The shop took on the Honda brand business when it opened its doors in 1986; in 1999 Honda consolidated its Acura media and creative business there as well. Founders Gerry Rubin and Larry Postaer launched the firm out of what was Honda's agency group within Needham, Los Angeles, after Needham Harper & Steers merged with Omnicom. Since its inception, the firm has added a handful of accounts, including Farmer's Insurance and La-Z-Boy. But executives familiar with the matter have said that the Honda account still accounts for more than 50% of the agency's business.
For Mullen, picking up the Acura brand is a huge opportunity to help the Interpublic shop continue its trajectory from an East coast mainstay to a formidable national agency. The shop, which was on Ad Age's A-List in 2013 representing the best ad agencies in the country, has been on a new business tear of late. Other clients it added this year include Coca-Cola's Honest Tea, American Greetings and SquareTrade.
For MediaVest the win means that media agency network Starcom Mediavest Group is getting back into the automotive game only a year after Chicago-based Starcom lost its multi-billion-dollar General Motors business to Aegis' Carat.
Honda had been running a concurrent pitch for dealer business, and in December MediaVest also won the media-buying and planning business for a group of Honda dealers in New York's tristate area. Publicis Kaplan Thaler picked up the creative portion of that pitch.
sardar singh
pgdm 2nd sem

RESEARCH NEWS: B2B marketers optimistic about 2013

14 March 2013

Forty-two per cent of B2B marketers report improved confidence in business prospects over the next 12 months, as compared with 35 per cent of non-B2B marketers, according to new research from the Chartered Institute of Marketing (CIM).
The quarterly Marketing Confidence Monitor study included feedback from more than 1300 UK-based marketing professionals, and suggested those working in B2B are generally more confident about the next year than their B2C contemporaries.
Anne Godfrey, chief executive of CIM, said, "It's encouraging to see that, despite the challenging business environment, marketers are generally upbeat in their assessment of business performance and prospects.
“Investment - whether through marketing budgets or headcount - is stable or growing for most businesses, particularly reassuring given the short-term concerns surrounding consumer confidence and UK economic performance.”



                                                     Amjad khan 
                                                       pgdm 2nd sem

This year we will fall short of the target'

S.Ramadorai on the skilling challenges India faces

S. Ramadorai Photo: Rachit Goswami/www.indiatodayimages.com

After a lifetime spent powering TCS to its current position as the country's top technology company, S. Ramadorai, took over as Advisor to the Prime Minister in the National Council for Skill Development in February 2011. He spoke to Chaitanya Kalbag and Shamni Pande on the gigantic skilling challenge the country faces. Edited excerpts:
Q. It is two years since you took charge. How are you tackling the skilling challenge?
A. The scale of the problem is huge. A combination of things has made it more complex. The notion that everybody should have a paper degree, whether it gets them a job or not, has sunk in so deeply that changing

PREETI CHAUHAN

PGDM 2nd SEM

Samsung unveils much-hyped Galaxy S4 smartphone amid Apple criticism

Samsung has unveiled its latest flagship mobile phone, Galaxy S4, following a high-profile marketing campaign and an attack on the launch by Apple's chief marketer.

Samsung: Galaxy S4 smartphone launched in New York yesterday

The South Korean firm launched the Samsung Galaxy S4 yesterday in New York. It is the first time Samsung has debuted a Galaxy phone in the US, in a development interpreted by observers as a challenge to arch rival Apple.
Phil Schiller, senior vice-president of worldwide marketing at Apple, attempted to take the sheen off the launch by criticising the Galaxy S4 for running on the "fragmented" Android platform.
Schiller told Reuters yesterday: "We are hearing this week that the Samsung Galaxy S4 is being rumoured to ship with an OS that is nearly a year old [and] customers will have to wait to get an update."
In a further attack on the Andorid platform, Schiller claimed that Apple knew "it’s not just enough to have products pumped out in large numbers".
Samsung's new phone will run on the 4.2.2 version of the Jelly Bean iteration of the Android operating system, while the first version of Jelly Bean launched on 9 July last year.
Last night, the brand also unveiled the Samsung Hub, which will act as a single entry point for Samsung's five content services.
The Samsung Galaxy S4 will host the Samsung Hub, which will give easy access to Samsung's music, videos, books, games and learning content, within "a stunning magazine-style display".
The Samsung Hub also includes an integrated search that will show related content from the various content portals when a user searches for a keyword.
The mobile manufacturer has spent the last week building up hype for the launch of Galaxy S4 with a number of ads running on YouTube, the first of which has been viewed almost three million times (see below).
Some have suggested the launch of Galaxy S4 will be the moment when the South Korean firm finally eclipses Apple's dominance of the smartphone market.
James Chandler, head of mobile, at Mindshare UK said: "Two years ago, it seemed unthinkable that one of Apple's competitors could put their product development under so much scrutiny – so much so that just like iPad Mini, Apple are having to react to the market, rather than lead it
"The S4's capabilities and buzz post-launch, means that this genuinely could be Samsung's last launch in Apple's shadow."


Ravi Kumar
Pgdm
2nd sem

World Snap > States > Maharashtra > Mumbai > India’s central bank cuts key rates, says little room for more

India’s central bank cuts key rates, says little room for more

Get Latest News on : RBI

IANS

March 19, 2013 12:28:45 IST
Last Updated : March 19, 2013 13:24:47 IST

Mumbai  :  With inflation still a worry, India’s central bank Tuesday cut its short-term lending and borrowing rates by just 25 basis points and left the reserve ratios that also control money available for auto, home or commercial loans unchanged.

The decision, which came with a guidance that there was limited scope for further easing of interest rates, was taken by Reserve Bank of India (RBI) Governor D. Subbarao during a mid-quarter review of the monetary policy for the current fiscal.
The repurchase rate, or the interest on short-term borrowings by commercial banks, has been cut from 7.75 percent to 7.5 percent and the reverse repurchase rate, or interest on short-term lending, automatically stands lowered to 6.5 percent against 6.75 percent.
But with inflation rate still beyond the central bank’s comfort zone, the cash reserve ratio, or the money commercial banks have to retain in the form of liquid assets in proportion to their deposits, has been kept unchanged at 4 percent.
Experts feel this token cut in interest rates — along with a warning of limited scope for more — leaves little room for commercial banks to lower the interest rates on auto, home and commercial loans.
“Since the Reserve Bank’s third quarter review of January 2013, global financial market conditions have improved, but global economic activity has weakened,” the central bank said in a statement.
“On the domestic front, too, growth has decelerated significantly, even as inflation remains at a level that is not conducive for sustained economic growth,” the apex bank said.
“Even as the policy stance emphasis addressing the growth risks, the headroom for further monetary easing remains quite limited.”
The corporate sector was none-too-enthused by decisions, with the Associated Chambers of Commerce and Industry (Assocham) saying investor sentiments have been dampened with the guidance that the headroom for further monetary policy easing remains quite limited.
“In a way, what RBI is telling us that is we must learn to live with high interest rates scenario even as Governor D. Subbarao himself has expressed concern over slowdown in the economy,” said Assocham president Rajkumar N. Dhoot.
India’s annual inflation rate based on wholesale prices rose to 6.84 percent in February compared to 6.62 percent in the previous month due to a sharp increase in fuel, food and vegetables prices, even as that for manufactured products eased to 3.8 percent.
As regards retail prices, the inflation rate based on consumer price index jumped to 10.91 percent in February compared to 10.79 percent in the previous month.
PINTU KUMAR OJHA
P.G.D.M2nd

RIL, TCS lead surge in m-cap of top-10 Sensex companies

BT Online Bureau    Mumbai   Last Updated: March 11, 2013  | 00:00 IST

RIL Chairman Mukesh Ambani

Reliance Industries (RIL) and Tata Consultancy Services (TCS) emerged as the big winners as the combined market capitalisation (m-cap) of top-10 Sensex companies surged by a staggering Rs 83,488 crore last week.

The 30-share Bombay Stock Exchange (BSE) index Sensex rose 4 per cent to end the week at one-month high of 19,683.23.

IT major TCS, with an addition of Rs 16,558 crore to its m-cap, emerged as the top gainer among the top-10 most valued Indian companies. Its valuation stood at Rs 3,10,053 crore.

Mukesh Ambani-led RIL emerged as the second best performer, adding Rs 13,427 crore to its market worth and a valuation of Rs 2,75,343 crore.

Among others, HDFC Bank's market cap climbed Rs 8,590 crore to Rs 1,55,942 crore, SBI (Rs 7,704 crore to Rs 1,47,905crore) and ITC (Rs 5,662 crore to Rs 2,34,951 crore).

The m-cap of ICICI Bank jumped Rs 9,523 crore at Rs 1,31,364 crore, while ONGC's value shot-up by Rs 9,283 crore to Rs 2,78,652 crore.

HDFC Ltd's market value spurt by Rs 5,374 crore to Rs 1,25,239crore, CIL (Rs 3,821 crore to Rs 2,02,281 crore) and Infosys (Rs 3,546 crore to Rs 1,70,559 crore).

Arvind Kumar Pathak
PGDM 2nd
 

The Market Will Not Give Up Its Gains Easily

 

 

                         Ace investor Rakesh Jhunjhunwala

Rakesh Jhunjhunwala is perhaps the most tracked Indian equity investor. A chartered accountant, Jhunjhunwala started his investing career in 1985 with modest sums.  

Forbes puts his net worth at $1.1 billion (about Rs 5,720 crore) in March 2012, with most of the wealth coming from equity investments. He is both a long-term investor and a trader. 

Known for his shrewd investment acumen, Jhunjhunwala manages his own portfolio as a partner in his asset management firm, Rare Enterprises. In an interview with Sowmya Kamath, he talks of his optimism about the future of the Indian market.  

Md.Shane Haider

pgdm 2nd sem

 

Sensex down 107 points in early trade

MUMBAI: Extending losses for the fourth straight session, the BSE benchmark sensex today fell by over 107 points in early trade due to investor concerns, after DMK withdrew its support to the ruling UPA government.

The 30-share barometer, which had lost 562.34 points in the past three sessions, fell another by 107.22 points, or 0.56%, to 18,900.88.

Stocks of consumer durable, capital goods, auto, oil and gas and banking sectors declined due to profit-booking. 



                                                                           Amjad khan
                                                                             pgdm 2ND sem
 

Editor to be held responsible in cases of false reporting: SC

First Published: Tue, Mar 12 2013. 01 05 AM IST

 

 A file photo of the Supreme Court. Photo: Ramesh Pathania/Mint

 

New Delhi: The editor of a newspaper shall be responsible in any civil or criminal case filed against it for publishing offensive news reports, the Supreme Court held on Monday. A bench of justices C.K. Prasad and V.G. Gowda said the editor controls the selection of matter that is published and cannot be exempted from proceedings on the ground that the alleged offensive news was published without his permission.

“From the scheme of the Press and Registration of Books Act, it is evident that it is the editor who controls the selection of the matter that is published in a newspaper. Further, every copy of the newspaper is required to contain the names of the owner and the editor and once the name of the editor is shown, he shall be held responsible in any civil and criminal proceeding,” the bench said.

The court dismissed the plea of the editor of Gujarati daily Sandesh who sought quashing of proceedings against him on the ground that he was not responsible for the publication of a defamatory story in 1999 as the decision to publish it was taken by the resident editor.

“A news item has the potentiality of bringing doom’s day for an individual. The editor controls the selection of the matter that is published. Therefore, he has to keep a careful eye on the selection. Editors have to take responsibility of everything they publish...,” the bench said.

The court passed the order on an appeal filed by a former executive magistrate in Vadodara who approached the apex court against the Gujarat high court’s verdict quashing proceedings against the editor. The magistrate had filed a complaint against the editor and resident editor of the daily for publishing an allegedly false news about his “illicit relations with the wife of a doctor” in 1999.

“At this stage, it is impermissible to go into the truthfulness or otherwise of the allegation and one has to proceed on a footing that the allegation made is true. Hence, the conclusion reached by the high court that there is nothing in the complaint to suggest that the petitioner (editor) was aware of the offending news item being published or that he had any role to play in the selection of such item...is palpably wrong,” the bench said.

“On the face of it, seems pretty obvious. Under the PRB Act, the designated editor is ‘responsible’ for all content, false, offensive or otherwise,” said Outlook editor Krishna Prasad.

“However, rulings like these show courts have not fully comprehended the changed reality of newsrooms, where it is physically impossible for any one individual editor to have checked and verified every word on every page. Some of our press laws were made in pre-independent India...when newspapers were two or four pages long. Surely, they are unrealistic in the modern era?” said Prasad.

“That doesn’t mean an editor should not be responsible but that there is a crying need for greater nuance,” he added.

Another editor of a newspaper, who had not read the judgement, and who didn’t want to be named, said, “We may be attaching too much importance to this. This probably takes into account the fact that often editors pass the blame to reporters and hyphenated editors... What it says is that the editor should be responsible.”

 

ADITYA KUMAR SINGH

PGDM 2ND SEM

Samsung unveils much-hyped Galaxy S4 smartphone amid Apple criticism

by Matthew Chapman, 15 March 2013, 11:20am

3 Comments

Samsung has unveiled its latest flagship mobile phone, Galaxy S4, following a high-profile marketing campaign and an attack on the launch by Apple's chief marketer.

Samsung: Galaxy S4 smartphone launched in New York yesterday

The South Korean firm launched the Samsung Galaxy S4 yesterday in New York. It is the first time Samsung has debuted a Galaxy phone in the US, in a development interpreted by observers as a challenge to arch rival Apple.
Phil Schiller, senior vice-president of worldwide marketing at Apple, attempted to take the sheen off the launch by criticising the Galaxy S4 for running on the "fragmented" Android platform.
Schiller told Reuters yesterday: "We are hearing this week that the Samsung Galaxy S4 is being rumoured to ship with an OS that is nearly a year old [and] customers will have to wait to get an update."
In a further attack on the Andorid platform, Schiller claimed that Apple knew "it’s not just enough to have products pumped out in large numbers".
Samsung's new phone will run on the 4.2.2 version of the Jelly Bean iteration of the Android operating system, while the first version of Jelly Bean launched on 9 July last year.
Last night, the brand also unveiled the Samsung Hub, which will act as a single entry point for Samsung's five content services.
The Samsung Galaxy S4 will host the Samsung Hub, which will give easy access to Samsung's music, videos, books, games and learning content, within "a stunning magazine-style display".
The Samsung Hub also includes an integrated search that will show related content from the various content portals when a user searches for a keyword.
The mobile manufacturer has spent the last week building up hype for the launch of Galaxy S4 with a number of ads running on YouTube, the first of which has been viewed almost three million times (see below).
Some have suggested the launch of Galaxy S4 will be the moment when the South Korean firm finally eclipses Apple's dominance of the smartphone market.
James Chandler, head of mobile, at Mindshare UK said: "Two years ago, it seemed unthinkable that one of Apple's competitors could put their product development under so much scrutiny – so much so that just like iPad Mini, Apple are having to react to the market, rather than lead it
"The S4's capabilities and buzz post-launch, means that this genuinely could be Samsung's last launch in Apple's shadow."  KAUSHAL SINGH PGDM 2 SEM  20/3/2013

Vogue Eyewear launches digital mosaic to unveil its brand endorser in India

Besides unveiling the celebrity, with this activity, Vogue Eyewear expects to increase its fan base on both Twitter and Facebook.

 

 Italy-based Luxottica Group's Vogue Eyewear brand, which has recently signed up a celebrity brand endorser in India, has launched a digital teaser campaign to unveil the star. On its website, the brand has launched an activity which it claims will build the world's largest user-generated mosaic to reveal her (http://www.vogue-he campaign will be on till March 31 and by that time, the agency expects it to be built up to reveal the new face of the brand. The mosaic will need a total of 20,000 pictures and since its launch on February 18, the campaign has so far received around 10,500 entries. Explaining the brief behind the campaign, Suva Ghosh, executive director, Asia, Brandmovers, says, "Vogue has Eva Mendes as its global face and when it signed up a Bollywood celebrity as its new brand ambassador for India, the brand wan

Designed by interactive agency Brandmovers, the mosaic, titled 'Guess Who', lets the user connect to the campaign and be a part of it through a Facebook or Twitter login. Users need to click on the 'Guess Who' tab and connect through Facebook or Twitter to pick their guess from the given list of celebrities. The response will be shared oThe agency claims that the mosaic takes into account only one unique profile as an entry, which means that if a person logs in several times using either Twitter or Facebook, he or she will be counted only once. However, when we checked, we found that the same person can log into the campaign twice, using the Twitter and Facebook profiles.n the users' Facebook or Twitter page with the hashtag #GuessWhoIsInVogueEyewear.
xplaining the brief behind the campaign, Suva Ghosh, executive director, Asia, Brandmovers, says, "Vogue has Eva Mendes as its global face and when it signed up a Bollywood celebrity as its new brand ambassador for India, the brand wanted not to follow the traditional way of unveiling the face on TV or print. Hence, the 'Guess Who' campaign on social media was conceived so that it can also generate engagement on social media for the brand." The agency claims that the mosaic takes into account only one uniqu



VIVEK PATHAK
PGDM 2sem

If anyone gives me nonsense I'm going to say 'don't be a chimp', Sorrell says

 

inShare1

Matin Sorrrell: chief executive of WPP

Speaking to Campaign after the close of a session at Advertising Week Europe, Sorrell said he thought the ad world could learn from Brailsford’s comments about sportsmen needing to control the brain’s emotional centre.
Sorrell said: "I’m sure the idea of disengaging the emotional side of the brain applies to advertising too. I’m going to go back to the office and practice it and see what happens. If anybody gives me any nonsense I’ll say to them: ‘Don’t be a chimp.’"
Sorrell, the chief executive of WPP, took the stage at Bafta for a head-to-head session with Brailsford, the performance director for British Cycling who led Britain to its first Tour de France win and 12 medals at the Olympics last year.
Brailsford spoke about how the theories of Steve Peters, British Cycling’s resident psychiatrist, have underpinned his success. He stressed the importance of controlling the limbic system, the brain’s emotional centre which he dubs "the chimp".
Brailsford said: "In sporting terms, if we get threatened, the chimp will want to fight or run away. When people get ready to compete – whether it’s Chris Hoy or Bradley Wiggins – the chimp agitates and makes them worry about what they will look like in front of all those people, checking out their competitors and thinking what will happen if they win or lose. If you let the chimp take over you’re in really big trouble."
At the close of the session Brailsford picked out clarity as the key factor for winning and in a conversation with Campaign afterwards Sorrell said he agreed "clarity" was something the ad world could learn from sports.
Sorrell said: "I think he’s right, clarity of vision and clarity of strategy are what we can learn from the sporting world. With today’s new markets and new media, consumer insight and horizontality fit the bill.
"What he said about setting yourself rigorous targets is also true. I think that people in our business tend to think that achieving a big hairy goal is difficult, and that something is impossible just because nobody has been there before.
"These things are incremental. Take the example of a guy who won a gold medal by improving his performance by 2.87%. He reduced everything by 2.87% - his weight, his diet, everything."
In the session Sorrell had reminisced about Brailsford’s visit to a WPP new business meeting after the Beijing Olympics in 2008, where he spoke to delegates about "meticulous planning".
Sorrell said: "If the team stayed in a hotel somebody would go and polish the knobs of the doors with disinfectant so that there wouldn’t be any germs. You said at that meeting that you were going to win the Tour de France and you achieved it in two years, faster than you indicated."

                      Ravindra Kumar
                      PGDM 2nd

Cyprus lawmakers reject bank tax; bailout in disarray

 

NICOSIA (Reuters) - Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.

The vote in the tiny legislature was a stunning setback for the 17-nation currency bloc, angering European partners and raising fears the crisis could spread; lawmakers in Greece, Portugal, Ireland, Spain and Italy have all accepted austerity measures over the last three years to secure European aid.
With hundreds of demonstrators outside the parliament chanting "They're drinking our blood", the ruling party abstained and 36 other lawmakers voted unanimously to reject the bill, bringing the Mediterranean island, one of the smallest European states, to the brink of financial meltdown.

Finance Minister Michael Sarris had already headed to Moscow, amid speculation Russia could offer assistance given the high level of Russian deposits in Cypriot banks. President Nicos Anastasiades, barely a month in office, spoke by phone with Russian President Vladimir Putin after the vote.

Anastasiades was due to meet party leaders at 9 a.m. (0700 GMT) on Wednesday to explore a way forward.
"The voice of the people was heard," 65-year-old pensioner Andreas Miltiadou said among a crowd of demonstrators jubilant after the vote.
EU countries had warned they would withhold 10 billion euros (8.6 billion pounds) in bailout loans unless depositors in Cyprus, including small savers, shared the cost of the rescue, an unprecedented step in the stubborn debt crisis.
The European Central Bank had threatened to end emergency lending assistance for teetering Cypriot banks, which were hard hit by the financial crisis in neighbouring Greece.
The island's partners barely disguised their anger.
Euro zone paymaster Germany, facing an election this year and increasingly frustrated with the mounting cost of bailing out its southern partners, said Cyprus had no one to blame but itself for the gravity of the situation.
DEBTS TOO HIGH

"Cyprus requested an aid programme," German Finance Minister Wolfgang Schaeuble told ZDF television. "For an aid programme we need a calculable way for Cyprus to be able to return to the financial markets. For that, Cyprus's debts are too high."

Dutch Finance Minister Jeroen Dijsselbloem, who chairs the Eurogroup of finance ministers, said the bailout offer still stood providing the conditions were met. European Central Bank Governing Council member Ewald Nowotny called on Cyprus to show "discipline and the readiness to act rationally."
But it was Europe's demand at the weekend that Cyprus break with previous EU practice and impose a levy on bank accounts that led outraged Cypriots to empty bank cash machines and unsettled financial markets.
An important issue in negotiations has been the high level of deposits held in the island's banks by non-EU citizens and companies, notably from Russia, where Cyprus has established itself as a major provider of offshore financial services.
BACKLASH
The EU and International Monetary Fund are demanding Cyprus raise 5.8 billion euros from bank depositors to secure the bailout it needs to rescue its financial sector. They say a bailout of more than 10 billion euros would tip Cyprus's debt level into unmanageable territory for its 1.1 million people.
But lawmakers said the levy on deposits crossed a red line.
"You can't take a 10,000-metre jump without a parachute. And that's what they're asking of us," said George Perdikis of the Greens Party.
International market reaction has been muted so far but that might change.
While Brussels has emphasised that the measure was a one-off for a country that accounts for just 0.2 percent of European output, fears have grown that savers in other, larger European countries might be spurred to withdraw funds.
Dijsselbloem, the Eurogroup chair, said there would be no need to impose a levy in any of the 16 other euro countries.
Some Cypriots hope they can get aid from Russia, which has bailed out Cyprus in the past. Many Russians keep their money in Cyprus and operate businesses from there.
Russian authorities have denied that the Kremlin might offer more money, possibly in return for a future stake in Cyprus's large but as yet undeveloped offshore gas reserves, which have raised the island's strategic importance.
An influx of Russian money and influence since the collapse of the Soviet Union has led some Brussels officials to complain privately that Cyprus acts at times as a "Trojan donkey" for Moscow inside the European Union since it joined in 2004.
Banks in Cyprus are to remain shut on Wednesday to avoid a bank run. The island's stock exchange will also be closed on Wednesday
JEEUTIKA SINHA
PGDM 2nd sem

BSE Sensex falls as political worries weigh

                                            Reuters Market Eye - The BSE Sensex is down around 100 points while the 50-share Nifty is 0.7 percent lower. Shares extend losses after the DMK party pulled out of ruling UPA coalition on Tuesday, raising doubts about the fate of government's reforms.
Banking stocks extend losses on continued disappointment as investors were disappointed on Tuesday after the RBI left CRR unchanged and also raised doubts about future rate cuts.
Asian shares were trading lower after a bailout plan for Cyprus fell into disarray, but losses were limited on investors' hopes that a last minute deal was still within reach.
ICICI Bank Ltd(ICBK.NS) falls 1.4 percent and HDFC Bank Ltd (HDBK.NS) is down 0.72 percent.
Hindustan Unilever Ltd(HLL.NS) shares gain nearly 2 percent after UBS upgraded it to "buy" from "neutral" citing expectations of a "strong" business outlook and the prospect of rising volumes for its products
(Reporting by Manoj Dharra)

LALIY SHARMA
PGDM
2ND SEM

20 Mar, 2013, 12.41PM IST, Reuters Goldman cuts Zee Entertainment to 'neutral'; shares fall

Shares in Zee Entertainment fall as much as 5 pc after Goldman Sachs downgraded the television broadcaster to "neutral" from "buy".

Zee Entertainment Enterprises Ltd.

BSE

205.55

-8.45 (-3.95%)

Vol:152414 shares traded

Prices|Financials|Company Info|Reports

Shares in Zee Entertainment Enterprises Ltd fall as much as 5 per cent after Goldman Sachs downgraded the television broadcaster to "neutral" from "buy", saying the stock appears "fairly valued" given macro headwinds that could hurt advertisement spending.

Goldman also says losses from sports brodcasts could widen in the fiscal year ending March given more India cricket series are scheduled for 2013/14.

However, the investment bank sees room for a "dividend surprise" given the company's net cash position and says Zee will continue to benefit from subscriptions tied to digitisation.

Zee shares down 4.5 per cent as of 0650 GMT.

rajat singh
pgdm 2nd sem.
iimt

iPhone sales in India: CCI rejects abuse charges against Airtel, Vodafone, Apple

Fair trade regulator CCI today dismissed charges of anti-competitive practices and abuse of dominant market positions in agreements signed by telecom majors Airtel and Vodafone with global technology giant Apple with regard to the sale of iPhone smartphones in India.
The order, issued by the Competition Commission of India (CCI) today, follows an over one-and-a-half years probe by its investigative arm into complaints that Bharti Airtel, Vodafone (formerly known as Vodafone Essar), US-based Apple Inc and its Indian subsidiary abused the dominant positions in their respective markets for smartphones and GSM cellular services.
Apple makes the popular high-end smartphone device iPhone along with other products like Mac computers and iPad tablet PCs, while Airtel and Vodafone are two major telecom service providers of the country.
The CCI probe was focussed on a particular variant of iPhone, iPhone 3G/3GS and it was alleged that Apple had entered into "some secret exclusive contracts/agreements" with Airtel and Vodafone for sale of iPhone in India, even prior to its launch.
In the complaint filed by an individual, it was alleged that Airtel and Vodafone got exclusive selling rights for undisclosed number of years as a result of their respective agreements with Apple and they had abused their dominant market positions.
The complaint further said that iPhones sold by Vodafone and Airtel were compulsorily locked so that the handset purchased from either of them would work only on their respective networks and none other.
However, CCI said in its order that it did not find Apple Inc, Apple India, Vodafone

Kushank Singhal
PGDM 2nd