Economic TImes - 28th September

Submitted by
Abhishek
Abhyendra

Markets could correct in October-November: Marc Faber
Marc Faber, Publisher, Gloom, Boom & Doom Report, spoke to ET Now on a range of issues including the current market scenario, emerging markets, Fed’s policies and US bond markets, among others. According to him,
• In late August, sentiment was very negative worldwide and people said that Dow will drop to 1000 and so forth and so on.
• Suddenly now, the consensus is that you have to be in equities, you have to be in gold, you have to be in assets because central banks around the world will print money…they will print money, but sentiment has become so universally bullish that about all assets, including especially emerging economies - in US dollar terms - are up.
• The Indian market this year is already up 19%, Malaysia 28%, the Philippines, Indonesia and Thailand each over 40%.

Anil outlines growth blueprint; plans Rs 1,25,000 cr investments
Mumbai: Anil Ambani today outlined investments of nearly Rs 1,25,000 crore and also fund-raising to the tune of over Rs 65,000 crore for expanding businesses and entering new areas.
• Ambani told shareholders of Reliance Power, Reliance Capital and Reliance Communications that the investments were not just about creating wealth but sharing it with them.
• He said invoking the philosophy of his father Late Dhirubhai Ambani that wealth should be shared.
• Most of the investments would go into setting up power plants.
• Also, a major part of the funds to be raised would be through the power ventures.
• A whopping Rs 1,20,000 crore would go into creating thermal, hydro and gas-fired power plants.
• An estimated Rs 80,000 crore would be used for creating 20,000 MW of thermal generation capacity by 2015, Rs 30,000 crore for hydro and Rs 10,000 crore for gas-based projects.
• Besides, Reliance Power would raise Rs 50,000 crore in what will become the largest fund raising exercise in the corporate history of the country.
• Stock market also reacted positively to the announcements made by Ambani, although gains were modest for the shares of three group companies.
• Reliance Capital rose 0.3 per cent to close at Rs 814, RCOM gained 0.4 per cent to Rs 170.3, while R-Power rose the maximum by 1.7 per cent to close at Rs 163.25 at the BSE.

China's home-grown innovation drive stirs unease in the West
"We look to China to build our high-speed rail, to be part of the bidding process that we are going to go through," the state's governor, Arnold Schwarzenegger, said on a visit to Shanghai this month.
• Acceleration of the industrial upgrading that puts China on par with the likes of France and Japan to compete for the Californian contract will be a centerpiece of the country's five-year plan for 2011-2016 now being finalized.
• China already has in place five of a planned array of 35 satellites that will provide a navigation alternative to the U.S. Global Positioning System by 2020.
• By the same date, China expects to be converting more coal into oil, gas and chemicals than any other country.
• Embracing cutting-edge technologies will help further raise living standards in a country where 150 million people still live below the poverty line.

Emami ropes in Bipasha Basu as brand ambassador
NEW DELHI: While talks are on to rope in 'Munni' Malaika Arora Khan as the brand ambassador for Zandu Balm, FMCG firm Emami has signed up with 'Billo Rani' Bipasha Basu to endorse the company's brands for an undisclosed amount.
• According to industry analysts, Bipasha charges about Rs one crore per band endorsement for a period of two years.
• Emami is also in talks with Dabangg fame Malaika Arora Khan for its pain reliever 'Zandu Balm'.
• Emami also has a host of other Bollywood celebrities including Amitabh Bachchan, Shah Rukh Khan, Kareena Kapoor, Preity Zinta and Indian cricket team captain MS Dhoni on board as endorsers for various brands including Boro Plus, Navratna hair oil, Fair & Handsome, and Sona Chandi Chywanprash.

Tata Group in big expansion mode in Karnataka
Tata Group is on an expansion spree in Karnataka, with new projects of its companies at various stages, including the proposed 100-acre Tata Consultancy Service (TCS) campus here.
• Industry and Commerce Secretary V P Baligar said later that TCS has approached the Government to allot 100 acres to set up a campus at IT park in Deveanahalli on the outskirts of the city.
• Baligar said land acquisition for Tata Metaliks is Rs 15,000 crore, three million tonne annual capacity plant in Haveri is progressing smoothly.
• Tata Consulting Engineers would be allotted five acres of land for its project, while the Group's hotel business plans to set up two "Ginger" brand hotels in Belgaum and Hubli.
• Talking about various Tata Group projects, Muthuraman said "we have already submitted proposals. We came just for a review. Tatas are into many projects in Karnataka".

SC rejects plea to defer verdict on Ayodhya title suit case
Paving the way for the Allahabad High Court to deliver its judgement in the 60-year-old Ramjanambhoomi- Babri Masjid title suit, the Supreme Court on Tuesday dismissed the plea for deferment of the verdict.
• The apex court did not fix any date for the Allahabad High Court to give the verdict. It also did not specify any reason for its decision not to fix any date for the judgement to be delivered by the high court. However, the high court will pronounce the verdict on September 30 at 3.30 pm.
• The officer on special duty in the High Court, Hari Shankar Dubey said that the three-judge special bench comprising Justice S.U Khan, Sudhir Agarwal and D.V Sharma would pronounce the verdict.

Soon, computers to run on heat, rather than electricity
LONDON: Computers may soon be able to recycle part of their own waste heat, using a material being studied by researchers. The material is a semiconductor called gallium manganese arsenide.
• Researchers at the Ohio State University describe the detection of an effect that converts heat into a quantum mechanical phenomenon - known as spin - in a semiconductor.
• Once developed, the effect could enable integrated circuits that run on heat, rather than electricity.
• This research merges two cutting-edge technologies: thermo-electricity and spintronics.
• "Spintronics is considered as a possible basis for new computers in part because the technology is claimed to produce no heat.

New software for Arunachal treasuries
ITANAGAR: Arunachal Pradesh government has introduced new software for cost-friendly solution for government payment, receipt, personal ledger account/ e clearing system, e fund transfer payment.
• Finance Commissioner Swati Sharma said it would enhance checks at the receipt and payment levels which would make the compilation of accounts faster and easier.
• This would enable the government to submit its monthly accounts to the Accountant General in time.
• The purpose is to achieve transparency in the process of estimation, allocation, monitoring of budget and fiscal transaction.
• The software, developed on a secure Linux based platform, will be used in all treasuries and sub-treasuries.