XED NEWSLETTER

11 Pages 30th JUNE 2011 6th JULY 2011

a weekly news bulletin

www.xedintellect.com

IN BRIEF
COVER STORY
ECONOMIC INDICATORS
(as on 06.07.2011)

CAIRN VEDANTA DEAL : AN OILY MESS

BSE SENSEX : 19,078 NSE NIFTY : 5,729 GOLD (10 gram) : Rs.21,890 PERSONALITIES OF THE WEEK

CORPORATE INTELLIGENCE:

The Mahindra Group

NEWS DIGEST
BUSINESS NEWS INTERNATIONAL NEWS MISCELLANEOUS NEWS

COMPILED BY

India slips to world's fourth largest steel maker spot in 2010

Greece adopts austerity bill, street battles turn ugly

High life in Tihar: Tea with officer, roaming & chatting up pals freely

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4 BUSINESS NEWS 5-8 INTERNATIONAL NEWS 9 MISCELLANEOUS NEWS 10 GENERAL AWARENESS 11

TOP 10 HEADLINES OF THE WEEK

1. India slips to world's fourth largest steel maker spot in 2010 2. Indian Railways to roll out new e-ticketing service 3. Cabinet reshuffle ruffles Reliance 4. IT Biggies to Post Top-Dollar Sales 5. State excise dept wants city bars to run till 3am 6. Declining participation of women in the workforce 7. Greece adopts austerity bill, street battles turn ugly 8. Zuckerberg richer than Google bosses 9. High life in Tihar: Tea with officer, roaming & chatting up pals freely 10. Govt attacked, no takers for Team Anna

ECONOMIC INDICATORS
Current Market Rates as on 6th July11 Crude Oil Price (USD/bbl.) Gold (10 Gram) in Rs. Values 114.33 21,890 Stock Market Indices as on 6thJuly11 BSE SENSEX NSE (NIFTY) Values 19,078 5,729

GLOBAL CARBON EMISSIONS

Green house gas (GHG) is a gas in the atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the fundamental cause of the greenhouse effect. The primary greenhouse gases in the Earth's atmosphere are water vapor, carbon dioxide, methane, nitrous oxide, and ozone. Greenhouse gases greatly affect the temperature of the Earth; without them, Earth's surface would be on average about 33 C (59 F) colder than at present. Since the beginning of the Industrial revolution, the burning of fossil fuels has contributed to the increase in carbon dioxide in the atmosphere from 280ppm to 390ppm. Unlike other pollutants, carbon dioxide emissions do not result from inefficient combustion: CO2 is a product of ideal, stoichiometric combustion of carbon.

Global warming is caused by the emission of greenhouse gases . 72% of the totally emitted greenhouse gases is carbon dioxide (CO2), 18% Methane and 9% Nitrous oxide (NOx). Carbon dioxide emissions therefore are the most important cause of global warming. CO2 is inevitably created by burning fuels like e.g. oil, natural gas, diesel, organic-diesel, petrol, organicpetrol, ethanol.

COVER STORY: CAIRN VEDANTA DEAL: AN OILY MESS

For one of the fastest growing economies in the world, the recently approved Cairn-Vedanta $9.2 billion (now $ 6.02 billion) deal involving a straightforward buyout shouldnt be such a contentious issue. However, the purchase of Cairns majority stake, about 60 %, in Cairn India by Vedanta has become exactly that. The deal owes its importance to the fact that it will mark the entry of Mining Group Vedanta into the oil & gas sector in India & involves the lucrative Rajasthan oilfields which are the largest onland oilfields in India. What is the deal about? Cairn, the Edinburgh based energy firm wanted to focus on its efforts in Greenland to which effect they had decided to offload their majority stake in Cairn India. Vedanta emerged as a buyer of choice & which gave the mining major an opportunity to enter the Oil & gas sector which had become increasingly lucrative due to rising oil prices. Now, Cairn India is the majority stakeholder in the Rajasthan oilfields (70%) from which it has projected an output of 2, 40,000 barrels per day. The minority stakeholder is ONGC with about 30% share in the oilfield. This is where the contention originates from. A small problem called royalty Vedanta's bid to acquire a controlling stake in Cairn India has hung in balance since last year over royalty and cess issues. According to the original contract between Cairn India and ONGC and before Vedanta was ever in the picture, ONGC is obliged to pay the entire royalty (a tax that has to be paid to the government for the use of the oilfield). ONGC now believes that royalty cost has to be recovered from the sale of oil from the fields before profit is calculated, in other words, the tax or Royalty becomes deductible from oilfield revenues rather than coming post profit calculation - a claim that Cairn disputes as it impacts its profitability. The Group of Ministers which reviewed the proposed acquisition had set two conditions - first, Cairn India and Vedanta must agree to ONGCs stand on royalty and secondly, Cairn must drop the arbitration proceedings it has initiated against the government on its alleged liability to pay the Oil Industry Development Act Cess of Rs 2,500 per metric tonne. Though, Cairn, along with Vedanta, has agreed to these conditions under protest, this is bound to raise corporate governance issues as these conditions will definitely impact profitability. On the other hand the fact that though ONGC owns just 30% stake it paid 100% royalties (including Cairns share) drove the Government to protect ONGCs interests. What the agreement means The fact that Cairn & Vedanta had to bow to the Governments immovable position meant that Cairn had to sweeten the deal for Vedanta by removing the Non-compete fees of Rs 50 per share. This means that the deal value has now gone down to $ 6.02 billion. Back to the past? What has pundits worried is the fact that the delay and the imposition of riders in this deal might not sit well with overseas investors looking at acquisitions in India or other investment opportunities. What the deal has pointed towards is the fact that the government might not hold contracts as sacrosanct and make changes to them if it doesnt agree with any terms. Though no doubt state owned enterprises deserve a level playing field, however, Industry watchers say that the government should sort out such anomalies much before they enter into agreements with any company. The manner in which the Cabinet Committee on Economic Affairs (CCEA) handled the situation and imposed its conditions is being considered a regression into the much feared era of the License Raj. The lessons this deal has brought to the forefront will hopefully not be lost on either Cairn or ONGC. ONGC could learn to play more professionally in the global field & Cairn could be more sensitive to government sensitivities & Interests. On the whole, transparency & playing straight have their benefits & companies would be wise to remember that.

PERSONALITIES OF THE WEEK Christine Lagarde: First lady at the helm of IMF
Born in Paris on Jan 1, 1956. Her father, an English professor, died when Lagarde was in her teens. She and her siblings were raised by her mother and grandmother. She is a vegetarian, teetotaler and a fitness freak. The Financial Times named her last year the best economy minister in the eurozone and Forbes ranked her the 17th-most important woman in the world. Career: Lagarde at 25 joined US law firm Baker & McKenzie in Paris after completing a Masters in English and labor law. She handled major antitrust and labor cases and later rose to become the firm's first female chairman in October 1999, earning a reputation as a sharp negotiator with endless stamina. She was Frances Trade Minister for 2 years before joining the ministry of Economic Affairs in 2007.On 28 June 2011, the International Monetary Fund board elected Lagarde as its next managing director and chairman following Strauss Kahns resignation on sexual abuse charges. Competence Sparkled: She was credited with an important role in securing a 750bn EU rescue fund at the height of a debt market crisis in 2009 and has also been instrumental in moves at EU level toward tighter control of hedge funds, despite British opposition. She has also spearheaded many of the initiatives during France's presidency of the G20. Euro Crisis: During the Eurozone's debt crisis, Lagarde has emerged as the most outspoken opponent of debt restructuring, which she warns would impose high costs on all members in terms of higher financing costs. Viewpoint: A diehard swimmer in her teens she gave up the sport with characteristic wit- Legs up in the pool is not the expected behavior of the minister of the economy. Media: Lagarde was portrayed by actress Laila Robins in the movie Too Big to Fail based on 2008 financial crisis. In the movie, Laila snipes at Treasury Secretary Hank Paulson, played by William Hurt, for letting Lehman Brothers fail and urge him to save insurance giant AIG.

Piyush Pandey: Adman who pushed the bar

Piyush Pandey is the chairman of Ogilvy & Mather India, the first creative head to occupy this post. Under Pandey, O&M became the third largest advertising agency in India. His mile sur humara tumhara for the National Literacy Mission got etched in the collective Indian ad memory years ago and it still lingers. Roots: Born in Jaipur, Rajasthan, Pandey is the small-town ideas man who adapted to proper big city life without letting go of his gulli-danda exuberance. He obtained his Master's degree from St Stephen's College, Delhi. Cricket seemed to be his calling as he led Delhi University to its win in the Rohinton Baria Trophy in 1979. He also played in Ranji Trophy. His brother Prasoon Pandey is a renowned director of Indian advertising films. Career: Piyush worked as a tea taster, before joining Ogilvy in 1982 as a suit. In 1989, he moved to the creative department and rose to become the National Creative Director, O & M, India by 1994. In Feb 2004, he was appointed the Executive Chairman for Ogilvy, India & South Asia. The Economic Times, declared him "the most influential man in Indian advertising". In 2000, the Ad Club of Mumbai voted his commercial for the adhesive brand "Fevikwik" (Jor laga ke haisha) the commercial of the century" and his work on "Cadbury's" as the campaign of the century. He is the only Indian to have won a double Gold at Cannes and a triple Grand Prize at London International Awards. Viewpoint: What matters to him is not letting go of things he believes in. He states If you believe in something, persuade the client. If it means going and getting drunk with him, go get drunk. If it means knocking his nose off, knock his nose off. Time to Give Back: Having been associated with the Berlin school in several capacities, Pandey will now serve as an honorary industry mentor to senior executives of the Berlin School's five-module global Executive MBA in a creative leadership programme. Turning ambassador: D&AD has made Piyush Pandey the brand ambassador for the Indian market for its White Pencil award. The award will be given for any idea that raises awareness or changes behaviour around a pressing social, environmental or health issue.

BUSINESS NEWS
1. India slips to world's fourth largest steel maker spot in 2010 ET 30 June India slipped one step to become the fourth largest steel producer in the world in 2010 with 68.3 million tonnes (MT) production, according to World Steel Association (WSA). India had produced 63.5 MT steel in 2009. Marching past India and Russia, the US became the third largest producer of the alloy with 80.5 MT output in 2010. It was the fifth largest steel maker in 2009. China remained on top & Japan was the second highest producer in 2010.There were no Indian firms among the top- five producers of the alloy in the bygone year. The main producers were ArcelorMittal, Baosteel, Posco, Nippon Steel and JFE and their cumulative contribution was 236.7 MT to the world's total production. 2. Indian Railways to roll out new e-ticketing service ET 5 July Indian Railways is all set to roll out its own e-ticketing service, which will have no room for travel agents and will be reserved for individual users. "Unlike the e-ticketing service of IRCTC, the new service by Indian Railway will have no role of travel agents and commercial organisations. Only individual users will be allowed to book on the portal," said a Railway official. Travel agents in the IRCTC service have been accused of blocking tickets to sell them at a premium. Public resentment has also led the railways to bar travel agents from booking tatkal tickets during peak hours on the IRCTC portal. Under the new railway e-ticketing service, individual customers would need to register themselves for the first time for availing the services. 3. Cabinet reshuffle ruffles Reliance - ET 5 July For a company that is used to getting the rub of the green, for the past six months, Reliance Industries has suffered the repeated ignominy of being left kicking the dirt. Since January, when a cabinet reshuffle saw Jaipal Reddy replace Murli Deora in the ministry of petroleum and natural gas, several arms of the government have been scathing of RILs production and cost numbers of its trophy gas project, dismissive of its reported oil finds and silent on a tie-up approval it needs more than anything else today. In 2011, the RIL stock has fallen 18.3%, hitting a two-year low on June 16. This is more than double the fall in the BSE Sensex, which is down 8.8% for the year. 4. IT Biggies to Post Top-Dollar Sales- TOI 6 July The top four listed IT companies are expected to report sequential growth of 4-6% in dollardenominated revenues during the quarter ended June 30, 2011, better than the lukewarm growth of 2-4% in the previous quarter, as demand stays strong in the key markets of Europe and North America. TCS, Indias largest software company, and Shiv Nadar-controlled HCL Technologies, the fifth largest, are likely to be the biggest beneficiaries of the IT outsourcing demand. Infosys, which will kick off the first-quarter results season when it declares its numbers on July 12, is expected to beat the upper end of its guidance. The company has guided for sequential revenue growth between 2.6% and 3.6% in dollar terms. They predict a 4-5% revenue growth in the June quarter. 5. State excise dept wants city bars to run till 3am - TOI 7 July If a controversial proposal submitted by the excise department is accepted, well over 3,000 bars and permit rooms in the entire Mumbai-Thane belt will be allowed to remain open beyond midnight. Presently, while permit rooms and bars are allowed to serve liquor up to 12.30am, coffee shops attached to star hotels have no such restrictions. The excise departments demand for extending bar closing hours to 3am is pragmatic. While conceding that the proposal would definitely be opposed by the home department as well as all sections of society, a senior official of the department said that one could not ignore the fact that Mumbai was an international city and there was nothing illegal or wrong in allowing bars and permit rooms to operate beyond midnight.

6. Declining participation of women in the workforce - ET 29 June Chief Statistician T C A Anant has attributed the marginal fall in employment rate in the country to declining participation of women and children in the labor force. Commenting on the key indicators of the recently released 66th round data on 'Employment and Unemployment' by the National Sample Survey Organisation , Anant said calculating the rate of employment and unemployment figures in India is a problematic job as various factors are included into it. The key indicator from the survey, details of which are to be released later, had also shown that workers population ratio in the country has declined to 39.2 per cent in 2009-10 from 42 per cent in 2004-05. 7. After Management Tiff, Godrej Kisses Hersheys Goodbye ET 6 July US-based chocolate and confectionery major Hersheys and the Godrej Group have called off their joint venture in India following management differences in running the entity. At a recent board meeting, both sides mutually agreed to call off the partnership following which Hersheys will sell its 51% stake to Godrej Consumer Products Ltd (GCPL) for an undisclosed amount. Investment banking officials said the Godrej Group was impatient with the slow progress of the . 450-crore Godrej Hersheys at a time other consumer goods marketers have been recording good growth in the chocolates category. Four years into the venture, the US company did not progress beyond introducing its popular chocolate syrup, which was launched in 2008. 8. Quality of Data Fails Policymaking: RBI ET 6 July Policymaking at the Reserve Bank is often failed by bewildering quality of data that does not reflect real economic activity, raising doubts on its growth and inflation forecasts, Governor D Subbarao said amid debate whether the last few years of growth created jobs, or destroyed them. A field study of demand by Goldman Sachs validates the governors doubts about various numbers such as the Wholesale Price Index and Index of Industrial Production, as 10 rate hikes in the past 15 months are still not dampening demand while official data points to a slowdown. At the Reserve Bank, we are handicapped by the reliability of some of the basic data that we need to use in policy calculations, Subbarao said at the 5th Annual Statistics Day Conference. Economic forecasts of every institution, from the Central Statistical Organisation to the Planning Commission and the central bank, have been questioned in the last two years as many of them turned out to be inaccurate, forcing revisions. 9. Except tickets, Indians aren't shopping online ET 6 July Looks like Indian consumers aren't comfortable buying personal things like clothes, shoes or jewellery online. According to a report by the Internet and Mobile Association of India (IAMAI), barring a few services such as online ticketing and hotel bookings, consumers aren't buying online. A large number of surfers use the internet to simply look for information about the product or service they want. E-tailing, which includes the purchase of durable products such as electronic items, home and kitchen appliances, as well as personal items like apparel and jewellery, constitutes only 8% of the market.

10. Cairn-Vedanta deal gets government nod; ONGC to have the last laugh ET 01 July

All is well that ends well. The long-awaited approval of the Cairn Vedanta deal that comes after ten months is expected to leave its imprint on the oil and gas sector in more than one way. For one, the deal signifies the entry of the metal and mining group Vedanta Resources into the oil and gas sector even as it finally puts to rest the debate over whether investors in the sector can exit by selling out. Most importantly, the government's decision to grant approval to the deal only if the obligations on royalty payments are reworked is set to open up a whole new debate on sanctity of contracts and policies. According to R S Sharma, former chairman of ONGC, who had led the opposition to the royalty provision, a conditional approval by the government would not do down well with investors.

11. AC makers feel the heat as sales dip this summer ET 30 June

Sales of air-conditioners and refrigerators have either fallen or stayed flat this season due to a weak summer, higher prices as well as rising food and fuel costs that's making consumers more cautious with their money. Air-conditioner sales in North and Central India peak during the summer months when companies achieve as much as 40% of their annual sales in those regions. This year has been different mainly because of higher ticket prices, rising lending rates and overall inflation trend. Among those affected is market leader LG. Most companies increased home appliances prices 7-10% early this year to offset rise in raw material prices. While refrigerators became costlier by Rs 500-1,500, air-conditioners' prices rose by Rs 2,000-3,000. As a result, consumers started to postpone purchases hoping for price cuts in the future. 12. Coca-Cola factory in trouble over pigeon deaths; Animal rights activists up in arms - ET 01 July The Coca-Cola factory at Goblej near Ahmedabad has a pigeon problem, there have been allegations of 200 pigeon deaths on the company's property and a postmortem on two of the unfortunate birds. Coca-Cola says only two birds were found dead at its plant. There has also been a police investigation, arrests and ruffled feathers among animal rights activists. According to Harmesh Bhatt of the Ahmedabad-based ASHA Foundation, an organisation that treats stray animals, the world's biggest soft drink maker used rough and ready methods to trap and kill about 200 pigeons on its property. The implements used in the operation were nets to trap the birds, and sticks, stones and bare hands to kill them. The 'flying rats' make the place messy with their droppings, which are corrosive and can cause diseases. Coca-Cola also promised to investigate the incident. 13. Kaun Banega Crorepati: Barmer Just isnt Interested! - ET 2 July 1,500 farmers in and around Kapurdi and Sondri villages of Barmer whose bank balances swelled to eight digits and SUVs appeared outside their houses after oil major Cairn India and two other companies bought 54,000 bighas of their land. A Cairn-Vedanta deal, will expedite the setting up of an oil refinery in the vicinity. The Rajasthan government has identified 7,200 bighas for the project and expressed a willingness to pick up 26% in it. Stretched across the Thar Desert, Barmer was dismissed as the dust bowl of Rajasthan. In January 2004, Cairn, the Indian arm of the Scottish oil exploration company, struck oil in and changed its fate. The company forecasts that, they will account for about 20% of Indias crude oil. 14. 'India developing indigenous 90-seater aircraft' The Hindubusinessline 01 July India hopes to test fly its first indigenously developed 90-seater regional transport aircraft in the next five years, a top official has said. The 90-seater RTA will be developed as a team India initiative led by CSIRNational Aerospace Laboratory (NAL), which could also see some global participation, CSIR Director General Samir Brahmachari said here today. A committee headed by former ISRO chairman G Madhavan Nair submitted a feasibility study to Council of Scientific and Industrial Research (CSIR) recently in this regard. The Committee, which had top bureaucrats and aerospace scientists as members, has suggested a twopronged approach Design Development and Production Unit to realise the objective. The panel has set a target of sixeight years for completion of the development and production stage of the project.

15. The Facebook rule book - ET 2 July

Facebook took down the pages of Cadbury Bournville and FCUK India, only to restore them - with the fan base and wall intact - back two days later. It was not a sweet surprise for the chocolate maker that is still wondering what they did to earn the suspension. Companies should play by these rules. Dos: The individual creating the page must be the official representative of an organisation, business, celebrity or brand or a brand, business or organisation can give a certain agency the authorisation and permission on their behalf to set up, manage and promote the page. Don'ts: Use the 'Like' button, as a voting mechanism. Neither can you use them for registration or entry. You need to get a clarity on this clause, as this is where most companies default.

16. Mahindra Aerospace to take wings soon The Hindubusinessline 3 July Mahindra Aerospace Pvt Ltd, which is to start work on the $60-million aerostructure production business, plans to step up investments, according to Mr Arvind Mehra, Executive Director and CEO. There are plans to go beyond what we thought of initially, he told newspersons in Chennai recently. Work on the aero-structure aircraft frame components production facility is to start in a matter of days and the plant will be up in a little over a year.The Mahindra & Mahindra group company will subsequently get into production of aero assemblies and composites-based aero-structure after starting with metal components. 17. Home-grown 'jugaad' set for patent cover TNN 4 July India's spirit of jugaad is finally going to get legal backing. Innovators who have for long been dismissed as copycats or blamed for piracy would soon get intellectual property rights, at par with patents, with the industry dept going to move a bill. The move to grant 'petty patents' or 'innovation patents', also called utility models, follows a near strong support to a proposal floated by the department of industrial policy and promotion, at least from domestic players. The idea was to give intellectual property rights to the small scale industry's innovations that lead to inventions which do not strictly conform with patent laws. Under the Patents Act, protection is granted if there is novelty, inventive step and industrial application. It is denied in case there is a mere discovery of new forms of known substances, rearrangement or duplication of devices and inventions due to traditional knowledge. 18. At 7.61%, food inflation falls to 7-week low The Hindubusinessline 6 July Food inflation eased to a seven-week low during the week ended June 25, aided by the base effect and a continuing slide in items such as vegetables and pulses. Fuel inflation too edged down, even though the effect of the hike in prices of diesel, kerosene and LPG on June 24 is not reflected in the data. According to data released by the Government on Thursday, the food inflation estimate, based on the annual Wholesale Price Index, rose 7.61 per cent during the latest reported week. During the corresponding period last year, food inflation was close to 20 per cent. The cascading effect of last month's increase in diesel, kerosene and cooking gas prices are expected to nudge up food prices in the coming weeks, analysts said. 19. India Inc raises less capital; shifts to foreign borrowings - The Hindubusinessline 4 July After raising record sums of money through the debt and equity routes in the domestic market last year, India Inc found capital flows drying up in the first six months of 2011.Data compiled by the news agency Bloomberg show that sums raised through Qualified Institutional Placements (QIPs) fell almost three-quarters in the first six months of 2011, compared to last year. Amounts collected by Initial Public Offers (IPOs) were down 66 per cent and those from rights offers by a third in the first six months. India Inc also reduced the amounts raised through syndicated loans. The only route that companies tapped quite aggressively this year was the international bond markets, where the amount garnered more than trebled. The low interest rates on global borrowings, even as interest rates back home were inching up, seem to have driven this shift. 20. FDI in multi-brand retail to boost food processing industry PTI 6 July The government should allow FDI in multi-brand retail sector as it will help the food processing industry in adopting new technologies and improving productivity, Assocham said today. The Rs 5.45 lakh crore food processing industry is estimated to touch the level of Rs 8.73 Lakh crore by 2014-15, the chamber said. Despite high growth, the industry is still dominated by small scale and unorganized sector mainly involved in producing low value added products, it said. Only 7% of total agriculture produce is processed in India compared to 53% in the US and 42% in New Zealand, it said. The food processing industry contributes nine% to the GDP, accounts for 14% of total industrial output.

INTERNATIONAL NEWS 21. Greece adopts austerity bill, street battles turn ugly ET 30 June
Greek lawmakers backed a stinging new austerity plan demanded by international creditors, sparking frenzied battles between masked rioters and police firing tear gas late into the night. An estimated 500 to 600 hardcore youths hurled missiles, according to police, who responded with volleys of tear gas that blanketed Syntagma Square in front of the parliament and reached high floors in surrounding buildings. Security forces drove protesters further away from the parliament, but a blaze broke out at the finance ministry on the far side of the square amid early evening running battles. 22. Zuckerberg richer than Google bosses PTI 30 June Facebook founder Mark Zuckerberg's personal fortunes have soared, thanks to investment fund GSV Capital's recent stake in the social networking site, which has put the Harvard dropout at a worth higher than Google founder Sergey Brin and Larry Page. Earlier this week, GSV Capital Corp bought 225,000 shares in Facebook at an average price of $29.28 each. This stake values the popular social networking site at about $70 billion. Based on the new investment, Zuckerberg in turn is worth approximately $18 billion, a report in Time magazine said. This estimate makes Zuckerberg the third richest man in the technology sector in the world, only behind Microsoft's Bill Gates and Oracle's Larry Ellison.

23. Facebook becomes biggest seller of online advertising with more than $2 bn in revenues ET 01 July
Facebook has become the biggest single seller of online display advertising in the United States with more than $2 billion in revenues this year, according to research firm eMarketer. Online ad sales have boomed in recent years largely because they finely target consumers in a way that print media and TV cannot match. Google and Amazon initially pioneered the trend by analysing web surfing and internet searches to target customers tastes. Now Facebook has brought a new level of sophistication to the game: mining data from its social network about users' likes and dislikes as well as those of friends to better target ads. The 'social ad' approach can be seen in a current Facebook campaign run by tennis racket maker Head. Users who link to Andy Murray's page get updates from the player himself mixed in with ads for his sponsor and jokey Youtube videos. 24. Thai Elections: Analysts Weigh In WSJ 4 July The Puea Thai Party won a solid majority in Sundays election in Thailand, and with Prime Minister Abhisit Vejjajiva conceding defeat; markets are hoping the result will bring some much-needed stability to the country. In the run-up to the election, investors dumped Thai shares, but according to some early indicators, sentiment is positive. The benchmark SET index is up more than 3% at Mondays open, the baht is surging and spreads on Thai credit default swaps are tighter. 25. Christine Lagarde: IMF must focus on credibility - BBC 6 July Christine Lagarde, the new head of the International Monetary Fund (IMF), says she wants the fund to be more connected, credible and comprehensive. She was speaking at her first press conference since taking over the IMF. Later she told the BBC a solution for eurozone debt had "to be comprehensive, cohesive and not ad-hoc, as sometimes has been the case in the past". She also said she was confident about Portugal because there was cross-party support for its austerity measures. And she defended her appointment as the latest in a long line of French IMF heads, saying, "I don't feel specifically French or European, I feel very much a member of the whole community." Ms Lagarde said she wanted to improve diversity at the IMF. She pledged to push ahead with reforms to give emerging markets greater sway at the international lender.

MISCELLANEOUS NEWS
26. High life in Tihar: Tea with officer, roaming & chatting up pals freely TNN 2 July On a surprise visit to the jail on Thursday, inspecting trial court judge Brijesh Kumar Garg was aghast to see that high profile undertrial prisoners (UTP) were being given undue liberty by the jail authorities. Sacked Games organizing committee chief Suresh Kalmadi was having tea and snacks with the jail superintendent in his chamber. Asked why, he was told that the sacked CWG organizer was awaiting a van to take him to hospital. The jail superintendent, however, failed to explain the tea and snacks. The superintendent has been asked to submit the entire record of medical treatment given to Kalmadi, along with details of his visits to hospitals. The judge found that the cells of 2G spectrum accused were unlocked and all the high profile UTPs were able to roam around and interact with each other. 27. Govt attacked, no takers for Team Anna line IE 4 July The government came under attack from several parties on Sunday for bypassing the established procedures of law-making and involving civil society in preparing the draft of the Lokpal Bill. However, Team Annas version of the Lokpal Bill found no supporters at the all-party meeting, which adopted a one-line resolution that said the government should bring before the next session of Parliament a strong and effective Lokpal Bill following the established procedures. There were also few takers for Anna Hazares deadline for passing the legislation in the next session, as even the BJP favoured its passage in the winter session of Parliament after introducing it in the monsoon session. 28. 4 new slums bigger than Dharavi TOI 6 July Dharavi, spread over 557 acres and home to nearly three lakh people, is no longer Asias largest slum. There at least four larger contenders for the dubious distinction in Mumbai itself, some of them three times the size of Dharavi. Strikingly, though, the island city is now largely free of slums except for a few fringe pockets. The Kurla-Ghatkopar belt, the Mankhurd-Govandi belt, the Yogi and Yeoor hill slopes stretching from Bhandup to Mulund flanking the Sanjay Gandhi National Park (SGNP) on the east and Dindoshi on the western flank of the National Park have all eclipsed Dharavi. According to the 2001 census, Mumbai had a total population of 11.9 million, of which 64.5 lakh or 54.5% lived in slums. There were only 23.3 Lakh slum dwellers in 1991, which was 24.5% of Mumbais total population of 99.6 Lakh. Today 78% of the city resides in slums which clearly indicates that there is something wrong. 29. IIT-Delhi rolls out 'etiquette lessons' for SC/ST students TOI 30 June Scheduled Caste and Scheduled Tribe candidates of IIT Delhis will take etiquette lessons required to live on the tech school campus. Delhi is the only IIT to have felt the pressing need to put all the selected SC/ST candidates through classes on manners. But not everyone thinks of the "correctional programme" as a means to achieve equilibrium among campus residents. An IIT-Delhi faculty member feels, to carve out a group on the basis of their origins and put them through a training programme - I would term it nothing short of apartheid." 30. Kerala: India's poor little rich state - ET 4 July When economist Geoffrey Sachs visited Kerala, he pointed to the state's crumbling infrastructure and its stretched finances as likely pressure points as the state built on its enviable foundation of developed country-level quality-of-life indices. Sachs, of course, wasn't privy to all the wealth that had accumulated over centuries in the secret vaults of the Sree Padmanabha Swamy temple. The treasure trove in a temple's vaults versus an economy that struggles to find funds for the Kochi metro project, for instance, is reflective of the overall Kerala picture. That money has mostly been untouched for industry or infrastructure, allegedly because the state does not have enough bankable projects. All the wealth of the Padmanabha Swamy temple is also out of bounds for the economy.

CORPORATE INTELLIGENCE THE MAHINDRA GROUP

Head Quarters: Mumbai Revenue: US $12.5 billion Group Companies and Businesses: As of 31st March 2011, the Group flagship company Mahindra & Mahindra Ltd. has 110 subsidiary companies with operations spanning 18 key industries namely Aerospace, Aftermarket, Agribusiness, Automotive, Components, Construction Equipment, Consulting Services, Defence, Energy, Farm Equipment, Finance and Insurance, Industrial Equipment, Information Technology, Leisure and Hospitality, Logistics, Real Estate, Retail and Two Wheelers. Key People: Keshub Mahindra (Chairman); Anand Mahindra (Vice Chairman & Managing Director) Mahindras Journey with an Independent India: In 1945, two enterprising brothers J.C. Mahindra and K.C. Mahindra joined forces with Ghulam Mohammed and started Mahindra & Mohammed as a steel trading company in Mumbai. Two years later, India won its independence, Ghulam Mohammed left the company to become Pakistans first finance minister and the Mahindra brothers ignited the company's enduring growth with their decision to manufacture Willys jeeps in Mumbai. The companys new name? Mahindra & Mahindra!! Early pioneers of globalization, the brothers collaborated with a wide range of international companies and by 1969 the company entered the world market as an exporter of utility vehicles and spares. Mahindra & Mahindra created a tractor division in 1982 and a tech division (now Tech Mahindra) in 1986. By 1994, the Group became so diverse that it undertook a fundamental reorganization and the new Managing Director, Anand Mahindra, followed this reorganization with a new logo in 2000 and the successful launch of the Mahindra Scorpio (a wholly indigenously designed vehicle) in 2002. Together with an overhaul in production and manufacturing methods, these changes made the company more competitive and since then the Group's reputation and revenues have risen noticeably. In 2009, Forbes ranked the Mahindra group among the top 200 most reputable companies in the world. The Mahindra Group Today: The Mahindra Group is now a US $12.5 billion multinational conglomerate with more than 119,900 employees in over 100 countries across the globe and comprises 10 business sectorsAftermarket, Automotive & Farm Equipment, Defence Systems, Financial Services, Hospitality, Information Technology, Real Estate & Infrastructure, Systech, Two Wheelers and Mahindra Partners. Their portfolio comprises a wide spectrum of vehicles from two wheelers to heavy trucks, SUVs to school buses and services include maintenance and repairs, customization, providing spares, and manufacturing and engineering. Mahindra & Mahindra Ltd, the flagship company of the Mahindra Group, enjoys a leadership position in the global Tractor industry and the Indian Utility Vehicles market while Tech Mahindra, which began as a joint venture between Mahindra and British Telecom (BT) in 1986, is today the fifth largest software exporter in India. INTELLIGENCE BYTES: Mahindra & Mahindra shares were first listed on the Bombay Stock Exchange (BSE) in 1956. In 2009, Tech Mahindra took over Satyam Computer Services, the scam hit Hyderabad-based Indian IT giant. Tech Mahindra, through its special purpose acquisition vehicle Venturbay Consultants, placed the winning bid of Rs. 58 per share, one-tenth of the share price that Satyam had traded at, in the previous year. Mahindras first retail foray, the Mom & Me retail chain, positions them as first movers in the market for maternity and baby needs. Mahindra acquired a majority stake in the Reva Electric Car Company in 2010 to advance the design and production of electric cars worldwide and has the largest deployed fleet of electric cars on the road today. The Mahindra group is partnering with U.S. telecom equipment maker Cisco Systems, to provide a range of services including cloud computing. In January 2011, the Mahindra Group unveiled its new brand position Rise and a new core purpose based on three pillars - accept no limits, think alternatively and drive positive change, to unify Mahindra's image across industries and geographies.