http://www.financialexpress.com/index.php Sun, 22 Nov 2009 08 : 14 : 25 +05:30 financialexpress.com http://static.expressindia.com/frontend/fe/images/financial-logo.gif http://www.financialexpress.com/index.php Feed provided by financialexpress.com http://www.financialexpress.com/news/ril-offers-to-acquire-lyondellbasell-stake/544604/ LyondellBasell Industries, among the world’s largest polymers, petrochemicals and fuels companies, said it has received a preliminary non-binding offer from Reliance Industries Ltd to acquire for cash a controlling interest in the company. “This offer is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganisation previously filed by the company,” LyondellBasell said in a statement. http://www.financialexpress.com/news/terror-a-clear-and-present-danger-to-biz/544605/ In the aftermath of 9/11, close to 200,000 jobs were lost or temporarily relocated out of Big Apple. Lower Manhattan alone lost 30% of its office space and scores of businesses disappeared. In the first trading session after Bali bombings, the Jakarta stock market plunged more than 10% and rupiah plunged 3.7%. http://www.financialexpress.com/news/sick-elgin-mills-trapped-in-up-power-politics/544606/ The NDA tried it in 2002, but the Mayawati government in Uttar Pradesh refused. UPA-I tried again in 2005, but the Samajwadi Party government led by Mulayam Singh Yadav shot it down. http://www.financialexpress.com/news/reluctant-raju-faces-trouble/544607/ Even as the CBI arrested Satyam Mahindra’s head of internal audit VS Prabhakar Gupta on Saturday as part of its investigation into the Satyam scam, the Enforcement Directorate is turning the heat on Satyam founder Ramalinga Raju. http://www.financialexpress.com/news/win-in-chinamaker-gives-west-a-wakeup-call/544609/ Film maker-entrepreneur and venture capitalist Robert Compton is doing what he can best, to give a “wake-up call,” to the world. His latest documentary, Win in China features the growth of entrepreneurship in China, which to Compton was “explosive” and veiled to rivals in India and his own home country, the United States. http://www.financialexpress.com/news/indian-proposals-for-wto-reforms-on-ministerial-agenda/544348/ After the Doha Round impasse exposed the internal contradictions in the World Trade Organisation’s style of functioning, India has proposed a near-radical package for reforming the world body. http://www.financialexpress.com/news/trai-caps-fee-on-mobile-porting-at-a-low-rs-19/544342/ Mobile users will pay at most Rs 19 to retain their old number each time they switch service provider. That’s the porting charge ceiling set by telecom regulator Trai on Friday in the run-up to the launch of mobile number portability in category A circles from January and the rest of the country by next March. http://www.financialexpress.com/news/india-to-release-green-gdp-data-from-2015/544338/ In a bid to bring environmental concerns into mainstream growth accounting, the government plans to release green GDP data from 2015, environment minister Jairam Ramesh said on Friday. http://www.financialexpress.com/news/gvk-to-acquire-landt-stake-in-bial/544336/ GVK Airport Developers Pvt Ltd, a wholly owned subsidiary of GVK Power and Infrastructure Ltd, is in the process of acquiring the 17% stake of Larsen and Toubro in Bengaluru International Airport Ltd. http://www.financialexpress.com/news/four-us-firms-on-rils-radar/544334/ Reliance Industries Ltd, which is eyeing multi-fold growth and a more widespread global footprint, is targeting US oil refining and marketing companies like Tesoro Corp, Delek US Holdings, Sunoco Inc and Valero Energy Corp for possible acquisition, says Macquarie Research in a new report. The acquisition target so far doing the rounds was troubled petrochemical major LyondellBasell, which is going through a reorganisation under the protection of a US court. http://www.financialexpress.com/news/industry-okay-with-expat-tata-leader-but-swears-by-cultural-fit/543954/ Proud Indians who were earlier boasting to the world about a Muslim President, Sikh Prime Minister and an Italian-born leader of the ruling coalition got another reason to coo about India’s diversity this week from Ratan Tata, chief of India’s second largest corporate group by market capitalisation. http://www.financialexpress.com/news/epfo-slapped-with-tax-notice-faces-rs-1-200crore-demand/543952/ The Central Board of Excise and Customs has slapped a penalty notice on the Employees’ Provident Fund Organisation for evading service tax, arguing that it provides employers fund management services. Fund management falls under the definition of banking and financial services, which are taxable. http://www.financialexpress.com/news/cornered-centre-to-review-sugarcane-price-ordinance/543949/ Bowing to intense pressure from opposition parties and widespread criticism from farmers’ associations, Prime Minister Manmohan Singh late on Thursday indicated the government is willing to amend the controversial sugarcane ordinance that seeks to replace the statutory minimum price with a ‘fair and remunerative price. http://www.financialexpress.com/news/31-unlisted-psus-could-raise-rs-30k-crore/543944/ By listing 31 profit-making public sector undertakings with 10% public floats, the exchequer will be richer by a handsome Rs 30,000 crore, according to FE analysis. This is based on a conservative, albeit realistic estimate of a 50% discount to the BSE PSE index, which means if the valuation norm for the index is applied, the earnings could double. And there are 19 other unlisted PSUs that also qualify for listing according to the criteria cleared by the Cabinet last fortnight. http://www.financialexpress.com/news/dubai-chains-xcite-and-jumbo-look-to-exit-indian-retail/543498/ Three years ago, retail was the happening thing for corporates. Everyone wanted a slice of the ‘future.’ Now, after months of downsizing and desperation, many are hurtling to the exit door. http://www.financialexpress.com/news/centres-focus-shifts-to-expenditure/543496/ The government plans to take up a series of expenditure reform measures as a part of its strategy to roll back the fiscal stimuli and to meet the medium-term fiscal consolidation goal. http://www.financialexpress.com/news/sebi-mulls-cutting-ipo-listing-time-to-7-days/543493/ The Securities and Exchange Board of India plans to shorten the time-frame for listing a share after the public issue to seven days. http://www.financialexpress.com/news/tata-open-to-expat-successor/543492/ After steering the Rs 3.25-lakh crore Tata group for the past 18 years, India’s iconic industry chieftain, Ratan Tata, is now looking for a successor—and the candidate could be from outside the family, even from overseas. http://www.financialexpress.com/news/fii-inflows-not-a-concern-fm/543489/ Finance minister Pranab Mukherjee on Wednesday said India has mechanisms in place to handle foreign capital flows if they cause distortions in the financial system, indicating the government’s wariness about the destabilising nature of an unabated dollar influx and its readiness to counteract any threat. As reported earlier by FE, foreign institutional investor inflows have risen substantially this year. FIIs have pumped over $15 billion into Indian stocks so far, compared with a net outflow of around $12 billion in the same period last year, according to Sebi data. http://www.financialexpress.com/news/cbdt-feels-tax-code-needs-major-rework/542953/ Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. http://www.financialexpress.com/news/obama-calls-for-stronger-yuan-but-hu-remains-tightlipped/542950/ US President Barack Obama called on Chinese counterpart Hu Jintao to make good on a commitment to allow the yuan to appreciate to help prevent trade imbalances that exacerbated the global economic crisis. http://www.financialexpress.com/news/rebound-in-hotel-occupancy-in-metros/542947/ In what could be termed as the fastest turnaround for the hospitality sector, key metros in the country are once again facing a shortage of hotel rooms, compared with a 50% drop in occupancy at its peak last year. http://www.financialexpress.com/news/small-savings-surge-bolsters-revival/542944/ Small savings schemes turned the corner this fiscal with net inflows of Rs 10,997 crore in the first six months, compared with a net outflow of Rs 5,937 crore in the whole of 2008-09, indicating that the liquidity crisis is largely over and investment in the real economy could pick up. http://www.financialexpress.com/news/mukesh-ril-can-be-debtfree/542942/ Reliance Industries Ltd, India’s most valuable company, has the potential to become debt-free, chairman Mukesh Ambani said on Tuesday, and would be actively looking to acquire assets overseas. Speaking at the company’s annual general meeting, Ambani told shareholders, “Net debt is now at less than 21 months of cash flow. With a current cash balance of nearly Rs 19,421 crore, Reliance is among the financially strongest companies in emerging markets.” http://www.financialexpress.com/news/blueprint-for-green-car-development-in-works/542433/ By the time the Indian contingent leaves for the global climate change summit in Copenhagen next month, the government will be ready with a holistic strategy for promoting environment-friendly vehicles.