HIGH TIDE: Capital Inflow for Man Slaughter
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| Treason in the air, once again 24 Jul 2009, 0023 hrs IST, Bjørn Lomborg, Discussions about global warming are marked by an increasing desire to stamp out "impure" thinking, to the point of questioning the value of In March, Al Gore's science adviser and climate researcher, Jim Hansen, proclaimed that when it comes to dealing with global warming, the "democratic process isn't working." Although science has demonstrated that CO2 from fossil fuels is heating the planet, politicians are unwilling to follow his advice and stop building coal-fired power plants. Hansen argues that, "the first action that people should take is to use the democratic process. What is frustrating people, me included, is that democratic action affects elections, but what we get then from political leaders is greenwash." Although he doesn't tell us what the second or third action is, he has turned up in a British court to defend six activists who damaged a coal power station. He argues that we need "more people chaining themselves to coal plants," a point repeated by Gore. The Nobel laureate in economics Paul Krugman goes further. After the narrow passage of the Waxman-Markey climate-change Bill in the US House of Representatives, Krugman said that there was no justification for a vote against it. He called virtually all of the members who voted against it, "climate deniers" who were committing "treason against the planet." Less well-known pundits make similar points, suggesting that people with "incorrect" views on global warming should face Nuremburg-style trials or be tried for crimes against humanity. There is clearly a trend. The climate threat is so great — and democracies are doing so little about it — that people conclude that may be democracy is part of the problem, and perhaps people ought not to be allowed to express heterodox opinions on such an important topic. This is scary, although not without historical precedent. Much of the American McCarthyism of the 1940s and 1950s was driven by the same burning faith in the righteousness of the mission — a faith that saw fundamental rights abrogated. We would be well served to go down a different path. Gore and others often argue if the science of climate change concludes that CO2 emissions are harmful, it follows that we should stop those emissions — and that we are morally obliged to do so. But this misses half the story. We could just as well point out that since science tells us that speeding cars kill many people, we should cut speed limits to almost nothing. We do no such thing, because we recognise that the costs of high-speed cars must be weighed against the benefits of a mobile society. Indeed, nobody emits CO2 for fun. CO2 emissions result from other, generally beneficial acts, such as burning coal to keep warm, burning kerosene to cook, or burning gas to transport people. The benefits of fossil fuels must be weighed against the costs of global warming. Gore and Hansen want a moratorium on coal-fired power plants, but neglect the fact that the hundreds of new power plants that will be opened in China and India in the coming years could lift a billion people out of poverty. Negating this outcome through a moratorium is clearly no unmitigated good. http://economictimes.indiatimes.com/Opinion/Comments-Analysis/Treason-in-the-air-once-again/articleshow/4813406.cms | ||||
| In 2008, India topped in global remittances flow 24 Jul 2009, 1410 hrs IST, TNN | |||
The flow of remittances to the developing countries is expected to be $304 billion in 2009, down from $328 billion in 2008, the World Bank stated recently in its remittances brief. Rising unemployment may trigger further immigration restrictions in some of the developed countries and this may ultimately slow down remittances, the bank observed.
Last year, India registered an increase of 34% in remittances much ahead of China which received $41 billion in 2008 as against $33 billion in the previous year.
Though the flow of money to South Asia and East Asia was strong last year, the scenario was not as rosy in the current year given the fact that a large number of Asians are among the locals who have lost jobs in many of the developed economies during the downturn.
Among the developing countries, India has the largest diaspora of 25 million spread across 136 countries. But, last year during the downturn a large population in the Gulf and Middle-East lost their jobs which may result in impacting the remittances in 2009.
The remittances from Indians were equivalent of a little over 4% of its GDP, according to an estimate. Remittances provide a lifeline to many poor countries. Although they remain resilient, even a small decline of 7%-10% can pose significant hardships to the people and to governments, especially those facing external financing gaps.
"Reducing remittance fees and developing innovative tools to leverage remittances for financial inclusion and capital market access should be a part of our response to the financial crisis," Dilip Ratha, lead economist in the development prospects group of the World Bank stated.
| India Inc cranks up growth motor - Corporate scorecard brings cheer | |
| OUR BUREAU | |
July 23: India Inc has started sprouting the first shoots of a strong recovery with the country's largest car maker and its No. 1 mobile service provider turning in big first-quarter profits. Car maker Maruti Suzuki today reported its first net profit growth in six quarters at Rs 583.54 crore, a 25.3 per cent jump over Rs 465.85 crore in the three months ended June 30, 2008. Maruti's net sales leapt 34 per cent to Rs 6,340.26 crore, reflecting a 17.7 per cent increase in car sales in the first quarter. It sold 2,26,729 units in the first three months of fiscal 2010. The last time that Maruti reported a year-on-year net profit growth was in the quarter ended December 2007 — a sure sign that it may be sputtering to life again after the dog days of 2008. Ringing in profits Mobile telephony giant Bharti Airtel also rang up a 24 per cent growth in net profits at Rs 2,517 crore against Rs 2,025 crore in the year-ago period. Total revenues, however, rose by a modest 17 per cent to Rs 9,942 crore after it expanded its customer base by 8.55 million — the highest-ever growth for any quarter on a net basis. The mobile phone giant had 105.2 million customers at the end of June, giving it a market share of 24 per cent. Average revenue per user fell 8.8 per cent to Rs 278 from Rs 305 in the previous quarter. The average minutes of use also declined by 1.5 per cent to 478 minutes. Bharti Airtel's net profits were boosted by a foreign exchange gain of Rs 250 crore against a loss of Rs 168 crore a year ago. Idea Cellular — the minnow among telecom players — also turned in a tidy set of numbers. The Aditya Birla group company posted a rise in profit after tax of 13 per cent in the first quarter at Rs 297.10 crore compared with Rs 263.2 crore in the year-ago period. It recorded an increase of 37 per cent in consolidated sales to Rs 2,975.9 crore compared with Rs 2,178.1 crore in the corresponding period last year. Both telecom companies said their revenues were impacted by the change in the call termination charges for domestic calls that had been reduced to 20 paise per minute from 30 paise earlier. The call-originating company pays the fee to the network called. Idea Cellular added 4.1 million subscribers during the quarter. FMCG shines Cigarette-to-hotels conglomerate ITC posted a 17.4 per cent rise in net profit at Rs 879 crore even though revenues rose by just 5 per cent to Rs 4,220.4 crore. The slowdown in the hotels and agro-chemicals business dampened growth in revenues. After a strong showing by the infotech giants, it is clear that companies across a wide swathe of businesses are finally starting to climb out of the rut. "The earnings season is certainly good. The quarterly numbers are running ahead of expectations and there are more upgrades than downgrades," said Gaurav Dua, head of research at Sharekhan. Dua said the sectors that were showing robust growth included cement, private sector banks, automobile companies, auto ancillaries such as tyres and software companies. The markets surged on the good news with the sensex leaping 387.92 points to close at 15231.04. While Maruti surged 6.4 per cent to Rs 1,295.55, ACC shot up 6 per cent to close at Rs 854.65. ITC also gained by a similar margin to close at Rs 229.95 Oil giant flounders State-owned Oil and Natural Gas Corporation reported its fourth straight drop in quarterly net profits at Rs 4,848 crore, a sharp 27 per cent plunge over a year ago. The oil behemoth blamed its poor show on the discounts that the government was forcing it to pay state-owned oil refiners for selling auto fuels below cost. Profits would have been higher by Rs 242 crore if it didn't have to pay the discounts. It sold crude at $58.25 a barrel after paying the discounts compared with $69.13 a barrel a year ago. Net sales fell 26 per cent to Rs 14,879 crore from Rs 20,052 crore. |
Three US mayors, lawmakers arrested in corruption case
Newark (New Jersey) (AP): An investigation into the sale of black-market kidneys and fake Gucci handbags evolved into a sweeping probe of political corruption in New Jersey, ensnaring more than 40 people, including three mayors, two state lawmakers and several rabbis.
Even for a state with a rich history of graft, the scale of wrongdoing alleged was breathtaking. An FBI official called corruption "a cancer that is destroying the core values of this state."
Federal prosecutors said the investigation initially focused on a money laundering network that operated between the New York City borough of Brooklyn; Deal, New Jersey; and Israel. The network is alleged to have laundered tens of millions of dollars through Jewish charities controlled by rabbis in New York and New Jersey.
| Robust core show in June | |
| OUR SPECIAL CORRESPONDENT | |
New Delhi, July 23: Core industries grew 6.5 per cent in June compared with 2.8 per cent in May and 5.1 per cent in June 2008 — a sign of improved economic activity. Analysts said the RBI could hold the key rates steady in its monetary policy review next week as the economic slowdown had been arrested. The government claimed that the growth in infrastructure was because of its economic stimulus measures. The six core industries — coal, cement, electricity, finished steel, crude and refined petroleum products — have a weightage of 26.7 per cent in the industrial production index. Commerce minister Anand Sharma said stimulus packages and steps announced in the budget were having a positive impact on industry. However, he said growth in the core sector did not mean that India had fully recovered from the impact of the global economic crisis. "In the last three months it (industrial growth) is improving, but we want to ensure that this recovery continues and India returns to a high growth trajectory… all incentives which we have given will remain in place," Sharma said. "It is looking good. It is a sign of sluggish recovery. The effects of stimulus packages can be seen in steel, cement ... Consumer durables will also grow and we may see a similar trend in IIP," D.K. Joshi of Crisil said. The index of industrial production in May was 2.7 per cent, more than double that of April when growth turned positive. Inflation negative Inflation remained in the negative zone. The wholesale price index was at (-)1.17 per cent for the week ended July 11 against (-)1.21 per cent in the previous week. Pulses, fruits and vegetables have turned expensive. http://www.telegraphindia.com/1090724/jsp/business/story_11276565.jsp |
High Alert: 5.05 m high tide likely to hit Mumbai
Published on Fri, Jul 24, 2009 at 12:27, Updated on Fri, Jul 24, 2009 at 12:42 in India section
Mumbai: Mumbai has been on tenterhooks with a high tide alert this week. Civic officials have warned of high tides up to 5 metres and above. This, if accompanied by heavy rains, could throw the city out of gear.
But with intermittent showers and strong winds on Wednesday and Thursday, the city seems to have braved the high tides for now.
Areas such Worli, Koliwada, Versova and Geeta Nagar and Cuffe parade near the coast were inundated during high tide as sea water entered many homes.
A wall collapse at the Mayor's bungalow sent authorities into a tizzy and over 50 pumping machines were on standby to tackle flooding in low-lying areas.
BMC officials however insist there's no reason to panic and that they were all geared up for any emergency arising out of the situation.
BMC Commissioner, Jairaj Phatak said, "We will evacuate people living in low-lying areas if high tide indeed sets in."
Mumbaikars are not taking any chances though and those who have seen the July 2005 deluge are opting to stay indoors.
With July 24 expected to see high tide of 5.05 meters, the highest for this monsoon, authorities have advised citizens to take necessary precautions.
HIGHEST TIDE OR NOT?
A debate on whether the maximum city will witness the highest tide in 100 years has been going on for some time. The Survey of India (SOI) says no and has come down heavily on the BMC for creating panic by declaring the 5.05 meter tide as the "highest of the century".
The survey's research cell shot off a letter to the civic agency, calling the information 'factually incorrect'.
SOI figures show that Mumbai witnessed its highest tide in January this year, when water levels touched the 5.13 metre mark, that's .8 metres higher than what's been predicted for Friday.
The SOI is a research body under the central department of science and technology, and boasts of a flawless record of accurate tidal predictions for the past 120 years.
(With inputs from Kajal Iyer and Sholeen Damarwala in Mumbai)
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Many Indian companies that had made outsized debt-financed acquisitions at the height of the liquidity-driven M&A boom found themselves burdened with short-term debt that they could not replace with long-term funds since any form of capital became scarce as the financial crisis unfolded. The improvement in risk appetite is enabling the debt-laden companies to obtain a more viable capital structure — repay debt from equity raised.
The easier availability of funds would also allow resumption of stalled capital expenditure plans, particularly in the infrastructure space where there is no risk of over-capacity. And the increased inflow alleviates concerns over the market's ability to absorb large government borrowings.
Other emerging economies have also seen a rush of capital, though India is expected to get a more than fair share given the better growth prospects. Nearly $2 trillion of liquidity is believed to be sitting on the sidelines and, as risk appetite improves, likely to be deployed quickly.
This liquidity could, however, easily find its way into existing assets instead of creating new capacity, in which case there could be more bubbles even before the earlier excesses have been wiped out. In the case of India, surge in capital inflows could cause a repeat of 2007.
The rupee would appreciate, causing yet more portfolio inflows, as this currency change improves the dollar returns on investments. The familiar problems of having to sterilise the counterpart rupees created by the RBI's attempt to moderate the rupee's rise, upward pressure on interest rates, etc, would follow. The surge in inflows beyond what can usefully be absorbed by the economy would raise the risk of undermining economic recovery itself. Efforts to improve the economy's absorptive capacity must accompany nimble policy on capital inflows.
Benchmark crude for September delivery was down 31 cents to $66.85 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Thursday, the contract added $1.76 to settle at $67.16.
Evidence that the recession-hit U.S. economy is strengthening has bolstered investor optimism and triggered a rally from $58.78 a barrel two weeks ago. While crude demand hasn't rebounded yet, traders have begun to have more faith that consumption will eventually pick up.
``We haven't seen demand increase yet, but all the good news about the economy seems to be adding fuel to the fire,'' said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney. ``Just the fact that things are improving is enough to change the sentiment of a lot of people.''
Investors were cheered by a National Association of Realtors report Thursday that said sales of previously occupied homes rose for the third month in a row. The last time that happened was in the middle of the housing boom in early 2004.
The Dow Jones industrial average rose 2.1 per cent Thursday to above 9,000 for the first time since January. The Dow is up 11 per cent in the last nine days.
The high tide is expected to hit Mumbai and the surrounding Konkan region at 2.05 p.m. The waters will ebb only after three to four hours, met officials said.
In the past two days, as waves measuring 4.85 and 5.1 metres lashed Mumbai, civic and disaster management authorities evacuated people -- mostly shanty dwellers -- from vulnerable areas like Colaba, Cuffe Parade, Andheri, Jogeshwari and even parts of neighbouring Thane.
The Municipal Corporation of Greater Mumbai (MCGM) has issued warnings to people in low-lying areas to watch out for the gigantic tide Friday and take adequate precautions.
On Thursday, sea water rushed into several buildings in Cuffe Parade, Worli, Dadar, Prabhadevi, Andheri, Juhu, Khar and Malad.
Even mayor Shubha Raul's official bungalow at Shivaji Park in Dadar was not spared. The huge waves knocked down a compound wall.
In Thane, the district adjacent to Mumbai, waterlogging attributed to the high tide was reported from residential areas in places like Uttan, Palghar, Boisar and Dahanu but there have been no casualties so far.
Some schools have advised students to stay at home in view of the high tide, but there has been no official announcement of closure by the government.
However, for many Mumbaikars, the tides offered a rare view of a natural phenomenon after clouds obscured the solar eclipse Wednesday.
Thousands of people excitedly saw the tides from a safe distance at places like Colaba, Marine Drive, Girgaum Chowpatty, Worli Sea-Face, Bandra Bandstand, Juhu Beach, Gorai Beach and Marve Beach yesterday. Today, greater numbers are expected.
Crowds had assembled even at the Thane Creek and commuters were seen craning their necks to see the swirling waters as the trains crossed the railway bridges at Bhayander Creek.
Last week, the MCGM had inserted big and small advertisements in newspapers, warning people of the potential damage that could be wreaked by the high tides and contact details for emergency services.
As many as 11 hotlines have been established and 34 rain gauges have been installed from where round-the-clock information is being collected. Control rooms have been set up at all the 24 civic wards.
Officials said that MCGM would also monitor the situation in flood-prone areas through CCTVs.
At 2 pm, Bombay Stock Exchange's Sensex came off lows and was trading
National Stock Exchange's Nifty was at 4566.50, up 42.75 points or 0.95 per cent. The broader index hit a low of 4504.85 and high of 4575.15.
"If Nifty is able to hold 4520 during the day then upward momentum will continue. Nifty has resistance at 4540-4568-4580 and above 4580 we may see short covering in market and it could move to 4610-4630 during the day. Nifty has supports at 4520-4500-4482 and below 4480 we may see some more profit booking and market could slide lower to 4455-4420 during the day," said Arihant Capital Markets report.
Bargain hunting in the broader market sent the BSE Midcap Index up 1.67 per cent and BSE Smallcap Index 1.69 per cent higher.
Amongst the sectoral indices, BSE Auto Index climbed 3.48 per cent, BSE Realty jumped 2.95 per cent and BSE Metal rose 2.19 per cent. Meanwhile, the BSE Oil& Gas Index pared losses and was trading marginally lower after a sharp fall earlier in the session.
Biggest Sensex losers comprised Tata Motors (7.02%), Maruti Suzuki (4.59%), Tata Steel (4.29%), DLF (4.04%) and Sterlite Industries (4%).
Losers comprised Bharti Airtel (-48.18%), HDFC (-1.41%), Reliance Industries (-1.33%), State Bank of India (-0.86%) and Sun Pharmaceuticals (-0.12%).
Market breadth gained strength on the BSE with 1678 gainers and 877 losers
Meanwhile, The government on Wednesday appointed management consultant Arun Maira as Member of the Planning Commission.
Before joining this post, Maira has served on several keys posts in organisations like Boston Consultancy Services and Tata Motors, an official statement said.
Maira has served Tata Administrative Service for 25 years. He has also authored several books on leadership and organisation, including Remaking India and Discordant Democrats and Shaping the Future.
Maira is the eigth member to join the Commission after Narendra Jadhav, Mihir Shah, BK Chaturvedi, Saumitra Chaudhuri, Abhijit Sen, Syeda Hameed and K Kasturirangan.
Oil and Natural Gas Corporation Ltd, the upstream oil company, and Ambuja Cements Ltd, a Holcim group company, saw their net profit falling for the April-June quarter over the same period last year, on an otherwise happy day for India Inc, when heavyweights such as Maruti Suzuki India, ITC and Bharti Airtel posted strong quarterly numbers.
The healthy numbers were reflected in the stock market too, with the Sensex and the Nifty showing substantial gains.
Maruti Suzuki India Ltd, the country's largest passenger car manufacturer, sustained its scorching pace, registering an 18 per cent increase in total vehicles sold during the quarter at 226,729 units (against 192,584 units previously).
The company was able to ride on good sales of its recently launched models, such as the Ritz and A-Star, with higher exports, which more than doubled during the first quarter of this year over the same period last year, too contributing its share.
At the other end of the spectrum, the new economy company Bharti Airtel rode the rural wave and added 8.55 million customers in the period under review, its highest ever in a single quarter, taking its total customer base to 105.2 million. The company's subscriber base grew by 47 per cent over the corresponding year-ago period.
Mixed bag
For Swiss cement-maker Holcim it was a mixed bag. ACC's sales increased 15 per cent and net profit 85 per cent, while for Ambuja Cements, sales were up 18 per cent, but net profit fell 44 per cent. Both these companies follow a January to December financial year.
Yet another company to post strong results was ITC Ltd, the cigarettes-to-FMCG player, with its sales and profit after tax growing 19 per cent and 17 per cent respectively.
The company said it recorded a 9.5 per cent growth in non-cigarette FMCG businesses with the segment improving on profitability.
Hit by crude volatility
For ONGC, which announced its results after close of markets, both sales and profit after tax fell. The company attributed this to crude price volatility and the discounts it offered to oil marketing companies. The company said the PAT in the first quarter of this year was the third highest in its history, but compared with that in the same period last year — which was the highest it had recorded so far — it had declined by 27 per cent.
ONGC's subsidiary Mangalore Refinery & Petrochemicals Ltd saw its net profit halve and turnover drop by 40 per cent during the quarter.
Strong performers
Siemens' PAT for its third quarter was boosted by an exceptional income of Rs 211 crore from sale of its investments in Siemens Information Systems Ltd and Siemens Information Processing Services Pvt Ltd. Otherwise, its profit from operations at Rs 237 crore declined by 5 per cent over the corresponding period last year, according to the company.
"The G20 will assess whether the green shoots of recovery are real, whether it is time to exit from the economic stimulus measures and whether there would be inflationary pressure if growth starts picking up," the official said. Ben Bernanke, chairman of the US Federal Reserve, on Tuesday said there were signs that the world's largest economy was starting to stabilise. The worldover, governments are now contemplating how to exit from stimulus measures—tax cuts and lower interest rates—without disrupting economic revival.
The forthcoming meetings of the G20 leaders in July and September are also likely to look at the contentious issue of climate change finance. "For adaptation and mitigation, we need funding. The deliberations are likely to examine how funds can be mobilised for this," the official said. Part of the funding would come from the market through carbon trading.
The government will also take a call on regulating certain financial sector entities such as credit rating agencies and merchant banks, taking inputs from a G20 task force comprising global associations of accounting and securities market regulators. The International Accounting Standards Board and International Organisation of Securities Commissions are working out the details now.
Besides new sops, stimulus packages extended by the government would continue till India returns to a high growth trajectory, he said.
"It is gratifying to note that the core sector industries have recorded growth during the past three months, but we have to focus on exports. We are engaged in consultations with the finance ministry and stakeholders, and efforts would be to make Indian exports attractive globally," Mr Sharma said at a conference organised by industry body Ficci.
The government was aware of the problems faced by exporters and would try its best to extend support, Mr Sharma said, adding that one of the ways would be to focus on diversifying the country's merchandise exports to untapped markets. The minister will meet the sectoral representatives of the export industry to discuss the same this week.
Elaborating on the forthcoming FTP, he said it would be a mix of fiscal incentives and simplification of procedures for carrying out foreign trade.
The minister has also met representatives of the Federation of Indian Export Organisations, export promotion councils and leading exporters as part of the deliberations ahead of announcing the policy.
The government currently has just over 59 per cent stake in the bank which it acquired from the RBI last year.
There were speculations in the market about the country's biggest lender seeking the government's nod to tap the market for raising capital for meeting its growth plans.
Official sources said the bank has sufficient resources to meet its growth plans and it does not require a fresh injection of funds through equity sale unless it wants to acquire a financial entity.
"There is no proposal at the moment from SBI to raise funds from the capital market which would result in dilution of the government's stake in the bank," the sources said.
In fact, the Government can reduce its stake to only 55 per cent in SBI as a bill to allow it to shed equity up to 51 per cent has lapsed and it is yet to be introduced again in Parliament.
SBI has a capital adequacy ratio 14.25 per cent as of March 2009, against the regulatory requirement of 9 per cent.
The SBI share moved up 1.91 per cent at Rs 1,725.90 on the BSE today.
Manslaughter
From Wikipedia, the free encyclopedia
| The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. (July 2007) |
Manslaughter is a legal term for the killing of a human being, in a manner considered by law as less culpable than murder.
The law generally differentiates between levels of criminal culpability based on the mens rea, or state of mind. This is particularly true within the law of homicide, where murder requires either the intent to kill, a state of mind called malice, or malice aforethought, which may involve an unintentional killing but with a willful disregard for life.
Manslaughter is usually broken down into two distinct categories: voluntary manslaughter and involuntary manslaughter.
Contents[hide] |
[edit] Voluntary manslaughter
Voluntary manslaughter occurs when the defendant kills with malice aforethought (intention to kill or cause really serious harm), but there are mitigating circumstances which reduce his culpability. Voluntary manslaughter is a lesser included offense of murder. The traditional mitigating factor was provocation, however others have been added in various jurisdictions.
[edit] American Law
There have been many types of voluntary manslaughter, which have not been differentiated because they are so closely related or indistinguishable that many jurisdictions don't differentiate between them.[1] The following are some examples of defences which may be raised to mitigate murder to voluntary manslaughter:
- Provocation: A killing occurred after provocation by an event which would cause a reasonable person to lose control.
- Imperfect self-defense: allowed only in a limited number of jurisdictions in the U.S. Self-defence is generally a complete defence to murder. However, if a person acted in an honest but unreasonable belief that he can justifiably resort to a deadly force to defend himself, he may still be convicted of voluntary manslaughter, or deliberate homicide committed without criminal malice. Malice is found if a person killed intentionally and without legal excuse or mitigation.
- Diminished capacity or a mental breakdown can be a defence to negate the mental state of "malice". If a jurisdiction recognizes that a person can kill with justification, but also without any evil intent, that jurisdiction is free to define the crime as something less than murder. Not all US states do this; in many, a mental defect, or even mental illness, won't reduce the seriousness of the offense whatsoever. However, if a US state legislature chooses, a diminished mental state may justify the finding of a lesser crime. This is distinguished from the complete defence of Insanity.
[edit] English Law
The Homicide Act 1957 sets out three partial defences that reduce murder to voluntary manslaughter; diminished responsibility, provocation and suicide pact.
[edit] Diminished Responsibility
This covers diminished mental responsibility for a crime falling short of the requirements of the complete defence of Insanity. Under s 2 Homicide Act 1957 there are three requirements for the defendant to raise the defence of diminished responsibility:
- The defendant suffered from an abnormality of mind at the time of the killing. An abnormality of mind is 'a state of mind so different from that of ordinary human beings that the reasonable man would term it abnormal'.[2]
- The abnormality was caused by one of the causes specified by the Act: a condition of arrested or retarded development of mind, any inherent cause or a disease or injury.
- The abnormality substantially impaired the defendant's mental responsibility for the killing. Substantial means the lack of control must simply be 'more than trivial'.[3]
Under s2(2) of the Act it is for the defendant to prove he suffered from such a condition on the balance of probabilities.
[edit] Provocation
Provocation was originally a common law defence to murder, but it was reformed by s3 Homicide Act 1957. There are two limbs to the defence, first the defendant must have actually been provoked, and second the provocation must be such as would have made the reasonable man act as the defendant did. Provocation can come from someone other than the victim[4] and be aimed at someone other than the accused.[5] Further the defence is not defeated by the fact that the defendant induced the provocation.[6]
- Subjective limb: provocation in fact: This is a question of fact for the jury. The loss of control must be sudden and temporary,[7] however it can be the result of slow burn with a relatively minor 'final straw'.
- Objective limb: the reasonable man test: The provocation must been enough to make a reasonable man do as the defendant did. The reasonable man has the same sex and age as the defendant and such characteristics as affect the gravity of the provocation to the defendant, but characteristics irrelevant to the provocation such as unrelated mental disorders are not given to the reasonable man.[8] Finally, the reasonable man always has reasonable powers of self control [9] and is never intoxicated.[10]
[edit] Suicide Pacts
S4(1) Homicide Act 1957 introduced the defence of suicide pact. Parliament's intention in was to show some compassion for those who had been involved in a suicide pact but failed to die. S4(3) defines a suicide pact as 'a common agreement between two or more persons having for its object the death of all of them, whether or not each is to take his own life'. The accused must have had a "settled intention of dying in pursuance of the pact" to avoid him entering into a supposed pact with the real intention of committing murder.
[edit] Infanticide
Another form of voluntary manslaughter is infanticide. This offense was created by statute in some countries during the 20th century. Generally, a conviction of infanticide will be made where the court is satisfied that a mother killed her newborn child while the balance of her mind was disturbed as a result of childbirth; for instance, in cases of post-natal depression. It is a form of manslaughter, and carries the same range of sentences as a manslaughter conviction. While infanticide is a separate offense from murder, and not a reductive defence to murder (such as the defences listed below), in practice it works in much the same way as a reductive defence.
[edit] Involuntary manslaughter
Involuntary manslaughter is the unlawful killing of a human being without malice aforethought. It is distinguished from voluntary manslaughter by the absence of intention. It is normally divided into two categories; constructive manslaughter and criminally negligent manslaughter.
[edit] Constructive Manslaughter
Constructive manslaughter is also referred to as 'unlawful act' manslaughter. It is based on the doctrine of constructive malice, whereby the malicious intent inherent in the commission of a crime is considered to apply to the consequences of that crime. It occurs when someone kills, without intent, in the course of committing an unlawful act. The malice involved in the crime is transferred to the killing, resulting in a charge of manslaughter.
For example, if a person throws a brick off a bridge into vehicular traffic below they could be found to intend or be reckless as to assault or criminal damage (see DPP v Newbury[11]). There is no intent to kill, and a resulting death would not be considered murder, but would be considered involuntary manslaughter. The accused's responsibility for causing death is constructed from the fault in committing what might have been a minor criminal act.
[edit] American Law
In the United States, misdemeanor manslaughter is a lesser version of felony murder, and covers a person who causes the death of another while committing a misdemeanor – that is, a violation of law which doesn't rise to the level of a felony. This may automatically lead to a conviction for the homicide, if the misdemeanor involved a law designed to protect human life. Many violations of safety laws are infractions, which means a person can be convicted regardless of mens rea.
[edit] English Law
Constructive manslaughter in English Law is committing an unlawful dangerous act which causes death. The associated doctrine of constructive murder, under which killing in the course of committing a felony led to a charge of murder, was abolished by the Homicide Act 1957.
There are three requirements for constructive manslaughter:
- The defendant must do an unlawful act. This must be a criminal, not civil, offence[12] and must involve mens rea of intention or recklessness. Crimes involving negligence or omission will not suffice.[13].
- The act must be dangerous. Whether the act is dangerous is objectively judged from the point of view of a sober and reasonable person present at the scene who witnessed the act.[14] The defendant need not be aware the act is dangerous[15] and the act need not be directed at the victim.[16]
- The act must cause the death of the victim.
[edit] Criminally negligent manslaughter
Criminally negligent manslaughter is variously referred to as criminally negligent homicide in the United States, gross negligence manslaughter in England and Wales or culpable homicide in Scotland.
It occurs where death results from serious negligence, or, in some jurisdictions, serious recklessness. A high degree of negligence is required to warrant criminal liability. A related concept is that of willful blindness, which is where a defendant intentionally puts himself in a position where he will be unaware of facts which would render him liable.
Criminally negligent manslaughter occurs where there is an omission to act when there is a duty to do so, or a failure to perform a duty owed, which leads to a death. The existence of the duty is essential because the law does not impose criminal liability for a failure to act unless a specific duty is owed to the victim. It is most common in the case of professionals who are grossly negligent in the course of their employment. An example is where a doctor fails to notice a patient's oxygen supply has disconnected and the patient dies (R v Adomako).
[edit] American Law
In jurisdictions such as Pennsylvania, if a person is so reckless as to "manifest extreme indifference to human life", the defendant may be guilty of aggravated assault as well as of involuntary manslaughter.[17]
In many jurisdictions such as California, malice may be found if gross negligence amounts to willful or depraved indifference to human life. In such a case, the wrongdoer may be guilty of second degree murder.
[edit] English Law
In English law gross negligence is the test for manslaughter. The crime was defined in R v Bateman as 'to show such disregard for life and the safety of others as to amount to a crime against the state and conduct deserving of punishment.[18] In R v Adomako the House of Lords affirmed R v Bateman, and set out the five elements required for negligence:
- A duty of care owed by the defendant to the victim.
- A breach of that duty.
- A risk that the defendant's conduct could cause death.[19]
- Evidence that the breach of duty caused the victim's death.
- The defendant fell so far below the standards of the reasonable man in that situation that he should be labelled grossly negligent and deserving of criminal punishment.
It is for the jury to decide what constitutes 'grossly negligent behaviour'.
[edit] Vehicular or intoxication manslaughter
Vehicular manslaughter is a kind of misdemeanor manslaughter, which holds people liable for any death which occurs because of criminal negligence, or a violation of traffic safety laws. A common use of the vehicular manslaughter laws involves prosecution for a death caused by driving under the influence (determined by excessive blood alcohol content levels set by individual states), although an independent infraction (such as driving with a suspended driver's license), or negligence, is usually also required.[20]
In some U.S. states, such as Texas, intoxication manslaughter is a distinctly defined offense. A person commits intoxication manslaughter if he, or she, operates a motor vehicle in a public place, operates an aircraft, a watercraft, or an amusement ride, or assembles a mobile amusement ride while intoxicated and, by reason of that intoxication, causes the death of another by accident or mistake.[21]
Intoxication manslaughter, vehicular manslaughter and other similar offenses require a lesser mens rea than other manslaughter offenses. Furthermore, the fact that the defendant is entitled to use the alcohol, controlled substance, drug, dangerous drug, or other substance, is no defense.[22] For example, in Texas, to prove intoxication manslaughter, it is not necessary to prove the person was negligent in causing the death of another, nor that they unlawfully used the substance that intoxicated them, but only that they were intoxicated, and operated a motor vehicle, and someone died as a result. The same rule of law applies in New York for vehicular manslaughter in the second degree.[23]
[edit] Assisted suicide
In some U.S. states, assisted suicide is punishable as a second degree of manslaughter.[24]
[edit] See also
- Culpable homicide
- Imperfect self-defense
- Murder
- Criminal transmission of HIV
- Depraved heart murder
- Manslaughter in English law
[edit] References
- ^ See, e.g., Manslaughter in the first degree, N.Y. State Penal Law section 125.20, found at N.Y. State Legislative web site (search for Penal Law § 125.20).
- ^ Lord Parker CJ in R v Byrne [1960] 2 QB 396
- ^ R v Lloyd [1967] 1 Q.B. 175 at 177
- ^ R v Davies [1975] QB 691
- ^ R v Pearson [1992] Crim LR 193
- ^ Edwards v R [1973] AC 648
- ^ R v Duffy [1946] 1 All ER 932n
- ^ A-G for Jersey v Holley [2005] UKPC 23, as affirmed in R v James and Karimi [2006] EWCA Crim 14
- ^ R v Lesbini [1914] 3 KB 1116
- ^ R v Newell (1980) 71 Cr App R 331
- ^ [1977] AC 500
- ^ R v Franklin (1883) 15 Cox CC 163
- ^ Andrews v DPP [1937] AC 576, R v Lowe [1973] QB 702
- ^ R v Church [1966] 1 QB 59, R v Dawson (1985) 81 Cr App R 150
- ^ DPP v Newbury [1977] AC 500
- ^ AG's Reference (No. 3 of 1994) [1997] 3 WLR 421
- ^ 18 Pa.C.S.A. § 2702
- ^ R v Bateman (1925) 19 Cr App R 8
- ^ R v Singh (Gurphal) [1999] Crim LR 582
- ^ See, e.g., Vehicular Manslaughter in the first degree, N.Y. State Penal Law section 125.13 found at N.Y. State Legislative web site (search for Penal Law § 125.13).
- ^ Tex. Penal Code § 49.08.
- ^ TEX. PEN. CODE ANN. § 49.10; see also Nelson v. State, 149 S.W.3d 206, 211 (Tex. App.-Fort Worth 2004, no pet.).
- ^ See, Vehicular Manslaughter in the second degree, N.Y. State Penal Law section 125.12 found at N.Y. State Legislative web site (search for Penal Law § 125.12).
- ^ See, e.g., Manslaughter in the second degree, N.Y. State Penal Law section 125.15 found at N.Y. State Legislative web site (search for Penal Law § 125.15).
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BANGKOK (AP): Asian stock markets climbed Friday as economic data and company earnings reinforced confidence that a recovery from the global recession is under way.
South Korea's benchmark index gained modestly after news that Asia's fourth-largest economy grew at its fastest pace in nearly six years in the second quarter, adding to evidence the region is bouncing back.
Stronger-than-expected U.S. corporate earnings have added to the case for an economic turnaround while a jump in home sales propelled the Dow Jones industrials to its first close above 9,000 since January.
Tokyo shares were up nearly 1 percent while oil prices largely held onto the big gains made overnight amid signs the U.S. economy, the world's largest, is improving.
But there are still nagging doubts about whether the massive gains in world markets since March can be sustained.
``What is happening in the markets is quite irrational,'' said Peter Lai, investment manager at DBS Vickers in Hong Kong. ``The global economic situation doesn't justify the rise in stock prices. The rally is driven by liquidity and hot money not by fundamentals,'' he said.
Japan's Nikkei 225 stock average was up 134.78 points, or 1.4 percent, to 9,927.72 and Hong Kong's Hang Seng gained 92.25, or 0.5 percent, at 19,909.95.
South Korea's Kospi was 0.3 percent higher after figures showed the economy grew 2.3 percent in the second quarter as increased government spending and record low interest rates helped to insulate it from the global recession. Singapore and China have also released stronger growth figures in recent weeks.
In Seoul, shares of Samsung Electronics dropped 0.2 percent despite the world's biggest maker of memory chips and flat screen TVs reporting a 5.2 percent rise in second quarter profit.
Elsewhere, Australia's market gained 0.8 percent, Singapore was 1.2 percent higher while Taiwan's benchmark edged lower by 0.4 percent.
China's Shanghai market gained 1.8 percent, shrugging off fears that a construction company's massive share sale could weigh on stock prices. China State Construction Engineering Corp., the company that built the ``Water Cube'' swimming center for the Beijing Olympics, said Friday that it raised $7.3 billion in the world's biggest initial public offering this year.
In the U.S. on Thursday, Wall Street was buoyed by news that existing home sales rose in June for the third straight month and by a higher-than-expected amount.
The Dow Jones Industrials, the stock market's best-known indicator, shot up almost 190 points to 9,069.29, its highest level since November, and all the other big indexes gained more than 2 percent.
Oil prices drifted below $67 a barrel but mostly held onto gains made overnight. Benchmark crude for September delivery was down 27 cents to $66.89 a barrel. On Thursday, the contract added $1.76 to settle at $67.16.
In currencies, the dollar fell to 94.83 yen from 95.02. The euro rose to $1.4161 from $1.4157.
CII forms task force
Puducherry (PTI): The southern region of Confederation of Indian Industries (CII) has formed a task force to help companies and industries to protect their intellectual property rights and from data theft, fraud and cyber crimes.
Speaking at a special session of CII yesterday, Chairman of Puducherry chapter of the CII T Rajarajan said former Karnataka DGP R Sri Kumar would be the Chairman of the task force.
Industries should develop technology to support govenment in addressing security related issues, a CII release said here on Friday.
| Army joins Bhiwandi gas leak probe, 3,500 evacuated 24 Jul 2009, 1333 hrs IST, IANS BHIWANDI: (Maharashtra): Military experts arrived in this township near Mumbai Friday to assist the civil administration probing a chlorine gas According to Sudesh Punyarthi, chief of Bhiwandi Disaster Management department, a discarded cylinder containing 900 kg of chlorine gas, belonging to the Bhiwandi-Nizampur Municipal Corporation's sewerage department, leaked after an explosion in a civic dumping ground. The powerloom township of Bhiwandi is around 45 km northeast of Mumbai. "While most of the chlorine gas is believed to have dissipated in the air, the army experts and our technical officials are trying to ascertain if there is any more left which could create problems," Punyarthi told IANS. At least nine women fell unconscious after they inhaled the fumes and were admitted to the Indira Gandhi Memorial Hospital nearby. Fifty more people complained of nausea and difficulty in breathing and were treated in local hospitals, an official of the disaster management department said. All of them were discharged by Friday. As a precautionary measure, the civic authorities evacuated around 3,500 people living in the slums around the dumping ground. "They will be permitted to return only after the army and civic experts complete their investigations," a civic official added. Apart from the army, teams of the disaster management department, fire brigade, health department are at the site which has been cordoned off by the police. There were no casualties in the incident. The remaining one million people in the township were not affected at all, a police official said.
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NEW DELHI: The government will announce more sops for the slowdown-hit exports sector in the export-import policy (Exim) for 2009-10, which will be "There will be certain measures. We are aware of the difficulties of the exporters and will try our best to extend the support and sops," Sharma told reporters on the sidelines of a business meet. "We will be meeting the sectoral representatives this week. Rest you will see when the policy will come." The minister added that his department was in talks with "the finance ministry to address the problems faced by the exporting community". Last week Sharma had said India's new foreign trade policy would focus on diversifying the country's merchandise exports to untapped markets. "We will look at diversification," Sharma told reporters here after a meeting with industry representatives. He said the new trade policy would contain a mix of fiscal incentives as well as simplification of procedures. The government may announce some new measures as well. The minister has also met representatives of the Federation of Indian Export Organisations (FIEO), export promotion councils and leading exporters as part of the deliberations ahead of announcing the policy. India's merchandise exports are continuing to decline since October last year - down 33.2 percent at $10.74 billion in April, and 29.2 percent lower at $11.01 billion in May. Apart from promotional schemes, the government will also work on simplifying procedures for carrying out foreign trade in a bid to save costs and time, Sharma added.
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| Nilekani gets cracking from Day 1 in office 24 Jul 2009, 0030 hrs IST, ET Bureau | |||
"This unique identity number will soon eliminate the need for existing identification cards for opening bank and post office accounts or taking electricity connections," Mr Nilekani said while taking charge as the first chairman of UIDAI.
The identification number, which will primarily help to "authenticate" an individual in the country, will be issued to Indian residents on voluntary basis. Any Indian can get the number by showing a residence proof. This can be used for government and private use, Mr Nilekani said.
He said the immediate task of the authority was to put its office in order. The UIDAI chief also introduced Ram Sevak Sharma as the secretary and chief executive officer of the organisation who will assist him in rolling out the programme across the country in phases.
The newly set up organisation is looking for talent. "We will look for people both from the government and the private sector. We need people in biometrics and advanced technologies to meet the best global standards," Mr Nilekani said.
"It will take a few weeks to get the team together and examine the strategy to issue the UID numbers. The design of the project will be based on biometric identification to authenticate the identity of the person," he said.
As announced by Union finance minister Pranab Mukherjee in his budget speech, the first set of database for the project will be ready within 12-18 months.
Mr Nilekani recently met communications and information technology minister A Raja and Planning Commission deputy chairman Montek Singh Ahluwalia to discuss the blueprint of the project.
The UID project plans to create unique identification numbers for all Indians by 2011. Currently, India does not have any standard identification card or number to authenticate an individual's identity.
The train services linking the two countries had stopped in 1965 following the Indo-Pak war when Bangladesh was part of the eastern wing of Pakistan. Ms Hasina said her government was keen on reopening the cross-border rail service and that she had already discussed the proposal with railway minister Mamata Banerjee.
"The government plans to build SEZs offering infrastructure facilities and tax holidays where Indian businessmen, like others, can also invest," Ms Hasina said while addressing a 50-member Indian business delegation led by Ficci to Bangladesh. The delegation proposed setting up of SEZs in the bordering area exclusively for Indian investments.
The export processing zones (EPZs) are already in place in Comilla, Feni and Syedpur. Indian companies can invest in EPZs as they are close to the Bangladesh-India frontier, she added. While EPZ is just an industrial enclave with fewer tax benefits, SEZ is a tax-free integrated township.
CBI sources said involvement of hawala operators had surfaced during its probe in Satyam fraud since a lot of money was siphoned off from the company and parked in tax havens.
The same money is alleged to have been brought back into the country through non-banking channels, they said.
The Economic Offences Wing of the CBI is looking into the role of alleged illegal money laundering network with the help of other agencies, including Enforcement Directorate and market regulator Sebi in India, and abroad.
Hawala is a term to define illegal exchange of money, including through non-banking channels.
The CBI sources alleged Raju had fraudulently increased the number of employees in its offices in India and abroad thus giving broader scope for the use of hawala network.
| Also Read |
| → Nilekani takes over as head of UIAI |
| → Windows 7 ready for PC companies: Microsoft |
| → Wipro bets big on green technologies |
| → Ramalinga Raju's judicial custody extended till Aug 5 |
The United States Securities and Exchange Commission (SEC), the federal agency to regulate the securities market in that country, has also sought India's permission to probe the fraud.
SEC, which is Sebi's counterpart in the US, has been probing the fraud at Satyam in that country including involvement of hawala operators, as Satyam Computer is listed in the New York Stock Exchange.
The CBI has also planned to launch a joint prosecution with the help of the Serious Fraud Investigation Office (SFIO), the Enforcement Directorate (ED) and the Securities and Exchange Board of India (SEBI).
The agency on April 7 filed a charge-sheet in the fraud case against Raju and eight others under various sections of the Indian penal code for cheating and forgery before a special court in Hyderabad.
It also plans to come up with a joint strategy to prosecute Raju and others accused in the case and would request the state Government and Andhra Pradesh High Court for the appointment of a special magistrate to facilitate speedy trial of the Satyam case, they said.
The Satyam scam, allegedly involving approximately Rs 9,000 crore, came to light early this year after its founder Ramalinga Raju confessed to having inflated company's account books.
The case on February 18 was handed over to the CBI after receiving a request from the Andhra Pradesh Government.
The CBI had also submitted 1,532 original documents of bank transactions and 65,000-page other documents, which included the statements of 432 witnesses in the case along with the charge-sheet.
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At 10:18 a.m. (0448 GMT), the partially convertible rupee was at 50.54/55 per dollar, a quarter of a percent above Friday's close of 50.66/68 and 3.3 percent above a record low of 52.2 hit earlier this month.
Last week, the rupee rose 1.7 per cent, its biggest gain since the week to Dec. 19.
"For today, range trade within 50.30/80 should be good enough, with a possible spike into 50.80/51.00 not to sustain," Moses Harding, head of global markets at IndusInd Bank.
The main stock index was up 2 per cent in early deals. A stronger stock market is normally a positive factor for the rupee, particularly if foreigners are buying stocks
Data showed foreign investors bought almost $240 million in the three days to Thursday, including $110.1 million on Tuesday, which was their biggest one-day purchase since Jan. 6. They are, however, net sellers $2 billion so far in 2009.
Asian stocks rose on Monday, with Japan's Nikkei at a one-month high, and oil prices climbed towards $53 a barrel.
One-month offshore non-deliverable forwards were quoting at 50.79/50.89, weaker than the onshore rate.
Early gains were extended after data showed U.S. existing home sales rose in June -- the first time since 2004 that this measure has risen three months in a row. The Dow Jones U.S. home construction index jumped 5.8 percent.
Results from bellwethers like 3M & Co and AT&T Inc on Thursday and eBay Inc a day earlier sparked off a rally that drove the S&P 500 index to its highest level in 2009. The Nasdaq was on track for its 12th straight day of gains, its longest winning streak since 1992.
"We're getting good earnings from all different industry groups," said John Schloegel, vice president of investment strategies at Capital Cities Asset Management in Austin, Texas. "It's a broad-based rally, not pinpointed by any one industry."
The Dow Jones industrial average climbed 182.51 points, or 2.06 percent, at 9,063.77. The Standard & Poor's 500 Index rose 22.55 points, or 2.36 percent, to 976.62. The Nasdaq Composite Index jumped 48.10 points, or 2.50 percent, at 1,974.48.
3M's stock rose 6.2 percent to $68.65 and contributed the most to the Dow's gain, after the diversified manufacturer handily beat analysts' expectations, and lifted its revenue outlook for 2009.
Blue-chip AT&T's stock shot up 3.1 percent to $25.62 after it reported a smaller-than-expected drop in quarterly profit as strong sales of Apple Inc's iPhone helped increase wireless subscriber growth.
Among the Nasdaq's major advancers was eBay, whose second- quarter results beat Wall Street's expectations. The online marketplace's stock leapt 8.5 percent to $21.11.
The string of good news handily pushed the S&P 500 over a critical technical resistance level of 960, a development that some analysts said is an indication that the benchmark index will take aim at the 1,000 mark.
"This is a significant crack of overhead resistance and it's causing a lot of investors to panic buy right now. They're forcing themselves in because they're underweighted and underinvested when the market is making significant headway," Schloegel said.
Only two of the 30 Dow components were trading lower in the early afternoon, with the decliners led by McDonald's Corp, down 4.9 percent at $55.97. Earlier in the day, McDonald's, the world's largest hamburger chain, reported lower quarterly profit and lower sales compared with a year ago.
Shares of Moody's Corp fell 2.6 percent to $25.82 after hitting an intraday low of $23.70 earlier, following news that Warren Buffett's Berkshire Hathaway Inc reduced its stake in the credit ratings provider.
Earlier on Thursday, U.S. government data showed claims for jobless benefits rose last week, roughly in line with expectations, while continuing claims declined.
Other companies expected to report quarterly earnings on Thursday include Amazon.com Inc, American Express Co and Microsoft Corp.
Best way to deal with capital inflows
The chapter on India promises to be a riveting tale of how the government successfully managed to make things worse for the RBI and for itself in dealing with capital inflows. It did this in two key ways. Firstly, it surprisingly misread the evolving economic trends toward acceleration in economic growth and related risks to inflation that would warrant tighter monetary policy (forget about getting any help from fiscal policy).
Indeed, the focus seemed to have been on higher and higher economic growth, with puzzling claims that suggested higher investment spending in an economy already growing above its realisable potential is non-inflationary in the short term.
It was conveniently forgotten that a boost to economic activity - even if it were designed to expand capacity eventually - would worsen demand-driven inflation pressures in the near term. The inflation scare, driven by both demand and supply factors, finally forced the government to undertake a reality check.
Secondly, the government appeared to favour a cowboy-style accelerated pace of capital account liberalisation at a time when the central bank was already having difficulty in dealing with the existing magnitude of capital inflows. These signals were being sent out at a time when unprecedented global liquidity was sloshing around searching for higher returns and waiting to be parked. Obviously, more capital came India's way, further complicating economic and monetary management.
The lack of policy coordination between various policymakers, and the widely reported counter-productive undermining of the central bank only worsened the problem for the RBI and, ultimately, for the government. Financial markets thrive on policy inconsistencies and differences between policymakers.
Indeed, the finance ministry's reported disagreements with the RBI on some policy issues only served to cement expectations that the ministry would have its way, and the non-independent central bank will have little choice but to capitulate (reality turned out to be different, vindicating the RBI's concerns and its stance).
Most importantly, the case study will show how the government was romancing higher capital inflows without first - or concurrently - preparing the economy for the surge in capital inflows. The government's approach seems to be similar to the advice given to a new driver to step on the accelerator when the car he is driving hits a slippery patch.
India's inability to deal with capital inflows is partly a result of the government doing less of what it should do more of, and doing more of what it should do less of. There is precious little in terms of economic reforms, but the government has gone to great lengths to encourage more capital inflows. Of course, it is a different matter that it was totally overwhelmed when it got what it had wished for.
Essentially, the government was signalling accelerated capital account convertibility that was poorly timed, without adequate preparation, and without ample tools to deal with the resulting flood of capital. The RBI was basically left in the lurch to deal with increased capital inflows. The signals of accelerated pace of capital account convertibility only fuelled expectations of further rupee appreciation, already in place owing to a combination of the attractiveness of India's economic rise, weaker US dollar and surging global liquidity.
Unfortunately, these signals were being transmitted without any meaningful reform-oriented changes in the real economy that would increase the absorptive capacity of foreign capital inflows and also justify further real exchange rate appreciation.
One sensible shift that appears to be taking place now is that the calls for a totally hands-off approach toward the rupee are either receding or being altered to more practical and palatable approaches. The key is to manage the pace of rupee's appreciation, and that will be dictated by the political tolerance for the "pain" inflicted by the rupee's strength.
So far, we have only seen the hit on exporters' margins and job losses in some labour-intensive export industries. The next round of pressure - admittedly with a lag - will come from how cheaper imports impact domestic producers. One could be more confident that the broad private sector, especially the unlisted one, will be able to effectively deal - perhaps even surmount this challenge - if the government was doing its bit in making the India story even better by moving rapidly on infrastructure and education. But the approach toward education appears to be an enigma wrapped in a riddle, while there is more talk than action on infrastructure.
The only sustainable solution in dealing with capital inflows lies in increasing the absorptive capacity of the economy for these flows. The government needs to undertake reforms that will lower structural rigidity in India's inflation owing to supply constraints and infrastructure bottlenecks. Such initiatives will facilitate foreign capital to fuel higher levels of sustainable non-inflationary growth. There is only so much monetary policy can do for lowering trend inflation expectations; the real upside lies with the government moving forward on reforms that enhance productivity.
A lack of preparation in and the limitation of tools to deal with surging capital inflows have pushed the government and the RBI in a corner. As anyone can make out, the track record of what has been done in the last two-three years to justify greater real exchange rate appreciation is pretty sad. Having worked hard to fuel expectations of outsized rupee appreciation, the government is now on the back foot, as it is finding the recent appreciation pressure unbearable.
It is fair to say that the recent restrictions on some kinds of capital inflows have worked, as the magnitude of these specific inflows would have been even higher in the absence of the restrictions. Further, the restrictions were also meant to check the misuse of these channels. But restrictions are hardly a sustainable approach.
It is important for the government to move forward by adequately preparing the economy for capital inflows. Not doing anything is not an option, and such an approach risks the government being blamed for spoiling the India story.
Undertaking more economic reforms is not easy but has to be done: the government can either manage the process or competitive forces will bring it upon us in a lopsided manner. The ball is in the government's court.
The author is Executive Director at JPMorgan Chase Bank, Singapore. The views expressed are personal.
So goes the thinking among top U.S. executives this summer -- or at least it should. For China is proving one of the few bright spots during the U.S. earnings season as the country's super-sized stimulus package is starting to support demand for everything from computers to construction equipment.
While the results season is far from over, the list of companies that have cited China as a positive is already notable: Intel Corp, Caterpillar Inc, Coca-Cola, Alcoa Inc, Altera Corp and Cummins Inc, among others.
"I'm certainly glad I'm in China," John Watkins, chief executive of Cummins (China) Investment Co, said recently.
Not that business is all rosy in China. Indeed, Cummins, the diesel engine manufacturer, expects to report a drop in sales in China this year -- but the decline is likely to be far less that it will suffer globally.
United Technologies Corp., the world's largest maker of elevators and air conditioners, is among the companies expecting strong second-half results from China.
"China is recovering," Chief Financial Officer Greg Hayes said after the company posted a lower second-quarter profit on Tuesday.
"As foreign direct investment picks up and the compounding effect of the stimulus picks up, we've got a lot of confidence that we're going to see a strong back half for Otis (elevators) as well as Carrier (air conditioners) in China and even a strong 2010," Hayes said.
Why such optimism? China's fiscal stimulus package seems to be working, executives and analysts say. The country appears to be the first major economy to pull decisively out of the global downturn, having posted annual growth of 7.9 percent in the second quarter.
AGGRESSIVE STIMULUS
Simply put, Beijing's stimulus of $500 billion, in a $3 trillion economy, is much bigger than Washington's $800 billion in a $14 trillion economy, said Guaylon Arnic, materials analyst for Profit Investment Management, which has $1.5 billion of assets under management and owns shares of General Electric Co, United Technologies, and Illinois Tool Works Inc, among others.
"What you're seeing out of China is a direct result of a much more aggressive stimulus program," Arnic said.
"The velocity of their stimulus plan is showing a lot stronger results here in the near term. It's reasonable to expect (China) to come out of this downturn sooner than other parts of the world."
That will be good news for companies doing business in China. Intel, whose quarterly results and outlook far surpassed expectations, is among those already benefiting from China's recovering economy, which has sparked sales of personal computers that use its chips.
Even soft drinks can be included in the products that are selling well in China -- at least in comparison with other countries. Coke's second-quarter volume grew 14 percent in the country, with Sprite and Minute Maid particularly strong sellers.
| Also Read |
| → Stars align for easing of US credit crunch |
| → Ford Motor drives into $2.3 bn Q2 profit |
| → 3M profit surges past estimates, stock climbs |
| → US jobless claims rise 30,000 in latest week |
Coke CEO Muhtar Kent said during a conference call on Tuesday that one result of Beijing's stimulus package -- at least at this point -- is a shift in demand within China.
In the past, Kent said, the coastal regions accounted for the strongest demand for Coke's products. "I think some of that dynamism of growth has shifted to the inland as more consumers have moved in fairly large numbers. Millions and millions, tens of millions of consumers have shifted and moved back into the country, into their hometowns."
http://economictimes.indiatimes.com/China-provides-earnings-lifeline-for-US-companies/articleshow/4812711.cms
Initial claims for state unemployment insurance rose by 30,000 to a seasonally adjusted 554,000 in the week ended July 18, the Labor Department said on Thursday.
Analysts polled by Reuters had expected claims to increase to 550,000 from a previously reported 522,000.
| 3M profit surges past estimates, stock climbs 23 Jul 2009, 1952 hrs IST, REUTERS
BOSTON: Diversified US manufacturer 3M Co handily beat Wall Street's profit expectations and raised its revenue forecast, boosted by surprisingly Shares of 3M, considered a bellwether of the US economy because of the breadth of its operations and geographic reach, surged 2.4 per cent to $66.50 in premarket trading Thursday. The company, which makes products ranging from Scotch tape to optical films for liquid crystal display televisions, said it now expects organic sales for the year to drop by 10 per cent to 13 per cent, a more modest decline than its prior forecast for a fall of 11 per cent to 15 per cent. It now looks for 2009 profit of $4.10 to $4.30 per share, raising the low end of its forecast from $3.90. Analysts, on average, had looked for full-year profit of $3.97 per share, according to Reuters Estimates. "While the exact shape and timing of the economic recovery is unknown, we will move ahead efficiently and energetically so that 3M emerges from the downturn an even stronger company," Chairman and Chief Executive George Buckley said in a statement. Second-quarter net income came to $783 million, or $1.12 per share, down from $945 million, or $1.33 per share, a year earlier. Factoring out one-time items, the company earned $1.20 per share. On that basis, analysts had looked for 94 cents per share. Revenue fell 15 per cent to $5.72 billion. Wall Street had anticipated $5.36 billion. Shares of the St. Paul, Minnesota-based company are up 11.6 per cent this year, outpacing a 1.2 per cent rise in the Dow Jones industrial average. | ||||
| ONGC Q1 net falls 27 pc, beats forecast 23 Jul 2009, 1727 hrs IST, REUTERS MUMBAI: Oil & Natural Gas ONGC, the country's second-most valuable company with a market worth of $48.5 billion, reported a net profit of Rs 4,848 crore ($1 billion), down from Rs 6,640 crore a year ago. A Reuters poll had expected ONGC's net profit to decline to Rs 4,662 crore. The company gave a discount of Rs 429 crore on crude sales to state-run refiners during the quarter, down nearly 96 per cent from year earlier, Chairman R S Sharma said earlier in the day. In the June quarter, ONGC shares rose 36.9 per cent while the main index rose by nearly half. Ahead of the results, shares in ONGC closed flat at Rs 1,092.85 in BSE that rose 2.6 per cent. | ||||
| Say 'No' at Copenhagen 23 Jul 2009, 0102 hrs IST, Arvind Panagariya,
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| During her recent visit, the US secretary of state Hillary Clinton forcefully urged India to contribute to carbon-emission reductions to combat The push secretary Clinton has made for emission reductions by India partially reflects a switch in the US policy towards climate change under President Obama. The Congress, which has also come to be dominated by the Democratic Party following the November 2008 elections, reinforces this switch. Specifically, the House of Representatives recently passed the American Clean Energy and Security (ACES) Bill of 2009, which provides for a "cap and trade" program that would place an annual cap on the overall carbon emissions in the US. The cap would progressively tighten to 80% of 2005 emissions in 2020, 58% in 2030 and 17% in 2050. Each year, the government would issue tradable permits matching the amount of the carbon cap. Companies would be required to acquire permits for every tonne of carbon they emit either from the government or the marketplace. To become law, Senate must also pass the ACES Bill. While "cap and trade" programs have existed in Europe as a part of the Kyoto Protocol, an international treaty negotiated under the auspices of the United Nations Framework Convention on Climate Change (UNFCCC), the proposed US program differs from them in one key respect: beginning in 2020, it requires the US President to impose tariffs on selected carbon-intensive goods from countries that do not introduce caps on carbon emissions. It specifically targets India and China by requiring the US Trade Representative to annually certify that these countries are adopting emission standards at least as vigorous as those prevailing in the US. According to legal opinion, the import tariff is likely to violate some key World Trade Organisation (WTO) provisions. Even President Obama who has actively sought the passage of the ACES Bill has expressed disappointment with the insertion of the import duty provision. Nevertheless, if the Bill does become law, India will have to eventually challenge any carbon tariffs the US imposes on it in the WTO dispute settlement body and be willing to retaliate in a WTO-consistent manner. But a more immediate and perhaps bigger battle on climate change looms in Copenhagen in December. According to the UNFCCC, which came into force in 1994 and is currently subscribed to by 192 countries, developed countries must periodically negotiate mitigation commitments to avoid "dangerous anthropogenic interference" with the climate system. The convention explicitly exempts developing countries from similar mitigation commitments. Consistent with this provision, the Kyoto Protocol, ratified in 2005, requires only developed countries to mitigate. | ||||||||
IMF annual economic health check
India's Record-High Capital Inflows Pose Policy Challenge
By Andrea Richter Hume
IMF Asia and Pacific Department
February 04, 2008
- India's recent stellar economic performance attracting large capital inflows
- Although a boon, inflows also complicate monetary, exchange rate policies
- To sustain growth, India needs to tackle fiscal issues and implement structural reforms
Over the past five years, average growth of 8¾ percent has made India one of the world's fastest-growing economies.
The rapid growth has brought significant dividends to the population at large: the poverty rate fell from 36 percent in 1994 to less than 28 percent in 2005, inflation has remained contained, and the current account deficit is moderate. This performance pays tribute to India's sound macroeconomic policies and past structural reforms.
The outlook is equally positive. Rising incomes should support consumption growth, and robust business confidence, high capacity utilization, and buoyant corporate profits will bolster investment.
On the external front, a weakening of India's key trading partners is likely to slow merchandise export growth in the near term. However, India's service exports (IT and business process outsourcing) could benefit from increased demand as industrial economies look to cut costs. Over the next few years, growth is likely to moderate toward its potential rate of 8 percent, buttressed by favorable demographics and robust productivity gains.
Surging capital inflows
India's favorable environment has attracted the attention of foreign investors. Capital inflows have surged over the past two years (see Chart 1). In 2005, net capital inflows amounted to $25 billion. By 2007 (January-September), they had more than doubled, to $66 billion.
Lending to Indian corporates has been the biggest contributor, although portfolio investment has also risen rapidly. Foreign capital has been attracted by India's productivity-driven growth boom, its increasing financial integration with the global economy, and higher interest rates than abroad. Inflows are projected to remain significant, reflecting India's continued strength at a time when the world economy is weakening.
India's policy conundrum
Although capital inflows are supplying much-needed financing to Indian corporates and banks, they are also making monetary and exchange rate policy more challenging. Capital inflows caused the rupee to appreciate by 7 percent in real effective terms last year (see Chart 2). This has raised concerns about India's competitiveness, particularly in the labor-intensive textile, garment, and leather industries.
Capital inflows have also increased the money supply, which then raises inflationary pressure. In short, India is facing the policy challenges of the "impossible trinity": when there is free movement of capital, it is impossible to both target the exchange rate and maintain an independent monetary policy.
Responding to the challenge
The Reserve Bank of India (RBI) has responded to this policy challenge in a flexible manner. It allowed exchange rate flexibility to absorb pressures from capital inflows, as noted above, although it has also intervened heavily in the foreign exchange market: last year, reserves rose by nearly $100 billion, to about $275 billion.
The RBI has also actively withdrawn liquidity from the system. And monetary policy has been tightened, with the result that India has maintained a wide interest rate margin with the rest of the world (though this may, in turn, be encouraging more capital inflows). Finally, the RBI is gradually liberalizing capital outflows in line with India's medium-term objective of capital account liberalization.
Some restrictions on capital inflows have recently been introduced, primarily on corporate borrowing. International experience suggests that these restrictions are unlikely to have much impact on capital inflows because investors and borrowers find ways to evade them. But, to the extent that they do bite, they raise concerns about the potential impact on financing for infrastructure projects, which tend to require the longer-term financing that may be more readily available from foreign lenders.
Shared experiences
Despite such restrictions, India's vibrant outlook and sizable capital demands mean that capital inflows are likely to remain large. This would be consistent with the experience in other Asian countries around growth take-offs. Since restrictions on capital inflows are not likely to be effective, allowing greater exchange rate flexibility and improving liquidity management may be a better way to deal with continued capital inflows.
India's experience is not entirely unique. Brazil, Russia, and China have also experienced significant balance of payments surpluses recently. Unlike India, however, these countries have all maintained current account surpluses (see Chart 3). What is interesting is that despite the differences in their exchange rate regimes, all four countries have intervened heavily in the foreign exchange market. But they have differed in the extent to which the excess of foreign exchange inflows has been sterilized.
To safeguard its inflation target, Brazil has fully sterilized its intervention in the foreign exchange market. Both China and India have undertaken partial sterilization, and Russia has broadly limited its sterilization to oil-related inflows. As a result of these varied policy responses, the four countries' currencies appreciated to varying degrees in real effective terms between December 2006 and June 2007: 4 percent in China, 8 percent in India, 13 percent in Russia, and 17 percent in Brazil.
Not just a monetary policy challenge
Financial globalization has placed a greater premium on broadening and deepening India's financial and capital markets. This would help channel capital inflows to their most productive use, accommodate higher exchange rate volatility, and support financial stability. In this regard, the corporate bond market could play a more important role as an alternative source of funds, while better-developed onshore derivatives markets would enable corporations to better manage the risks associated with India's financial integration.
On the fiscal front, further consolidation remains important to sustain growth and manage financial globalization. Despite India's impressive revenue performance, fiscal consolidation has stalled and public debt remains high, squeezing the fiscal space needed for public investment in physical and social infrastructure. Both expenditure and revenue measures are needed, including rationalizing subsidies, cutting tax exemptions, enhancing tax administration, and broadening the tax base. A tighter fiscal stance could also limit the inflationary impact of capital inflows.
Structural reforms are long overdue and remain critical for shoring up India's competitiveness in the face of appreciation pressures. These reforms include investment to help close India's major infrastructure gaps, improving education to meet rising shortages of skilled labor, and making labor markets more flexible. Moving the economy forward in this direction will help India prolong its "dream run" of rapid growth and macroeconomic stability for many years to come.
http://www.imf.org/external/pubs/ft/survey/so/2008/CAR02408A.htmRBI to keep dovish stance on rates
The central bank is already sensitising the market on the need for an orderly withdrawal of liquidity that has been pumped in since the collapse of Lehman. Most world markets, other than LatAm, are believed to be done with rate cuts, and central banks are now thinking of ways to minimise the pains of liquidity rollback.
Despite the negative headline inflation number, it's widely felt that inflation will begin to surge post-October. Under the circumstances, RBI may not tinker with key rates.
However, with bank credit growth slowing to 16.3% year-on-year, RBI will use all its suasive powers to get banks to lend more. "Governor Subbarao is likely to point out to bank chiefs that lending rates have not fallen by half as much as RBI's policy rates," said Sujan Hajra, chief economist with Anand Rathi Securities, who does not expect the governor to revise any of his policy rates.
SBI chairman OP Bhatt had recently said the central bank may lower its 20% credit growth target. According to Mr Hajra, "RBI's focus will be to ensure that the government's borrowing progresses smoothly.
To achieve this, it may increase commitment to open market purchases and could also do away with the special dispensation that allows banks to leverage up to 150 basis points of their statutory liquidity ratio for on-lending to finance companies."
A higher SLR requirement will sustain demand for government securities. (SLR requirements specify the extent of bank deposits to be invested in government securities.)
While a benign rate regime will be good for borrowers, it might not work in favour of banks. Despite the best efforts of banks, bond yields are likely to continue edging upwards because of the oversized borrowing plans of the government. "We expect bond yields to harden in the fourth quarter and remain hard for the whole of the next fiscal," said Mridul Saggar, chief economist with Kotak Securities.
Mr Saggar feels there is no alternative but to return to fiscal prudence. "Fiscal borrowing is large and requires accommodation. The first best solution for this is to control the fiscal deficit," he said.
Economists are unanimous in their view that the central bank is unlikely to take any measure that would derail the growth momentum. At worst, RBI is expected to maintain status quo. At best, it could bring down the reverse repo rate. However, most economists see this as a remote possibility.
Besides using moral suasion, bankers expect RBI to ease norms to encourage banks to lend. One possibility is that lenders will get more leeway for restructuring loans. This would allow them to rework loan agreements to give more time to a stretched borrower without having to classify the loan as a bad asset.
There could be boosters for infrastructure financing by easing capital requirements on take-out financing—deals where a long-term financier agrees to take over a long-term loan initially disbursed by a bank.
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Ashok Leyland, John Deere complete pact for venture (July 14, 2009)
BHEL, NPCIL looking to rope in third partner for N-plant biz (July 12, 2009)
Cadila, Novavax tie up to bring swine flu vaccine to India (July 11, 2009)
Vizag port, RITES sign pact (July 08, 2009)
Ratnagiri Gas pact with GE Energy (July 08, 2009)
SAIL, Ministry in pact for Defence projects (July 03, 2009)
Geopost, Continental Air Express form venture for parcel services (July 02, 2009)
H.R. Johnson sets up floor tile plant at Rajkot (July 02, 2009)
Ampa Mall promoters plan to dilute stake in venture (July 02, 2009)
MICE centre planned on FACT land (July 01, 2009)
Biocon ties up with Mylan of US for biogenerics (June 30, 2009)
GVK Bio in pact with Tokyo varsity (June 30, 2009)
ACC Mineral to explore four coal blocks in Madhya Pradesh (June 25, 2009)
NTPC to ink gas deal with Reliance soon (June 24, 2009)
TELK joint venture to begin operations tomorrow (June 22, 2009)
X-Prize Foundation partners Tatas to open lab in India (June 22, 2009)
TRF in pact with Tata Capital, Jasper (June 21, 2009)
Reliance mobile video news alerts (June 19, 2009)
Avesthagen in tie-up with Finland centre (June 18, 2009)
NGO HeartLink ties up with Innova (June 17, 2009)
DRL-GSK deal: Cure for both (June 17, 2009)
Tata Motors, Bank of India tie up (June 16, 2009)
Teams up with GSK for drug development (June 16, 2009)
Huntsman knowhow for Laffans likely (June 14, 2009)
Hyatt group venture with Emaar MGF cleared (June 09, 2009)
KG assets: ONGC yet to firm up partners (June 08, 2009)
Nissan Renault venture's India plans on track (June 05, 2009)
Aptech sells stake in China jt venture co (June 04, 2009)
Take Solutions deal with Korean co (June 03, 2009)
BSNL scouts for pvt partners for Internet Data Centres (May 31, 2009)
Molson Coors to have majority stake in Cobra Beer jt venture (May 31, 2009)
NTPC, CIL plan venture for mining, power plant (May 30, 2009)
Coromandel Fert, Dutch co pact (May 29, 2009)
GVK to partner EMRI (May 28, 2009)
Bharti-Del Monte venture to invest Rs 100 cr in food processing facility (May 27, 2009)
Avesthagen ropes in Harvard for Parsi project (May 27, 2009)
RINL, Japan's Nedo ink pact (May 27, 2009)
Tatas tie up with Micro Housing (May 26, 2009)
Pfizer acquires rights to 60 products of Aurobindo (May 22, 2009)
Claris partners Pfizer to strengthen regulated market presence (May 21, 2009)
L&T, GE Hitachi tie up to build nuclear reactors (May 20, 2009)
Jayshree Chem ties up with Udhe India for new technology (May 20, 2009)
Bartronics to partner Essen (May 19, 2009)
Doordarshan plans to offer Mobile TV services (May 15, 2009)
EADS sees scope in electronics surveillance segment (May 12, 2009)
Aries Agro signs pact with MCX (May 11, 2009)
Petronet ties up LNG imports from Australia (May 09, 2009)
Charotar Gas to supply piped gas to Amul chocolate plant (May 07, 2009)
L&T inks pact with EADS to invest in defence biz (May 06, 2009)
Punj Lloyd in talks with Areva, Westinghouse for N-plant tie-up (May 03, 2009)
IntraLinks ties up with Western Press (May 01, 2009)
Reliance signs gas supply pact with 9 power cos (April 30, 2009)
Trivitron in tie-up with Spanish co (April 23, 2009)
CCMB, Bio-Rad Lab tie up (April 23, 2009)
Gas-based IPPs get into production mode (April 23, 2009)
Modi Revlon ties up with French firm (April 23, 2009)
Vectra Group forms joint venture with Kamaz (April 22, 2009)
Universal Cables, Japan's Furukawa in joint venture for optical fibres (April 22, 2009)
Gitanjali, MMTC in pact to set up retail outlets (April 22, 2009)
Honda to partner PNB for car finance (April 21, 2009)
Corp Bank pact with TVS Motors (April 18, 2009)
Manipal Health in tie-up with UK hospital (April 18, 2009)
Natco Pharma, Dr Reddy's in pact for oncology drugs (April 17, 2009)
L&T signs pact with Russian reactor co Atomstroyexport (April 16, 2009)
Italy auto parts co Verlicchi in joint venture with Hema Engg (April 11, 2009)
Jubilant arms, Finnish co tie up (April 10, 2009)
Natco, Lupin tie-up for generic drug to treat kidney failure (April 10, 2009)
'Wockhardt Hospitals to have minority partner next month' (April 09, 2009)
Religare-Milestone Rs 600-cr PE fund to invest in healthcare, education (April 09, 2009)
Ratnagiri Gas may ink pact with RIL soon (April 06, 2009)
ABB, ZPMC to develop new solutions for offshore vessels (April 05, 2009)
GSPC seeks nod to retain Barmer-Sanchor CBM block (April 04, 2009)
Kemwell ties up with Canada's Patheon (April 04, 2009)
Fuel pricing policy key to Reliance's joint venture route for petrol pumps (April 03, 2009)
BGR in licensing pact with US' Foster Wheeler (April 02, 2009)
Bajaj Allianz, Volkswagen Fin pact (April 01, 2009)
Phoenix not to renew contract with Carlson Group (April 01, 2009)
Emami, Zandu boards form panels to study merger (March 31, 2009)
Larger logistics network in Europe (March 30, 2009)
Dhamra Port to sign cargo pact with Tata Steel (March 28, 2009)
Hyundai ties up with Bank of India (March 28, 2009)
RIL inks gas supply pacts with 12 fertiliser cos (March 28, 2009)
MMTC inks MoU with Commerce Dept (March 27, 2009)
Freudenberg plans jt ventures (March 26, 2009)
GE Hitachi signs pact with Nuclear Power, BHEL for reactors (March 24, 2009)
Reliance set to ink pact with fertiliser cos for KG block gas (March 23, 2009)
NTPC, Coal India impasse on fuel supply pact ends (March 22, 2009)
Relisys ties up with 2 Spring for medical devices (March 22, 2009)
Avesthagen floats joint venture with Chilean co (March 21, 2009)
IOC evinces interest in RIL fuel retail biz (March 21, 2009)
Indian Bank, Tata Motors tie up (March 21, 2009)
Canara Bank, Hyundai in pact (March 21, 2009)
Trivitron forms joint venture with UK co (March 20, 2009)
H&R Johnson in pact with Gujarat co (March 19, 2009)
BEML to sell French firm's tunnel boring machines (March 19, 2009)
FTIL may rope in global partner for capital market venture (March 17, 2009)
Strides ends supply pact with KV Pharma of US (March 14, 2009)
Kochi port signs pact with Petronet for LNG terminal (March 13, 2009)
MRP Autorub, Molded of US sign deal for rubber products (March 12, 2009)
Forbes Marshall in pact with Belgium co (March 12, 2009)
Reliance Power signs transmission pacts with 8 companies (March 10, 2009)
GHIAL to launch new bus services (March 10, 2009)
Tata Motors ties up with PNB for car loans (March 06, 2009)
ONGC to operationalise first gas sales pact today (March 06, 2009)
Aurobindo Pharma-Pfizer deal: Positive for both companies (March 06, 2009)
BEML in pact with Indonesian firm for mining biz (March 05, 2009)
Rexam to supply tin cans to UB (March 04, 2009)
Voltas arm in pact with German co (March 04, 2009)
Aurobindo Pharma, Pfizer in pact (March 04, 2009)
Reliance Industries unfazed by Chevron exit (March 03, 2009)
Maruti ties up with Punjab & Sind bank (March 03, 2009)
APSRTC-Wockhardt Hospitals MoU (March 02, 2009)
Ashok Leyland, Bank of Baroda tie up (March 01, 2009)
MMTC, Sical sign pact for iron ore loading terminal project (February 28, 2009)
GMR-HIAL, Malaysian co to set up MRO facility (February 28, 2009)
MSD Pharma to raise headcount, partnerships this year (February 24, 2009)
YES Bank, Zameen Organic tie up (February 21, 2009)
Emami Biotech, Calcutta Tramways pact for selling bio diesel (February 20, 2009)
Tata Motors, Central Bank in pact (February 19, 2009)
BEML, BMRCL sign Metro order (February 19, 2009)
NACIL to form four jt venture cos with Singapore firm (February 18, 2009)
Guj Alkalies, IICT ink pact (February 17, 2009)
QuEST to work with Textron for global SEZ (February 16, 2009)
ONGC, Calcutta Compressor to enter into gas sales pact soon (February 16, 2009)
Mahindra to roll out mine-protected vehicle (February 15, 2009)
NMDC eyeing tie-ups for coal block acquisitions (February 15, 2009)
TAML in supply pact with Saab (February 15, 2009)
NTPC, Nuclear Power Corpn to invest Rs 15,000 cr in 8 yrs (February 15, 2009)
Infotech, Mitsubishi Heavy sign pact (February 13, 2009)
Corporation Bank-Tata Motors' pact (February 13, 2009)
Bird group, Pacific Propeller in pact (February 13, 2009)
Agreement with VistaJet Holdings (February 13, 2009)
Rain CII to trade carbon with IFC (February 12, 2009)
BEL ties up with SELEX, Astra (February 12, 2009)
Tata Tele arm, Unitech sign tower sharing deal (February 12, 2009)
Piramal Life Sciences shares in limelight (February 12, 2009)
Speck Systems teams up with Israel Aerospace Industries (February 11, 2009)
Nichi-In signs pact with Jeevan Stem Cell Bank (February 11, 2009)
Eaton in pact with Tata Motors (February 05, 2009)
NPCIL signs pact with Areva for setting up reactors (February 05, 2009)
'Areva N-deal to boost Indo-French biz ties' (February 05, 2009)
'Give more freedom to navratna PSUs to form jt ventures' (February 04, 2009)
GAIL, IFFCO sign MoU (February 03, 2009)
Areva to sign deal for setting up nuclear reactors (February 02, 2009)
GVK Bio, Crelux in pact (January 30, 2009)
Germany's Norma Group launches India operations (January 30, 2009)
Bharat Forge, Areva sign MoU (January 30, 2009)
CavinKare ties up with Coty (January 30, 2009)
Petronet to sign gas supply deal with Gorgan in Feb (January 27, 2009)
Celestial Biologicals, GE Healthcare to work on plasma fractionation facility (January 26, 2009)
Petronet to sign gas supply deal with Gorgan in Feb (January 26, 2009)
IFFCO in pact with Kazphosphate (January 26, 2009)
WABCO-TVS programme suspended (January 25, 2009)
NPCIL signs uranium supply deal with Kazakhstan (January 25, 2009)
L&T signs pact with Canadian atomic firm (January 23, 2009)
CCCL and Sastra University tie up (January 23, 2009)
Trivitron ties up with Vision Engg (January 20, 2009)
Wockhardt in pact with Swiss co DSM Nutritional (January 18, 2009)
C&W, Technopak tie-up (January 18, 2009)
Jindal Petro, Georgia Govt in pact (January 18, 2009)
MMTC calls off SEZ deal with Maytas group (January 17, 2009)
L&T signs pact with Westinghouse of US (January 17, 2009)
ONGC inks pact with Australian co Arrow Energy (January 16, 2009)
Jubilant Biosys ties up with BioLeap (January 14, 2009)
IDFC Projects, BHEL, GSECL to set up thermal plant (January 14, 2009)
Maxcor Lifescience in pact with Micell (January 13, 2009)
Maxcor Lifescience in pact with Micell (January 13, 2009)
L&T open to alliance with Satyam (January 10, 2009)
M&M venture with BAE among 34 proposals cleared by FIPB (January 08, 2009)
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