Govt to curb STC`s monopoly of wheat imports

BS reports:

"At an emergency meeting held here on Friday, the empowered group of ministers (EGoM) on wheat, headed by the union minister for external affairs Pranab Mukherjee, has decided in all future wheat import contracts, both MMTC and PEC, which are trading corporations under the commerce ministry, will also be involved. However, STC, which is also a commerce ministry body, will continue to import wheat, said highly placed sources in the food ministry."

By doing what?

Textile ind cautions govt on FTAs

FE reports:

"Nair’s note of caution is significant as India is eager to sign FTAs with Thailand and the ASEAN. The industry has already suggested to the government not to go for tariff reduction for textile products while signing FTAs and bilateral trade agreements with Asian neighbours. The WTO draft on non-agriculture market access (NAMA) released by Don Stephenson in July has already invited concerns for the industry. Indian textiles face tough competition from China, Bangladesh, Pakistan, Laos, Vietnam, and Cambodia. One of the main reasons for China's competitiveness is the artificial exchange rate of its currency. “Some Asian countries procure cheap yarns and fabric from China and export garments and apparels at competitive prices,” said Nair."

Milk prices drop Rs 4/litre in 2 months

BL reports:

"Speculation over a possible extension of the ban on skimmed milk powder (SMP) exports beyond this month has led to a crash in milk prices. Private dairies in the North are currently paying Rs 15-15.50 for a litre of buffalo milk containing 6.5 per cent fat and 8.5 per cent solids-not-fat (SNF) delivered at their dock. The same milk was being sourced at Rs 19-20 a litre in July. “We have seen a drop of around Rs 4 a litre in the last two months. Over the last week alone, prices have gone down by roughly Rs 1.50 a litre,” said Mr Kuldeep Saluja, Managing Director of the Delhi-based Sterling Agro Industries Ltd. Product prices fall He attributed the fall to the decline in realisations from products and speculation over the ban on SMP exports continuing beyond September 30."

Allianz bank gets RBI nod with rider

Allianz bank gets RBI nod with rider:

"The Reserve Bank of India has finally agreed to give a licence to European financial conglomerate Allianz AG for domestic retail banking. However, sources at the central bank point out that in order to obtain the banking licence, Allianz had to compromise by dropping its earlier plan to seek the licence in its own name.

Allianz has now agreed to accept RBI’s condition that the bank be known as Dresdner, a global bank owned by Allianz, which has had a representative office in India since 2000. The central bank has given permission to Dresdner to open one branch in the country."

I liked the "Allianz had to compromise by dropping its earlier plan to seek the licence in its own name" part. If I were RBI I would have insisted on it dropping the 'd' in the middle. Sounds better, no?

India's iron ore exports dip, steel firms seek cap | Reuters.com

India's iron ore exports dip, steel firms seek cap | Reuters.com:

"India's iron ore industry said on Friday that a duty on exports imposed in February and a strong rupee had dragged down sales, but steelmakers disagreed and again sought a cap on overseas shipments.

The government initially set an export duty of 300 rupees per tonne of all iron ores, but later cut the rate applicable to low-grade sales to 50 rupees following protests by the mining industry."

"Losers club" sought to derail India deal - Vodafone | Reuters.com

"Losers club" sought to derail India deal - Vodafone | Reuters.com:

"Arun Sarin, the chief executive of global wireless operator Vodafone Group Plc, called for greater transparency in India's merger approval process to defeat backroom efforts by vested interests to manipulate India's political bureaucracy.

'I really did not expect people -- the 'good and great' of India -- to be calling cabinet secretaries, ministers, to say, 'You have to unwind this deal, because we want a piece of it,'' Sarin told a conference of Indian business and academic leaders taking place in Silicon Valley this weekend.

Vodafone edged out some powerful Indian business groups with an $11 billion bid for Hutchison Telecommunications' majority stake in India's fourth-biggest mobile firm in January. It then underwent a three-month regulatory wait -- rapid by U.S. or European standards, he noted.

Sarin said he was confident the deal would sail through until the regulatory process in New Delhi entered its final weeks and he became aware of behind-the-scenes lobbying of key bureaucrats by competitors attempting "to crater the deal."

"The billionaire losers' club was trying to unwind the deal," the Vodafone leader said. "What was fascinating was that there was absolutely no transparency to the process."

Valuations Professionals Bill

FE reports

A concept paper (a copy of which is with FE) on a Valuation Professionals Bill, floated by the company affairs ministry, proposes setting up a council that would certify a “valuation professional”, besides issue valuation standards, set education guidelines, recognise institutes and their course content, and frame ethical codes.

The concept paper defines a “valuation professional” as one who individually, or in partnership, or in limited liability partnership with other valuation professionals, offers services like valuation of business, shares, debt, assets, goodwill, brands and intellectual property. At a time when domestic M&As are on a rise, the concept paper seeks to prohibit companies, both Indian and foreign, from certifying valuations.