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Anuratna Chadha appointed Country Business Manager for CITI Private Bank
Friday, 30 November, 2007
Mumbai, Nov 29 (ANI-Business Wire India): Anuratna Chadha has been appointed as Country Business Manager - India for Citi Private Bank and onshore head of Citi Global Wealth Management businesses in India.
With effect from January 1, 2008, Chadha will manage Citi Private Bank's business in India and will also have additional supervisory responsibility for the Citi Smith Barney business.
Based in Mumbai, he will report to Sanjay Nayar, Chief Executive Officer for Citi India and Ajay Sondhi, Region Head - Global India, Citi Global Wealth Management, Singapore.
Citi Private Bank delivers holistic wealth management services to clients with a net worth in excess of USD 10 million (about 40 Indian crores).
Citi Smith Barney offers a comprehensive range of financial planning and investment services underpinned by an equity brokerage platform for high net worth and mass affluent clients.
"The appointment of Anuratna, one of Citi India's most experienced managers, underscores the importance that Citi and its senior leadership attach to the wealth management business in India. We have already invested significant amounts of human and capital resources with the ambition of becoming a market leader in the wealth management sector in India. We are confident that under Anuratna's leadership, Citi will strengthen its market leadership and capture a growing proportion of the wealth management business in India," said Nayar.
Sondhi added: "India's break-taking economic expansion is giving rise to one of the region's biggest - and fastest growing - pool of high net worth individuals. They are demanding a more sophisticated range of financial instruments to help them meet their wealth management needs and goals. Since 2005, Citi Private Bank has built an extensive onshore products platform and assembled a team of experienced private bankers, product specialists and support staff in the key cities of Mumbai and Delhi. Citi Smith Barney has also established itself as a premier and innovative wealth management provider for the high net worth and mass affluent segment."
India was the second fastest-growing wealth market in the world last year, according to the Merrill Lynch Cap Gemini World Wealth Report 2007. The number of US dollar millionaires grew 20.5% to 100,000, outpacing the overall Asia Pacific and global growth rates. High net worth wealth in India was worth a collective US$350 billion. Forbes magazine estimates that India has 54 billionaires, the single largest collection in the Asia Pacific.
Chadha is a well-regarded banking professional with nearly two decades of industry experience, including 17 years with Citi. He is Citi's Head of Asia Pacific Corporate Banking for the Indian Sub-Continent Cluster where he oversaw significant growth in the business.
Citi has the largest footprint among wealth managers in the Asia Pacific with more than 20 offices across the region. Over 2,000 wealth management professionals, including 600-plus private bankers, financial advisors and investment specialists, serve 6000 high net worth individuals and families, including half of all billionaires in Asia ex-Japan. (ANI)
--MP
President Patil calls for adoption of modern technologies in Indian institutes
Thursday, 29 November, 2007
Nasik, Nov 28 (ANI): President Pratibha Patil today urged the Indian educational institutes to take lead by adopting modern technologies.
"Foreign institutions are taking the lead in the field of education. We should make an effort to take the lead by adopting modern technologies," Patil said after inaugurating the Bhujbal Knowledge City at Adgaon near Nasik.
She also asked the universities and the state governments to provide facilities for courses in biotechnology across the county.
Patil said that the research and development in all field must be given more time.
"Youth should be self-sufficient and face challenges in life," she said.
Patil also unveiled a statue of Social worker Jotiba Phule at the educational complex on his 117th death anniversary.
Maharashtra Chief Minister Vilasrao Deshmukh, Governor S M Krishna, PWD Minister Chagan Bhujbal were also present during the occasion. (ANI)
--MP
Frontline Strategy launches 200 million dollars India Industrial Growth Fund
Wednesday, 28 November, 2007
Mumbai, Nov 28 (ANI/Business Wire India): Mauritius-based Frontline Strategy Ltd today announced the launch of its 200 million dollars India Industrial Growth Fund (IIGF).
The fund will make private equity (PE) investment in India's small and medium enterprises, with each investment likely to be in the 10-12 million dollars ranges over the life-cycle of the investment.
The Fabiani Family Investment Office is the anchor investor in the fund.
IIGF's broad target investments would be companies that are in the early stages of the PE investment space, primarily in the industrial space and with revenues between INR 200 million and INR one billion.
A soft closure of 33 million dollars has already been achieved, and the fund plans to invest shortly in a few identified opportunities.
IIGF is Frontline Strategy's second private equity fund, the first being Strategic Venture Fund (Mauritius) Limited (SVF), with total capital returns at over 85 million dollars.
Harish Fabiani, Venture Partner, Frontline Strategy, and Co-Founder, Fabiani Family Investment Office, said, "IIGF fulfils the long-awaited need of India's SMEs for access to quality global investment funds."
"The team at Frontline Strategy have not only been brilliant in spotting India's ground level SME opportunities, but also helped investee companies with critical strategic and business inputs to excel in the global marketplace," added
Atim Kabra, Founder Partner and Principal, Frontline Strategy, said, "The launch of the India Industrial Growth Fund is founded on the success of the Strategic Venture Fund, our first private equity fund. We are delighted with the response of global investors to India's SME proposition,"
"We are confident that, with the right and timely infusion of capital and strategic advice, Indian SMEs with good management and compelling business models could be fast-forwarded on the growth track," added Kabra. (ANI)
--MP
President Patil says country needs to follow Saibaba's philosophy
Shirdi (Maharashtra), Nov 27 (ANI): President Pratibha Patil today said for the unity and peace to be established, the country needs to follow philosophy of Saibaba that all religion are based on same fundamental principals.
Inaugurating 'Prasadalaya' of Shri Sai Baba Sansthan Trust at Shirdi, President Patil said, "These values would help in building a sense of inner strength and respect among people."
President Patil, who arrived here last evening, will also inaugurate the 11th Inter-University Sports Tournament- the 'Ashwamedh' at Nashik.
On Wednesday, she will unveil the plaque of the Institutional Complex of Mumbai Educational Trust at Bhujbal Knowledge City, Adgaon, Nashik.
Patil is also scheduled to inaugurate Yashwantrao Chavan Planetarium and Science Center and Nashik Festival to celebrate the Silver Jubilee Year of Nashik Municipal Corporation at Nashik.
The President will return to Delhi on Wednesday evening. (ANI)
--MP
Dutts will welcome Sanjay with homemade food and a good bed
Tuesday, 27 November, 2007
Mumbai, Nov 27 (ANI): Priya Dutt, the Congress MP and sister of film actor Sanjay Dutt, today said that no special preparations are being made for her brother's return from Pune's Yerwada jail after he was granted bail by the Supreme Court.
Commenting minutes after Sanjay got bail in a case connected with the 1993 Mumbai blasts, Priya said, "A good homemade food and a good bed for him (Sanjay) to sleep are all he would be provided with, when he returns home."
She said that her family's struggle would continue as Dutts have already filed a case in the Supreme Court challenging the special TADA court's verdict that convicted Sanjay for illegally possessing weapons and awarded him six years of Rigorous Imprisonment under Arms Act.
Thanking God, people of the country and media for being supportive to them, Priya said that it would take three or more days for the legal formalities to complete before Sanjay is released from Pune's Yerwada jail on bail.
Regarding her brother, who has been in the Pune jail since October 22 when he surrendered to the court after his interim bail came to an end, Priya said that Sanjay has been very brave and every family member gave each other strength and courage.
She refused to say anything about the actor's future film assignment, saying that she is not involved with his professional commitments.
Sanjay's colleagues and few of his friends are expected to receive him at the Yerwada jail when he would be released.
He had spent 22 days at the same jail in August, before he received the interim bail by the Supreme Court on August 20.
Meanwhile, yesteryear's noted actress Saira Banu said that she had no words to express her happiness about hearing Sanjay's bail, and said that hopefully he would be able to celebrate New Year with his family members and friends since he failed to get the bail before Diwali. (ANI)
--MP
President Patil to visit Shirdi today
Shirdi, Nov 27 (ANI): President Pratibha Patil will inaugurate 'Prasadalaya' of Shri Sai Baba Sansthan Trust at Shirdi in Maharashtra's Ahmednagar District today.
President Patil, who arrived here last evening, will also inaugurate the 11th Inter-University Sports Tournament- the 'Ashwamedh' at Nashik.
On Wednesday, she will unveil the plaque of the Institutional Complex of Mumbai Educational Trust at Bhujbal Knowledge City, Adgaon, Nashik.
Patil is also scheduled to inaugurate Shri Yashwantrao Chavan Planetarium and Science Center and Nashik Festival to celebrate the Silver Jubilee Year of Nashik Municipal Corporation at Nashik.
The President will return to Delhi on Wednesday evening. (ANI)
- AY
Zoom Developers partners with China's YAPP Automotive Parts Company
Friday, 23 November, 2007
Mumbai, Nov 22 (ANI/Business Wire India): Zoom Developers Pvt. Ltd., the flagship company of Zoom Enterprises, and YAPP Automotive Parts Company Ltd. of China are entering in to a 49:51 joint venture partnership to set up an automotive plastic fuel tank manufacturing facility in Chennai, with production to commence in 2009.
The envisaged investment is to the tune of 14 million USD in the initial phase.
The proposed facility in Chennai will attempt to address the car or SUV segment with the product in the 30-75 litres capacity.
Sun Yan, President, YAPP Automotive Parts Ltd, said, "YAPP wants to be the pioneer to introduce Plastic Fuel Tanks to Indian OEM's and sees the adoption rate increasing rapidly in India. YAPP-ZOOM Automotive Systems is committed to bring to India the latest technology and excellent manufacturing practices. Depending upon the success of this venture YAPP and its shareholders are prepared to invest in expanding facilities in not only Plastic Fuel tanks, but also Plastic Fuel Systems. In Zoom we have found an able partner and look forward to a long association."
Manjri Choudhary, President, Zoom Developers Pvt., said, "Zoom has identified Plastic Fuel Tank, known for its safety and environment friendly features, as an entry product into the Auto Ancillary business and has sought to tie up with YAPP, as YAPP is committed to excellence in technology and manufacturing practices. In the coming years, we hope to expand our business to bring in the latest Plastic Fuel Systems to the International and Indian OEM's. Zoom values the partnership with YAPP and are proud to be associated with its Shareholders SDIC and SAIC."
Worldwide, plastic is rapidly replacing steel, as a preferred material for Passenger car Fuel Systems, but the Indian Automotive Industry has been slow to adopt this trend.
With the advent of new generation vehicles and global car manufacturers setting up facilities in India, adoption of plastic fuel tanks has taken place in some models of cars manufactured by Ford, Honda and GM. This being so, plastic has scored over steel in areas of safety, design flexibility and ability to meet emission norms.
YAPP was founded in December 1988, jointly invested by State Development & Investment Corporation (SDIC) and Shanghai Automotive Industry Co.Ltd.(SAIC) , it is a group enterprise, specializing in developing , manufacturing and selling auto plastic fuel tank (PFT). With headquarters and R&D center in Yangzhou, YAPP covers 10 plants located respectively in Yangzhou, Shanghai, Changchun, Chongqing, Tianjin,Yantai, Yancheng, Shenyang etc. and one subsidiary with 50 per cent shares, Wuhan YAPP Auto Plastic Co.Ltd.
YAPP is a national key enterprise with high and new technology as well as "A" grade supplier for VW, GM and Ford etc. renowned enterprises. YAPP is the biggest base for developing and manufacturing PFT in China, the only domestic enterprise of exporting PFTs and technology as well as one of Top 100 Comprehensive Competitive Enterprises in the Industry of Auto Parts. It occupies over 50 per cent market share of domestic sedan PFTs.
The Flagship Company, Zoom Developers started business in 1991 and its quest for growth has been driven by the combined creativity, passion and dynamism of its stakeholders, who have established a reputation for developing challenging and complex projects both at home and abroad. Headquartered in Mumbai, it has regional presence in major metros and its global operations span USA, UK, Singapore, UAE, China and Zimbabwe.
In the Automotive component business, Zoom through its 100 per cent subsidiary company Zoom Automobile Ancillaries Pvt. Ltd., is already setting up a Plastic Fuel Tank unit in Pune, to cater to the western cluster. (ANI)
--MP
Al Badie group taps into UAE real estate emanating from Indian market
Thursday, 22 November, 2007
Mumbai, Nov.22 (ANI): The Al Badie Group (ABG) has announced plans to tap into the growing interest in UAE real estate that is generating from the Indian market.
The ABG showcased their Reem Island project, the Beach Towers, at the first ever Cityscape India exhibition this week.
A growing number of Indians investing in the UAE real estate market and other mitigating factors, such as the signing of a free trade agreement between India and the GCC, are expected to generate new trade opportunities between the UAE and India, including property.
Today, India's inflation rate is at the lowest in more than five years. The government cap on fuel prices has pushed the rate below three percent, allowing more Indians to invest more than in the past.
ABG is now intending to draw interest from this booming Indian economy.
Mohammed Jo'an Al Badie, President of ABG, commented, "India is a key market for us and our goal now is to directly talk to end users and investors about our project. As a UAE company, we believe it is vital to draw foreign investment into the country, and property ownership is both an accessible and attractive way to bring in these investors. "
To date, ABG's exclusive sales agent, Cornerstone, has sold Beach Towers apartments to a large Asian customer base.
"The notable increase in trade between India and GCC will ultimately affect property trends in the UAE. We have been approached by a growing number of investors who are realizing the benefits of investing in real estate in the Emirates," said Tarek Nizameddin, Managing Director, Cornerstone.
"Abu Dhabi is an appealing destination for the Indian market due to its geographical proximity, its active Indian community and wealth of developments and attractions," he added.
Al Badie Group has participated in Cityscape Dubai and more recently, Moscow's Extravaganza. (ANI)
- AY
USAID India launches Green Investors Network
Mumbai, Nov 22 (ANI/Business Wire India): George Deikun, Mission Director, USAID India, formally launched the "Green Investors Network" at the "New Ventures India Investor Forum 2007" in Mumbai.
The network was comprised of investors both from India and abroad, including mainly venture capital firms, angel investors, banks and also financial institutions.
The New Ventures India program, initiated by the World Resources Institute (Washington, DC) and the CII-Sohrabji Godrej Green Business Centre (Hyderabad), with support from the USAID, is encouraging the creation of green enterprises by engaging Indian business development organizations and creating a network of investors and financial institutions.
In his welcome address, Dr Nachiket Mor, President of ICICI Foundation for Inclusive Growth, and the chairman of the New Ventures India Steering Committee said, "The New Ventures India program seeks to facilitate investment in the amount of 250 million USD in green companies in India by 2010. The New Ventures India program is a premier initiative which looks for innovative enterprises in the sectors like clean technologies, energy efficiency, renewable energy, green building materials and socially-responsible ventures."
"India is set for massive growth in coming years. Clean and green businesses will lead to lesser environmental impacts for each unit growth of GDP, and thus will help us grow in a sustainable manner," said Jamshyd N Godrej, Chairman of CII-Sohrabji Godrej Green Business Centre.
According to Manish Bapna, Executive Vice President and Managing Director of the World Resources Institute, "Significant growth in environmental markets and investment is coming in direct response to increasing environmental pressures. Global warming, pollution, and degradation of ecosystems are having serious, negative impacts in India and globally, and the private sector has an important role in solving these problems."
George Deikun, Mission Director of the USAID India American Embassy formally launched the Kabir Das Electric Bike at the forum.
In his address to the conference participants, he announced that three New Ventures India companies from last year received investment worth Rs 16.49 crore, and the program expects to get an even better response this year.
Green entrepreneurs from across the country are making a pitch for investments during the two days of the investor forum.
The event witnessed the presence of major investors from green business sectors such as the Global Environment Fund, Sun Group, ICICI Bank, Yes Bank, ABN Amro Bank, Deutsche Bank, and others.
Stalwarts like Jeffrey Leonard (GEF), Pawan Sukhdev(Deutsche Bank), Nitin Deshmukh (Kotak Private Equity), Somak Ghosh (Yes Bank) and Magda Hanna, (Asia-Pacific Partnership on Clean Development and Climate) were part of the forum.
Many world-renowned experts in sustainable investments deliberated on various issues related to innovation and sustainability in the panel discussions.
The Investor Forum serves as a unique platform for the interaction of entrepreneurs, financial institutions, angel investors, venture capitalists, clients, buyers, consultants and academics. Over 250 people attended the Forum. (ANI)
- AY
Supreme Court defers Sanjay Dutt's bail plea hearing to Nov 27
Wednesday, 21 November, 2007
New Delhi, Nov 20 (ANI): The Supreme Court today deferred the
hearing of the bail plea petition of Bollywood actor Sanjay Dutt,
who has been sentenced to six years of rigorous imprisonment by a
TADA Court under the Arms Act.
The apex court fixed November 27 as the next date for hearing.
A Bench headed by Chief Justice K G Balakrishnan, was scheduled
to take up Dutt's plea along with petitions of three other
convicts Yusuf Mohsin Nallawala, Samir Hingora and Zaibunisa
Anwar Qazi.
Dutt is presently lodged in Pune's Yerawada Jail.
Dutt had approached the apex court following his conviction for
illegally keeping arms - an AK 56 rifle and a pistol, relating to
the 1993 Mumbai blasts case.
Dutt's lawyer argued that the apex court should grant him bail on
the ground of his conduct, and that he has never broken the law
in the past one decade since he was first granted bail in
connection with the case.
Two months earlier, Dutt had received an interim bail from the
apex court as he had not received a copy of his judgement.
Dutt, surrendered before the TADA court last week after he
received a copy of the special court's judgement
He had spent 22 days at the same jail in August, before he
received the interim bail by the Supreme Court on August 20.
Dutt has already spent nearly 16 months in prison before his
release on bail in 1996. (ANI)
- AY
Supreme Court to hear Sanjay Dutt's bail plea today
New Delhi, Nov 20 (ANI): The Supreme Court will today hear the
bail plea of Bollywood actor Sanjay Dutt, who has been sentenced
to six years of rigorous imprisonment by a TADA Court under the
Arms Act.
A Bench headed by Chief Justice K G Balakrishnan, will also hear
petitions of three other convicts Yusuf Mohsin Nallawala, Samir
Hingora and Zaibunisa Anwar Qazi.
The apex court had earlier deferred the hearing of the bail plea
on November 2.
Though Dutt spent his Diwali in Pune's Yerawada jail, his family
hopes he can celebrate New Year at home.
Dutt had approached the apex court following his conviction for
illegally keeping arms - an AK 56 rifle and a pistol, relating to
the 1993 Mumbai blasts case.
Dutt's lawyer argued that the apex court should grant him bail on
the ground of his conduct, and that he has never broken the law
in the past one decade since he was first granted bail in
connection with the case.
Two months earlier, Dutt had received an interim bail from the
apex court as he had not received a copy of his judgement.
Dutt, surrendered before the TADA court last week after he
received a copy of the special court's judgement
He had spent 22 days at the same jail in August, before he
received the interim bail by the Supreme Court on August 20.
Dutt has already spent nearly 16 months in prison before his
release on bail in 1996. (ANI)
- AY
Industry should gear up for further rupee appreciation: Kamath
Monday, 19 November, 2007
Mumbai, Nov.19 (ANI): K V Kamath, Vice-President-CII and MD and CEO, ICICI Bank, today urged Indian industry to be ready to face the challenge of further rupee appreciation.
Speaking at the Sixth Manufacturing Summit organized by Confederation of Indian Industry here, Kamath said that the rupee would appreciate by at least a rupee or two every year for the next three years, and added that this would be one of the major challenges for industry.
Contrary to popular perception, availability of financial capital is no longer a challenge as industry is currently operating on a debt equity ratio of 25:75. However, the appreciation of the rupee is a factor that the industry would have to contend with, he said.
The other major challenge for industry is that of people and skills upgradation where Mr. Kamath highlighted that ICICI Bank itself required about 10,000 people per annum for the next five years. Talking about economic growth, Kamath said, competitiveness is the permanent factor driving the 10 percent growth, which is again determined by the growth of the financial services sector and the increase in demand in rural areas, among others.
Ajay Shankar , Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, said that growth in services and capital goods had led Indian firms to become more cost effective and competitive. He emphasized on the need for 'quality' to spread across industry and said that government would be more than willing to partner with industry to nurture quality, innovation and design. He also said that the skills development programme undertaken by industry should cover all ITIs.
Delivering the keynote address, Arun Maira, Chairman, Boston Consulting Group (I) Pvt. Ltd, said that the manufacturing sector needs to shake off its conditioned state to notice the signs of future growth of industry.
Busting a few myths about the manufacturing sector, he said that in India, it is the manufacturing companies that are the real 'stars', not the services as commonly perceived.
He added that actual manufacturing takes place beyond the factory walls. With the inclusion of intelligence in every step of manufacturing, manufacturing is more about people rather than machines. About the need for 'scale' to compete, Maira urged that industry needs to innovate and not merely recycle and reproduce.
In his welcome address, Jamshyd Godrej, Chairman, CII - Manufacturing Summit said that the right people are crucial for business. Quoting the success story of the capital goods sector, he said that Indian companies now have international opportunities. The future of M and A in India is bright and it would lead to higher value creation, he concluded. (ANI)
--MP
Sri Sri Ravi Shankar meets Sanjay Dutt in prison
Sunday, 18 November, 2007
Pune, Nov 17 (ANI): At a reformation programme organised at the Yerawada Jail, Sri Sri Ravi Shankar, founder of the Art of Living Foundation, met Bollywood actor Sanjay Dutt, who is lodged in the Pune jail in connection with the 1993 Mumbai blasts case.
Sri Sri Ravi Shankar conducted a Yoga-based spiritual congregation for the prisoners here today.
Among the participants was actor Sanjay Dutt, who is currently serving a jail term at this prison.
Sanjay Dutt, along with 300 fellow-inmates, sought lessons from the well-known spiritual guru.
Sri Sri Ravi Shankar cheered up the actor, who was sentenced to a jail term of six years under the Arms Act by the TADA court for illegal possession of arms.
"Like Mahatma Gandhi served a sentence in Yerawada Jail, he (Sanjay) too is here for a while. I told him to believe as if he was paying a penance, soon all would be right," said Sri Sri Ravi Shankar, after meeting Dutt.
During the one-hour long congregation, Sri Sri Ravi Shankar shared a word about peace and humanism with the prisoners.
"Once these prisoners are out, we will provide them with some work for their rehabilitation," said Sri Sri Ravi Shankar. (ANI)
--MP
Mohammad Yunus becomes first 'Sakaal' person of the year
Pune, Nov 18 (ANI): Nobel laureate and doyen of rural credit, Muhammed Yunus has been felicitated with the first 'Sakaal' Person of the Year award by Maharahstra-based Sakaal group of publications.
Speaking at the function, Yunus said that micro-credit concept has been successful in alleviating poverty and generating employment across the globe.
"Our study shows that 64 percent of the borrowers, who have been with Grameen Bank for five years or more have already crossed the poverty line and many other studies have shown similar thing consistently," he added.
Yunus, who founded Bangladesh's Grameen Bank in 1976, went on to say that the people who have formed self-help-groups (SHG) to procure collateral free loan from the bank were now able to send their children to school.
Lauding Yunus' efforts in this direction, Union Agriculture Minister Sharad Pawar said the concept conceived by the former was no more restricted to Bangladesh or India, rather it has become a global phenomena.
Deprived sections of the society have great hopes from micro-credit and they look at it as a tool to resolve their basic problems, Pawar said yesterday.
Yunus had received the 2006 Nobel Peace Prize for lending to the poorest of the poor in a grassroots drive to end world poverty. He has also helped in enabling the very poorest in Bangladesh, particularly women to start up small businesses.
Yunus was also awarded the Indira Gandhi Prize for Peace, Disarmament and Development in 1999 by India for his contribution in abolishing poverty and empowerment of women in developing countries. (ANI)
- AY
DTCC, CCIL sign information sharing and collaboration pact
Saturday, 17 November, 2007
Mumbai/ New York, Nov 16 (ANI/Business Wire India): The Depository Trust & Clearing Corporation (DTCC) and The Clearing Corporation of India Limited (CCIL) have signed a Memorandum of Understanding (MOU) aimed at promoting closer collaboration between the two market infrastructure organizations.
The MOU provides a framework for cooperation between DTCC and CCIL senior management and staff on projects of mutual interest. It is also intended to help promote cross-border investment and broaden the opportunities for discussion on such issues as risk management, business continuity, reducing customer costs and technology capacity planning.
"As a central counterparty for foreign exchange, government securities and repos in India, CCIL plays a critical role in this fast-growing market," said Donald F. Donahue, DTCC Chairman and Chief Executive Officer.
"We are pleased to establish these ties with CCIL, and look forward to fostering a dialogue that contributes to a secure, efficient and sound global trading environment," Donald added.
The agreement concludes months of discussion between CCIL and DTCC and formalizes a structure for more frequent visits and the sharing of ideas to improve business operating models on both sides.
"CCIL's MOU with DTCC represents an extension of our already mutually beneficial working relationship," said Dr. R.H. Patil, Chairman, CCIL.
"We share the common goal of reducing risk and enhancing operating efficiency for our clients and the global marketplace. The MOU demonstrates our commitment to strengthening our communications channels and sharing insights on our respective markets," Patil added.
This collaboration with CCIL is the third such information-sharing agreement that DTCC has signed with securities infrastructure organizations in India.
DTCC also has MOUs with India's National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL). (ANI)
- AY
Citi to mobilise thousands of employee-volunteers across 100 countries on Global Community Day
Friday, 16 November, 2007
Mumbai, Nov 15 (ANI-Business Wire India): Over 2,000 Citi India employees from across 35 towns and cities will join thousands of their colleagues worldwide on the company's second annual "Global Community Day" on Saturday, November 17, to dedicate their time, talent, skill and effort to a wide spectrum of community development initiatives addressing specific community needs including education, housing, environment protection, child welfare, senior citizen support, disaster relief and healthcare among others.
Citi's Global Community Day is a worldwide effort involving hundreds of projects in hundreds of cities around the world. Recognizing that many Citi employees volunteer year-round in their communities, Global Community Day celebrates Citi's volunteer spirit on one-day worldwide. The inaugural Global Community Day held in 2006 recorded volunteer participation by more than 30,000 employees, along with family and friends, in over 700 projects in 100 countries.
To fully leverage the enthusiasm that employees have demonstrated for Global Community Day, Citi India has partnered with leading NGOs in each geographic location and jointly designed day-long programmes that will help make a meaningful difference to each local community. Each volunteer team, an eclectic mix of employees drawn from different Citi businesses, across diverse hierarchies and age groups, will accomplish a clearly defined set of tasks assigned to it.
"Volunteerism is a key aspect of our corporate citizenship globally and in India. We encourage our employees to use their knowledge, experience and skills to support social projects. By facilitating employee access to volunteer service, Global Community Day serves as a powerful platform for our people to actively engage and make a difference in the communities that we live and work," said Sanjay Nayar, CEO, Citi India.
"I am delighted and proud of the overwhelming response employees across the country have shown towards Global Community Day. Through these activities our employees have the opportunity to apply themselves to very worthwhile causes, and also enjoy the opportunity to meet each other in a relaxing and informal environment," said PS Jayakumar, Country Business Manager, Global Consumer Group, Citi India.
"Citi is committed to mobilizing the enthusiasm and talents of our employees so that they can make a positive difference in the communities where we work together. Citi's Global Community Day is company-wide, with tens of thousands of volunteers in Asia Pacific, Latin America, Europe, the Middle East, Africa, and North America. It is a symbol of the many ways we make a difference, through our business practices, our philanthropy and our volunteerism," said Pamela Flaherty, President and Chief Executive Officer, Citi Foundation and Director, Corporate Citizenship.
For Citi, which has been in India for over 100 years, corporate social responsibility (CSR) extends much beyond "cheque book philanthropy" to make a real, tangible difference to the society. Citi's CSR initiatives are a culmination of a clear-cut, well thought-out strategy, that aim at sustainable development by changing the lives of those it touches. (ANI)
--MP
SYSTIME receives Oracle North America Titan Award
Thursday, 15 November, 2007
Mumbai, Nov 15 (ANI-Business Wire India): Oracle has recently honoured SYSTIME with an Oracle North American Titan Award in the "JD Edwards Solution of the Year" category for 2007. SYSTIME, www.SYSTIME.net is globally one of the three largest Oracle JD Edwards practices and an Oracle Certified Advantage Partner. Last year, SYSTIME was honored with the Oracle North America Titan Award for a JD Edwards solution for 2006 and has also been awarded the JD Edwards Partner of the year in India for 2007-2008. At the Oracle PartnerNetwork reception at the San Francisco Marriott hotel, SYSTIME's President and CEO, Vishal Grover was given the award by Jeff Henley, Oracle Chairman of the Board. The Oracle North America Titan Awards are presented annually during Oracle OpenWorld. The Titan award recognizes solutions and business practices developed or delivered in fiscal year 2007. The award recognizes partner excellence and dedication in a number of areas, including sales, marketing, and solution development. The award recipients were selected by a distinguished group of third-party media and analysts and Oracle professionals. SYSTIME's untiring efforts in delivering proven business solutions continuously in the Enterprise Applications and Business Intelligence landscape and affiliation with Oracle have helped in winning this prestigious award. "The Titan award holds great significance for both Oracle and our partners as it recognizes the commitment and exemplary work by the partner in delivering customer relevant solutions. The philosophy of customer satisfaction and solution relevance helped SYSTIME earn the award," said Rauline Ochs, Senior Vice President, North America Alliances and Channels, Oracle. "SYSTIME winning the Oracle North America Titan Award in the JD Edwards Solution Category for the second time, in addition to being a Certified Advantage Partner in Oracle PartnerNetwork is a testimony of our ability to provide unmatched solutions in the JD Edwards arena. We go above and beyond to deliver innovative business solutions for our customers and our partners like Oracle," said Vishal Grover, President and CEO of SYSTIME.(ANI)-AJ
Sensex registers biggest ever gain of 893.5 points in a single day
Mumbai, Nov 14 (ANI): BSE Sensex on Wednesday registered its biggest ever gain in a single of 893.58 points to settle at the third-highest level ever on buying by investors in bank counters and blue chip companies such as Reliance Industries.
Reliance Industries Limited (RIL), the country's most valued firm, soared by 7.11 per cent. HDFC Bank gained 10.81 per cent, while HDFC rose by 6.51 per cent at close of the stock market.
"The market gain was because of global cues. Besides, the political development also gelled well with the sentiment. The rally was driven by short covering, strong buying by domestic investors. However, there was not much involvement of foreign investors," ASIKA Stock Brokers', Paras Bodhra, said.
The rise in stock market came after a downward correction of about 10 per cent from the intra-day peak of 20,238.16 on October 30, to a trading low of 18,333.21 on November 12.
The previous biggest one-day gain was on October 23 this year, when the BSE barometer rose 878.85 points after market regulator SEBI allowed sub-accounts of Foreign Institutional Investors (FIIS) to trade.
The broader S&P CNX Nifty of the National Stock Exchange also gained by 242.50 points or 4.26 per cent to 5, 937.90 from previous close of 5,695.40.
Strong global cues, easing worries over the US credit crisis and indications of a softening of hardline by the Left parties on the Indo-US civil nuclear deal powered the growth, market players have said. (ANI) --MP
Vidharbha's cotton growers taking up soyabean farming
Tuesday, 13 November, 2007
Nagpur, Nov.13 (ANI): Disappointed at the low returns from cotton production over the years, farmers in Vidharbha region of Nagpur in Maharashtra are taking up soyabean production.
Drought, lack of marketing facilities, crop failure due to bad seeds and credit-related aspects are some of the factors that have made cotton farmers here to give up growing cotton.
Considering these hardships, the local farmers are taking up soyabean cultivation, which is much easier to produce and provides higher returns.
"The price of cotton is low and production is also low, that's why we are now increasingly producing soyabean and less cotton. After initial losses incurred in soyabean production due to the high prices, we are now getting good profit. Next time too we will produce more soyabean and less cotton," said Nitin Tirke, a farmer.
Farmers complain that the main reason for their apathy is lack of support from the government. Otherwise, the Vidharbha region of Maharashtra is ideal for cotton production.
Also, the harvest period for soyabean is shorter than cotton production. A farmer can produce three soyabean yields in a year while cotton is a biennial crop. The return on cotton is also lesser than soyabean.
The land under cotton cultivation is decreasing every year. Presently, total area under soyabean cultivation is 678,000 hectares while the total land under cotton cultivation is 193,900.
State Agriculture officials also agree that higher cost of cotton production as compared to soyabean production deters farmers from producing it.
"The cost of cultivating cotton is higher than soyabean. The cotton seeds are comparatively more expensive than soyabean seeds. The cultivation of cotton requires increased use of fertiliser and pesticide which increases the price of cotton," said G.T.Jibhkaate, agriculture development officer, Nagpur.
The State agriculture department has assured to extend full help and co-operation to cotton farmers but the farmers call it just 'hollow talk'.
Farmers complain that the State government has refused to hike the rate of raw cotton, which has just added to their woes.
Agriculture supports 600 million people, but contributes to only a fifth of India's gross domestic product and accounts for only 12 percent of bank credit. (ANI) --MP
BJP Lok Sabha MP passes away
Nagpur, Nov 13 (ANI): Vijay Kumar Khandelwal, a sitting Bhartiya Janta Party (BJP) Lok Sabha MP from Betul constituency, died here early this morning. He was 71.
Khandelwal was admitted at a care hospital in Nagpur on October 31 and was undergoing treatment for various ailments.
His mortal remains are being brought to Betul for cremation.
Khandelwal, four-term MP, was also treasurer of the BJP's Madhya Pradesh unit. (ANI)
- AY
Sawani named ICC anti-corruption unit's chief investigator
Saturday, 10 November, 2007
Mumbai, Nov 9 (ANI): Former Central Bureau of Investigation (CBI) joint-director of special crimes, Ravi Sawani, has been appointed the new chief investigator and general manager of the International Cricket Council's (ICC) Anti-Corruption and Security Unit (ACSU).
Sawani, 57, takes over from Jeff Rees, who is retiring after holding the post since the inception of the ACSU in 2000.
Sawani was part of the CBI team set up in 2000 to inquire into the corruption charges against prominent cricketers.
ICC chief executive Malcolm Speed said Sawani's experience of working in India would help the sport's governing body in their drive to eradicate corruption in cricket.
"First as a senior police official and second being the key man in key part of cricket history in corruption with the CBI in 2000, these are the outstanding credentials," Speed said.
He further said that Sawani's appointment will be beneficial because "we get some local knowledge into the biggest betting market in the world cricket, excellent network within India."
Sawani, who begins his role next week, will work alongside ACSU chairman Paul Condon, three investigators and five regional security managers.
"We bring together with Paul Condon what best of England has to offer and what India has to offer. So, there are many positives. I am delighted that Ravi has agreed," Speed said.
Sawani said his experience of heading the CBI team during the 2000 match fixing inquiry will give help him overcome various issues concerning match fixing.
In 2000, Indian police unearthed a match-fixing scandal that led to a life ban from cricket for the then South Africa skipper Hansie Cronje. Several other international players were also named in the inquiry.
In an internal inquiry in the same year, the Indian cricket board found former captain Mohammad Azharuddin guilty of corruption and banned him for life. Five-year bans were handed to Ajay Jadeja and Manoj Prabhakar.
In February 2007, the West Indies cricket board said it would hold an investigation once they receive details from the ICC or the Board of Control for Cricket in India (BCCI). (ANI)
- AY Labels: Sports
Diwali fails to bring hope for debt-ridden Amravati farmers
Amaravati (Maharashtra), Nov 9 (ANI): While Diwali is being celebrated across the country, the festival of lights failed to bring any hope in some segments of society in Maharashtra. Farmers in Amaravati, caught in a debt trap, find it difficult to earn even their daily bread and butter. Festivities are a distant dream for them. Dozens of farmers have committed suicide owing to the crushing debt burden. In one such pitiable case, just three days before Diwali, Bapurao Mankar, a farmer in Kolhed village in Akola District, committed suicide.
Mankar is survived by his bed-ridden wife and has a debt of Rs. 15,000. "My father was indebted to the tune of Rs 15,000. For the last two to three years, the yield has also not been sufficient, adding to our family's woes," said Vandana Gavande, Mankar's daughter. While there are countless stories and most families have similar tales to narrate, nobody seems to have reached to the root of the problem. "We are not destined to celebrate any festival. There is no money to buy cereals, from where should I get money to buy candles and lamps?," asked a relative of Mankar. "Everyday, some farmer is ending his life. The debt burden is crushing and it is just impossible to survive," he lamented. The spate of suicides in Maharashtra has not abated, despite the publicised efforts by New Delhi to ease the farmers' financial burden. A package announced by the government to ameliorate farmers' condition failed to make an impact, say experts, and farmers in Maharashtra's worst-hit Vidharba region are killing themselves at the rate of three every day. (ANI) -AJ
Labels: Top-Stories
Police in Sangli celebrate Diwali with beggars
Friday, 9 November, 2007
Sangli, Nov 9 (ANI): Miraj Police station that falls under Maharashtra's Sangli District brought a big smile on the faces of many destitute and poor individuals by distributing free clothes and sweets among them ahead of Diwali, the festival of lights.
Several beggars and extremely poor people, who dwell at various places of the town including bus stops, railway station, and the pavements, were given articles as Diwali gifts."We are feeling very good. We got new clothes, got bath and sweets," said Ramesh, a beggar. After arranging a refreshing bath for these individuals, the police personnel distributed new clothes and fed them with sweets. It was done to enable them to enjoy the spirit of the Diwali being celebrated by all. Men and women were taken care of separately with lady constables taking extra care of the female beggars.
Miraj police station is carrying on with the practice of distributing free clothes and sweets for the past three years. Senior police officials at Sangli said that such an endeavour should not be confined merely to Diwali but to other festivals as well. "Beggars wear these clothes round the year. They get another pair of clothes only after a year. I appeal that should be provided with new clothes and good food not only on Diwali but also on every festival. On Diwali there must be happiness in every heart," said Krishna Prakash Yadav, Superintendent of Police, Sangli.Diwali, the festival of lights, is celebrated all over.-AJ Labels: Top-Stories
BMC truck runs over nine in Mumbai
Thursday, 8 November, 2007
AA: Mumbai, Nov 8 (ANI): At least one person was killed and eight others were injured when a speeding Brihanmumbai Municipal Corporation (BMC) truck fell on them after turning turtle this morning here today.
The accident occurred when the driver of the speeding truck tried to save a person walking on the road.
The victims were asleep on a sidewalk of a road in Mumbai's Chembur area.
"The truck was speeding. It toppled when the driver stopped it suddenly to save a man who was walking on the road. It fell on the people sleeping on the pavement. We are taking the injured to the Rajawadi Hospital," said official.
The driver escaped after the incident.
Mumbai with a population of about 17 million, receives hundreds of migrants from towns and villages everyday, and many of them work as labourers and live illegally on pavements. (ANI) Labels: Top-Stories
Pune residents lit one lakh earthen lamps before historic Shaniwarwada Fort
Pune, Nov. 9 (ANI): Pune residents heralded Diwali, the festival of lights, on Tuesday night here by lighting one lakh earthen lamps in front of the 18th century Shaniwarwada Fort during Deeponka Utsav.
Over a thousand people congregated here following a recently revived Maratha tradition of illuminating lakhs of earthen lamps during the Peshwa rule.
On Tuesday, the purpose was to revisit the traditional fervour of Diwali as a society and spread a message of peace and prosperity. The age-old tradition had nearly gone into oblivion until the member of a local Chaitanya Laughter Club revived it for a social cause seven years ago.
People lit the earthen lamps and placed them according to various attractive designs marked in the open compound in front of the Shaniwarwada Fort.
"The arrangements made to host this event are simply up to the mark. It looks so nice with thousands lighted earthen lamps placed all around in different shapes and designs," said Kejal, member of the Chaitanya Laughter Club.
It took about one hour's time to lit so many earthen lamps in the ground.
"I am so happy to be here. I visit this festival every year to help the organisers. Every year thousands throng this place and we enjoy together," said Sukanya, a visitor.
Shaniwarwada is a palace fort in the heart of Pune. It was the seat of Peshwa rulers until 1818 when the Peshwas surrendered to the British.
In 1828 A.D, a mysterious fire gutted the buildings in this palace complex. All that remains now are their stone plinths and the perimeter fortification wall. (ANI)
- AY Labels: Pune, Top-Stories
Mumbai Police on alert ahead of Diwali
Wednesday, 7 November, 2007
AA: Mumbai, Nov 6 (ANI): Police in Mumbai have been placed on alert ahead of
Diwali to prevent any untoward incidents, including terror strikes."Diwali is approaching and so will New Year and Christmas. Our force is on
alert. They are seeking the support of civilians so that better security
arrangements can be made for the public," said P.S. Pasricha, Director
General of Police, Maharashtra. The Mumbai police has beefed up the security following the recent bomb
blasts at Hyderabad, Ajmer and Ludhiana. Last year in July, a series of seven bomb blasts took place over a period of
11 minutes on the Suburban Railway in Mumbai in which over 173 train
passengers were killed. According to the police, the bombings were carried out by Lashkar-e-Toiba
(LeT) and Students Islamic Movement of India (SIMI). (ANI) Labels: Mumbai, Top-Stories
Twin dead foetuses removed from a 16-yr-old boy in Sholapur
AA: Sholapur (Maharashtra), Nov 6 (ANI): In a rare surgery, a doctor in
Sholapur has removed twin foetuses from a 16-year-old boy.The boy, Kiran Patil, was admitted to the government hospital after he
complained of stomach pain. Doctors located a huge tumour inside his
stomach. Later, a CT scan revealed the twin foetuses inside the tumour,
which were dead. "The operation was very successful and we removed the tumour. In the tumour,
we saw that the twin foetuses have stuck together in the developmental
process," said Dr Devidas Maske, who removed the dead twins through a
surgery on Saturday. The removed foetuses weighed four and a half kilos, and development of hair
and nails was quite visible. In medical history, there have been around 900 such known cases of foetuses
developing in a male and this is just the fourth such incident in which
twins had developed in the stomach. In April 2003, doctors at a Children's Hospital in Kazakhstan discovered the
dead foetus of twin brothers when operating on a seven-year-old boy. The
foetus had developed into a tumour, but was found to have hair, nails and
bones. Labels: Health
Virus strikes Maharashtra vineyards
Monday, 5 November, 2007
AY: The booming Indian wine industry is facing a crisis with two deadly viruses affecting farms across Maharashtra, which accounts for 94 per cent of country's wine production. The viruses, detected as leafroll and rugose wood complex, have infected varieties like Chardonnay, Ugni Blanc, Pinot Noir and Vermentino as also Merlot, Zinfandel and Roussance imported from France and Italy. With the Pune-based National Research Centre for Grapes (NRC) confirming the presence of the disease, the state government has decided to stop import of plant material and sought expert opinion. Last year, Maharashtra produced 9.4 million litres of wine and this year the production is expected to cross 13 million litres from 51 wineries. The total investment in wineries in the state stands at Rs 247.71 crore and the state exported 0.45 million litres of wine last year. The domestic wine consumption in 2006-07 went up up to 11.30 million litres, from 7.50 million litres a year ago. Wine production especially got a boost after 2003 when the state announced sops for farmers. Labels: Top-Stories
L&T bags Mumbai airport contract
Saturday, 3 November, 2007
AY: Engineering and construction company Larsen and Toubro has been awarded a Rs 5,550-crore contract to build the new integrated airport passenger terminal at Chhatrapati Shivaji International Airport. Mumbai International Airport Ltd, which awarded the contract, said the order was for modernisation and expansion of the existing airside facilities such as construction of taxiways, aprons, aircraft maintenance, utility services and primary infrastructure support facilities. Landside facilities comprising a new multi-storey car park and access roads up to the terminal are also part of the contract. The new terminal, to be set up in four years, would be able to cater to both domestic and international operations. It would also double the passenger handling capacity to 40 million per annum. The entire airport modernisation programme would roll out in three phases – 2010, 2011 and 2012.
Labels: Mumbai, Top-Stories
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