The Economic Times - 29th September

SUBMITTED BY: Grp 5 (sec E)
ASHISH SHUKLA
AVINASH SR
BHASKAR RANJAN
Front Page
• Shiv Nadar promises to donate 10% of his wealth:
Shiv Nadar is the 1st Indian billionaire to donate a part of his wealth. Whereas in global there are many billionaires like Bill & Melinda gates and warren buffett who have pledged their half of their wealth, but Mr. Nadar was the first person to donate 10 %. He recently sold his 2.5% equity in HCL technologies in june and pumped Rs 585 crore into his philanthropic efforts. He said that “ I want to focus on education and do it myself”. He spends 40% of his time on social ventures. His disappointing statement towards Indian poor philanthropic level “ What can I say… when it comes to giving , there aren’t many people who give away even 1% of their wealth.”

• Telecom Ministry tells watchdog to take a walk:
The Department of telecommunications (DoT) has told the comptroller & the Auditor General, or CAG, according to policy decisions that it will not respond to further queries on the award of frequency spectrum to a new set of telecom operators in 2008.
Telecom minister A. Raja move to disregard advice of many experts and persist with a faulty and outdated policy for issuing new telecom licences in 2008. CAG in its to DoT had alleged that the loss to the exchequer could be Rs 26,000 crore. CAG also said DoT’s move to grant telecom licences to new entrants in 2008 ‘done without proper verification of their eligibility and other credentials.’

• Nokia loses its Indian plot, Market share tanks 20%:
Nokia had got decreased market share when compared to the previous year i.e, 54.1% & 36.3%, Whereas Samsung increased by 6.4% to 8.2%, G’five nil to 7.3%. Micromax informatics decreased by 4.8% to 4.1% in the year 2009 & 2010 respectively. Nokia Handset share of the Indian Handset market is 2nd after china – plunged to 36.3% at the end of june from 54.1% at the end of 2009, providing the Finnish Gaint’s critics more proof of its failure to keep pace with rapidly changing customer preferences.

POLITICS

• JUDGEMENT TOMMOROW
The lucknow bench of 3 members-chief justice S H Kapadia, justice Aftab Aslam & justice K S Radhakrishnan will be giving their verdict on 60 yrs. Old ayodhya case concerning who will take hold of that piece of land where BABRI MASJID STOOD ,also which is believed to be BIRTHPLACE OF SHRI RAMA.

BRANDS

• BRANDS PREFER SOURCING FROM HOME
Brands like cadini,DKNY, & boggi milano have decided to source their apparels business sourcing from their home country,in order to become more profitable & productive,which they used to import from other countries.this will help them in cutting their taxes & import duties.,which are as high as 20% & 40% respectively.

ECONOMY , FINANCE , MARKETS
The government has decided to reduce its share in fuel subsidy.,which would result in decreasing profits of the local companies. This will lead to bearing high proportion of loses to pvt. Companies like HPCL & BPCL.Govt. Said that only a part will be paid by govt. owned oil producing companies like ONGC & OIL. In 2009-10,govt. bore only 26000 cr. Rupees out of toal of 46,051 cr. Rupees which is expected to be 7000 cr. More in the next year.

CORPORATE
The high court has ordered to shut sterlite's Tuticorin based copper unit since they believed that the firm would be producing high levels of pollution & will badly effect workerers there.

MARKETS
Gold is estimated to hike 12% to $1450 in a year according to london bulliuon market associations annual conference. Silver ,palladium & platinum will also rise ,survey showed that.