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WEEKLY CURRENT AFFAIRS UPDATE

MAJOR NEWS OF THE WEEK

Section A: INDIA

v Citibank CEO Vikram Pandit named in FIR

v Chidambaram says idea not to delay 3G services

v Indians largest non-Arab community in Kuwait

v BJP seeks PM apology for Quattrocchi clean chit

v Pranab-led GoM to finalise means to check corruption

v Ex-CJI kin quits Youth Cong

v CNG not that green: pollution board

v Outsider may replace Mittal as JSW Ispat chief executive

v Unruly flyers can get 1-year jail term, fined 5L: DGCA

v Home ministry to rationalise VIP security

v Service chiefs called to explain 441cr loss to govt

v16 promoters drop SEZ proposals in Maharashtra

v Government prompts Indians abroad to get OCI card

v Rethink ban on onion exports, India to Pakistan

v SBI seeks cash from Vodafone for guarantee

v Law & order problem in AP as parties go on agitation mode

v BJP names may figure in 2G spectrum report

v Food inflation soars, RBI may raise rates

v Passengers foil Turkish Airlines hijack attempt

v Citibank fraud: Sebi, RBI join hands to investigate Citi fraud

v India Inc honchos, staff in alms race

v IT dept to probe Kraft's Cadbury takeover

v Telangana panel roots for united APv OC inflated overlay rates, favoured cartels: CAG

Section B: WORLD

v Change in payment mechanism to impact Indo-Iran trade

v Kraft sues Britannia for copying Oreo

v US health insurers vie for cashless service in India

v US building a network to hit militants

v Australian mayor says flood recovery may take a year

v Packages explode at two US state offices: Report

v WikiLeaks: Israel charged bribes for Gaza access

v China ready to buy Spain's $7.9bn debtv China to raise rates 2-3 times in 2011: Govt think tank

v US post office on alert as third package ignites

v Vang Pao, commander of CIA-backed secret army during Vietnam War, dies

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Section C: ECONOMY & CORPORATE

v Fiscal deficit will be less than target, says Chawla

v Maruti sales jump 17% in Dec, exports drop 29%

v Kingfisher gets 3 more months to repay BPCL jet fuel dues

v Home loan rates to rise, says SBI

v Jindal Steel warns against cheats offering jobs

v IREDA close to securing Rs 2,850-crore loan

v World trade may have grown fastest in 2010

v Consumption growth to spawn many M&As in the FMCG space

v New base rate method by June 30: RBI

v Tata, partner to hold 100% in African unit

Section D: SPORTS

v Kochi and Pune teams hold key to IPL player bids

v Kumble pulls out of IPL auction

v Tax officials to watch IPL auction

vLack of coaches may derail training

v Jeev Uncertain for Royal Trophy

v Collingwood retires from Tests

v OZ Open Wildcard for Somdev

v Solar Storm threat to Olympics

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Section A: INDIA

News round up

Citibank CEO Vikram Pandit named in FIR

The crisis at Citibank over the Rs. 300-crore fraud case deepened, with one of those duped filing a police

case against the banks top brass, including global CEO Vikram Pandit and India CEO Pramit Jhaveri.

The Guragon police registered the FIR on the basis of a complaint made by Sanjeev Aggarwal, Managing

Director of investment firm Helion Advisors.

The fraud at the banks Gurgaon branch, involving diversion of depositors money into the stock market was

uncovered last week. The FIR, which alleged criminal breach of trust, falsification of accounts, cheating and

criminal conspiracy, also named Citibank Chairman William R Rhodes, CFO John Gerspach and COO

Douglas Peterson.

Others who figure in the FIR are Amit Zarpuri, Ashwini Chaddha, Amrita Farmahan, Rahul Soota, N

Rajshekaran, and Shivraj Puri, the main accused. Puri, a relationship manager at Citibanks DLF Phase-II

branch in Gurgaon, surrendered and was later arrested. Puri allegedly told the police that the top rung at

Citibank was aware of how his scam worked.

Chidambaram says idea not to delay 3G services

In an effort to make 3G telecom service available while being able to monitor it closely, the Ministry of Home

Affairs (MHA) said its members were working with the Department of Telecommunication (DoT) to formulate

rules to allow the intercepting and monitoring needed for national security.

The idea is not to interrupt or delay the 3G services but to allow 3G services to go forward even while

monitoring mechanisms are put in place, Chidambaram said.

In a meeting between top officials of MHA and DoT with telecom operators on December 20, the government

had directed them to hold the services till they could demonstrate legal interception facilities.

Security agencies were not satisfied with the interceptions of video call services and had asked the operators

to first address their concerns.

Indians largest non-Arab community in Kuwait

With a population of around 600,000, Indians top the list of non-Arab foreigners living in Kuwait, official

statistics have said.

According to the country's Immigration General Administration, a large number of them (233,000) worked as

domestic helpers while around 81,000 were on dependent visas.

Of domestic helpers, 26,374 were men and 54,708 women while those on dependent visas included 157,000

men and 76,000 women.

The Sri Lankan community in Kuwait is the second largest, with an estimated population of 84,000, followed

by the Bangladeshi community with around 68,000, and the Filipino community with around 60,000 people.

BJP seeks PM apology for Quattrocchi clean chit

For the second time in 2 days, the BJP tore into the ruling party alleging that alleged Bofors middleman

Ottavio Quattrocchi was being protected by the government because of his links with the Gandhi family. In the

wake of the I-T tribunal order indicting Quattrocchi and another accused.

"The PM has recently observed that Caesar's wife must be above suspicion. Therefore, his comment

exonerating Quattrocchi having found to be false by a competent Tribunal, would the Prime Minister stand up

to his own benchmark and apologise to the nation," said party spokesperson Ravi Shankar Prasad.

The party also posed as many as 7 questions to the PM and Congress President Sonia Gandhi over the

issue. These included why Quattrocchi was allowed to escape from India in 1993.

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Pranab-led GoM to finalise means to check corruption

The government is set to announce the formation of an eight-member group of ministers (GoM) headed by

finance minister Pranab Mukherjee to finalise anti-corruption mechanisms, including the proposed ordinance

to fast-track the Lokpal Bill. The GoM also has DMK leader and Union minister MK Alagiri, whose family is

locked in a bitter internal feud that arose following the multi-crore 2G spectrum scam.

The other members of GoM are Sharad Pawar, Mamata Banerjee, AK Antony, P Chidambaram, Kapil Sibal

and M Veerappa Moily.

Ex-CJI kin quit s Youth Cong

The castle built by the kith and kin of National Human Rights Commission chairman and former Chief Justice

of India KG Balakrishnan is coming apart. PV Sreenijan, justice KG Balakrishnan's son-in-law, resigned from

the primary membership of the Youth Congress following revelations about his disproportionate assets and

the Kerala government probe into his assets. He was not available for comment.

"We sought an explanation from him. After this, he agreed to quit on his own," state Youth Congress president

PC Vishnunath said, adding the party would continue its inquiry against him.

Indian Youth Congress state vice-president M Liju has sought a CBI inquiry into the wealth of all the relatives

of justice Balakrishnan.

CNG not that green: pollu tion board

CNG is not without environmental drawbacks, says a new Central Pollution Control Board study. The study

says burning CNG has the highest rates of potentially hazardous carbonyl emissions. These conclusions have

attracted criticism from many, including environmentalists. The study also made a case for regulating CNG

and other fuels for methane emissions. Methane, a greenhouse gas, is a key contributor to climate change.

But the CPCB study argues that when it comes to carbonyl emissions, CNG is worse than a "dirty" fuel like

Bharat Stage II diesel.

Carbonyls are a class of chemicals that range from harmless acetic acid (vinegar) to suffocating

formaldehyde. Some of them have been shown to be linked to cancer after prolonged exposure.

Outsider may replace Mittal as JSW Ispat chief executive

JSW Ispat, formerly Ispat Industries, will have a new Chief Executive Officer drawn in from outside the

company, to replace Vinod Mittal, who will retain the post of Executive Vice Chairman.

The process to recruit a CEO will start after the JSW Ispat board meets on Jan. 21 and is likely to take at least

three months, said people familiar with the development.

The move to hire an "outsider CEO" is in line with the ML Mittal family's plan to increase focus on other

profitable companies within the group such as Balasore Alloys and Gontermann-Peipers.

About Rs 2,000 crore will be spent on building new coke plant, pellets unit and a power plant to reduce Ispat's

production cost. JSW Ispat will refinance loans at an average cost of 9%, compared to its previous average

cost which was 11%.

Unruly f lyers can get 1-year jail term, fined 5L: DGCA

Airline passengers who abuse the crew or rush to open the luggage cabins even before the aircraft comes to

a complete halt had better watch out. The Directorate General of Civil Aviation (DGCA) has notified two new

rules to regulate bad behaviour on-board, both on domestic flights and on international flights destined for

India. The two rules Nos. 22 and 23 have been incorporated in the Indian Aircraft Rules, 1937.

Any offence under these rules is punishable with imprisonment up to one year or a fine of up to Rs 5 lakh, or

both. These rules also empower the airline and cabin crew to initiate action for bad on-board behaviour and to

lodge a complaint with agencies like the Central Industrial Security Force (CISF).

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Home ministry to rationalise VIP security

Under its constant rationalisation of the VIP security system, the Union home ministry has decided to cut

down/remove the cover of 29 more protectees including MPs, ex-MPs and retired bureaucrats.

Prominent among those whose security cover will either be completely removed or be downgraded include

Congress MP Rajeev Shukla, Samajwadi Party MP Akhilesh Yadav, BJP MP Ravi Shankar Prasad, former

bureaucrat Brajesh Mishra and former CBI director D. R Kaarthikeyan among others.

Sources in the home ministry said that most of them who would be covered under the latest rationalization of

VIP security plan fell under either 'X' or 'Y' category, depending upon existing threat perception.

The pruning exercise had begun in 2009 when the ministry, on the basis of field inputs, felt that a number of

persons, mainly politicians, had got security cover despite having no `actual' threat against them.

Service chiefs called to explain 441cr loss to govt

In an unprecedented move, the Public Accounts Committee of Parliament has summoned all three Service

chiefs to appear before it on January 12 to discuss the damning report of the Comptroller and Auditor General

on the Canteen Stores Department (CSD).

Despite the ministry of defence instructing them, all the three arms of the military had failed to provide

accounts of the unit run canteens to the federal auditor. This non-cooperation of the military is believed to be

the reason behind PAC move to summon the chiefs of Army, Navy and Air Force.

The canteens together have a turnover in excess of Rs. 7,000 crores. The CAG had found that the

concessions given to the canteens resulted in a loss of Rs. 441 crores to the government between 2002-03

and 2008-09.

16 promoters drop SEZ proposals in Maharashtra

In a huge investment setback for Maharashtr, 16 developers who had applied to set up Special Economic

Zones (SEZs) across the state have dropped the proposals, leading to a loss of over Rs 27,000 crore and 3.5

lakh jobs in the IT and power sectors. `This is the biggest ever comedown for Maharashtra since we always

claim that we are the ultimate destination for industrial development,'' a senior industries department official

said.

No doubt we hold the top position in foreign direct investment but when it comes to SEZs, neighbouring

Gujarat has surpassed us.''

Government prompts Indians abroad to get OCI card

The ministry of overseas Indian affairs is encouraging people of Indian origin to opt for the overseas citizen of

India, or OCI, card to deal with the long delays faced by Indian Americans in getting visas to travel to India.

The OCI card, which is a lifelong visa, is a solution to such delays for people of Indian origin, minister for

overseas Indian affairs Vayalar Ravi told on the eve of the annual Pravasi Bharatiya Divas event in Delhi.

These cards are becoming increasingly popular, especially in countries such as the US, Canada, UK and

Australia, and so far we have issued 7 lakh cards globally, the minister said

Rethink ban on onion expo rts, India to Pakistan

The government termed as unfortunate Pakistans decision to ban the export of onion to India via land route. It

said it has urged Islamabad to review its decision.

We have urged them (the authorities in Pakistan) that the contracted quantities, which were to come via land

route, should be released," Commerce Minister Anand Sharma said.

Pakistan had stopped 300 trucks carrying the root vegetable to India via the Wagah border crossing after

complaints that exports to India had caused a sharp spurt in vegetable prices in Pakistan.

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SBI seeks cash from Vodafone for guarantee

State Bank of India (SBI) has asked Vodafone for cash and cash equivalent against guarantee sought by the

telecom company for depositing with the Supreme Court in its case against the income-tax department. The

country's largest lender has also said that it is not in favour of a counter guarantee from foreign banks as

security.

Vodafone is in the final stage of negotiations with SBI for the guarantee after the SC directed it on November

16, 2010, to provide a bank guarantee from a nationalised bank and set aside Rs 2,500 crore in cash with the

court. The court has given the telecom company two months to arrange for the guarantee.

Law & order problem in AP as parties go on agitation mode

Andhra Pradesh government is set to face a major political crisis with the release of the Srikrishna Committee

report on Telangana. The state is likely to witness more protests and law and order problems as political

parties, including the TRS and the Telugu Desam Party, have decided to go into agitation mode seeking

separate statehood.

We want nothing short of Telangana with Hyderabad as its Capital. I want home minister Chidambaram to

remember his statement on December 9, 2009, where he said the Centre would form a separate Telangana

state. Now, it is for the prime minister to recognise the aspirations of four crore people in Telangana, said

TRS chief K Chndrasekhar Rao.

However, Rama Rao said the party could not be held responsible if people from Telangana decide to vent

their anger if the Centre backtracks on its promise.

BJP names may figure in 2G spectrum report

As opposition refuses to relent on its demand for JPC into the 2G scam, government has decided to strike an

aggressive note by deciding to make startling revelations about the entire gamut of telecom policy since 2000

including beneficiaries during NDA regime.

It is believed names of some senior BJP functionaries might come out as beneficiaries during the NDA rule.

Sibal said, "Government has come down several notches. We agreed for multi-agency probe along with PAC.

Then we agreed for special session and discussion on JPC but the opposition is not relenting. Truth has to

come out. I see no reason why there should be JPC."

Food in flation soars, RBI may raise rates

The bad news is getting worse. Food inflation for the week ended December 25 jumped four percentage

points to 18.32% on the back of rising onion, tomato, egg, fish, meat and milk prices. This is its highest level in

more than a year. And the rising food bill could well be the thin end of the wedge.

Food prices have a 14.33% weight in the overall inflation figure. So, when the inflation rate is released on

January 15, it is bound to be significantly higher than the 7.48% level last month.

That is bad news for all, because the RBI will be under pressure to raise key interest rates to control inflation.

If interest rates rise, consumer demand will fall and companies may hold back planned investments. Sharp

spike

Passengers foil Turkish Airlines hijack attempt

A Turkish passenger on a Turkish Airlines flight from Oslo to Istanbul tried to hijack the plane before being

overpowered by other passengers, security sources said quoted by Turkish media.

The would-be hijacker, named as Yasar Cuma, who comes from a Kurdish village in the southeastern region

of Anatolia, headed for the cockpit of the Boeing 737-800 less than an hour before arrival at Istanbul and

demanded that the aircraft return to Oslo, claiming to have a bomb.

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But the 40-year-old was tackled by Turkish and Norwegian passengers and the plane landed safely at

Istanbul's Ataturk airport at 1930 GMT, CNN-Turk and Anatolia news agency reported.

Citibank f raud: Sebi, RBI join hands to invest igate Citi fraud

Capital market regulator Sebi and the Reserve Bank of India (RBI) are working together to investigate the Rs

300-crore Citibank fraud, a top official said.

The co-ordination has been happening between RBI and Sebi and the regulators are working jointly to

understand what went wrong.

Shivraj Puri, a relationship manager with Citibanks Gurgaon branch, has been accused of siphoning off the

money from rich clients accounts.

Mr Abraham said the investigation capabilities of Sebi have been fairly sharpened. Investigation as a process

has to adapt to the changing environment. Sebi is now in a much better position to investigate such frauds, he

said. The regulator has to learn a lot more to stay ahead of people who would perpetrate fraud, added.

India Inc honchos, staff in alms race

Azim Premji is giving $2 billion of his $17 billion, or 12% of his wealth, to fund education programmes. Shiv

Nadar has promised 10% of his wealth to philanthropy. Generous and unparalleled as those commitments

are, they still leave entrepreneurs like Premji and Nadar with a lot. If giving is measured as a percentage of an

individuals wealth, then a different kind of glow shines on the contributions of some of India Incs non-owner

CEOs.

AM Naik of L&T has set aside 25% of his stock options worth `337 crore at prices for rural development.

Vineet Nayyar of Tech Mahindra has donated a third of his shares in the company worth over `30 crore

to a charity run by his wife.

IT dept to p robe Kraft's Cadbury takeover

The income tax department has initiated an inquiry into Cadbury India's takeover by US-based Kraft Food Inc

for alleged tax evasion and flouting of buyout norms, following a Delhi High Court directive. The High Court

asked the government last month to complete the probe within 8 weeks.

The public interest litigation filed by Ved Prakash had alleged huge loss to the Indian exchequer on account of

tax evasion in Kraft's takeover of Cadbury.

Kraft Foods had acquired British candy maker Cadbury for $19.6 billion in February 2010. The deal included

the UK firm's Indian subsidiary. The petition moved the court, asking the government to assess the tax liability

in respect of the transaction and recover the same.

Telangana panel roots for united AP

The Srikrishna panel has suggested six routes to settle the dispute over Telangana but found a united

Andhra Pradesh, with an economically and politically empowered Telangana region, as the most workable

option.

This can be done through the establishment of a statutory Telangana Regional Council with adequate

transfer of funds, functions and functionaries. The regional council would provide a legislative consultative

mechanism for the subjects to be dealt with by the council, said the report placed by Union Home Minister P

Chidambaram before a meeting of political parties from Andhra Pradesh.

OC inflated overlay rates, favoured cartels: CAG

The Comptroller and Auditor General's audit of the Commonwealth Games overlays contracts has found that

the Organising Committee led by Suresh Kalmadi inflated prices of items and has practically accused him of

running propaganda through ads to falsify facts after the event ended.

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The audit has remarked that in many cases, the rental charge was higher than the actual purchase cost of

items, even to the extent of 185%.

The report adds that cluster-wise tendering was adopted instead of item-wise tendering to help the vendors

form cartels and inflate prices.

SECTION B: WORLD

News round up

Change in payment mechanism to impact Indo-Iran trade

Trade between India and Iran is set to undergo a paradigm shift, even as the Reserve Bank of India (RBI) is

determined to stop making payments through dollars or euros under the Iran-based payment system or the

Asian Clearing Union (ACU).

The new system of payment is not going to be easy. It is bound to create problems for us, as we deal with it

on a daily basis. Therefore, I think it is going to impact the bilateral trade between India and Iran, said Bharat

Shah of SK Age Exports.

Recently, RBI said it would no longer make payments through the Teheran-based ACU, an intra-regional

mode of transaction for settling payments.

Until 2008, payment under the ACU was based on US dollars. Since then, the euro became the mode of

payment.

The new mechanism may prove to be helpful in reducing the trade deficit and make the system more

transparent. India has to take a clear view of its own national interest, irrespective of our alliance with the US.

Kraft sues Britannia for copying Oreo

US-based packaged food maker Kraft Foods sued Nusli Wadia-owned Britannia Industries for trademark and

copyright violations of its popular Oreo cookies.

In a suit filed in the Delhi High Court, Kraft said Britannias recently-introduced Treat-O biscuit is a copy of its

cream-filled sandwich cookies.

The US firm has also sought an injunction to prevent Britannia from manufacturing, selling, marketing or

advertising any product with any distinctive element of Oreo cookies.

In its suit, Kraft has sought damages for infringement of trademark and copyright, passing off and unfair

competition of its globally reputed Oreo brand of cookies.

US health insurers vie for cashl ess service in India

American health insurance giants Aetna and United Healthcare are in the race to provide cashless service

under health insurance in India. The two companies are among nine that have been shortlisted by

government-owned general insurers which control close to 80% of the cashless mediclaim market.

The other companies shortlisted include Patni Computers and French Coris International, which provides

claims management service. Cambridge Solutions and Lason, two BPO firms which are keen on diversifying

into healthcare, are in the list. Among the existing TPAs, E-Meditek and Medi Assist have been shortlisted.

However, the initial antagonism appears to have worn off a bit considering that the health insurance market is

growing at 35-40 % and most TPAs have their hands full managing the business. There are indications that

GIPSA may not hand over its entire health insurance business to the captive company to manage.

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US building a network to hit milit ants

The Obama administration has ramped up its secret war on terror groups with a new military targeting center

to oversee the growing use of special operations strikes against suspected militants in hot spots around the

world, according to current and former US officials.

Run by the US Joint Special Operations Command, the new center would be a significant step in streamlining

targeting operations previously scattered among US and overseas battlefields and giving elite military officials

closer access to Washington decision-makers and counterterror experts, the officials said.

The center aims to speed the sharing of information and shorten the time between targeting and military

action, said two current and two former US officials briefed on the project.

Australian mayor says flood recovery may take a year

It could take a year for Rockhampton to recover from disastrous floods, the Australian town's mayor said, as

the waters threatened the neighbouring state of New South Wales.

Meteorologists warned of "heavy rainfall leading to localised flash flooding" elsewhere in Queensland. "This

may add to the existing river flood situation," Canberra's Bureau of Meteorology said in a severe weather

warning.

The floods, which cover an area as big as France and Germany and have affected some 200,000 people and

are expected to spread into the neighbouring state of New South Wales, Australian Associated Press

reported.

Queensland premier Anna Bligh said that the flooding was unprecedented in her state and had now directly

affected 40 towns, raising the number from 22 announced previously.

Packages explode at two US state offi ces: Repor t

Two packages have exploded in Maryland state government buildings, but no one was injured. A government

official told the station one package was at an official building in the capital city of Annapolis and another was

at a Department of Transportation building in a different part of the eastern US state.

The official told WTOP that no one was hurt in either incident, but that the packages flared up when opened.

State agencies have stopped all mail delivery until an investigation is complete.

WikiLeaks: Israel charged bribes for Gaza access

A US diplomatic cable released byWikiLeaks quotes American officials as saying a key Israeli cargo crossing

for goods entering the Gaza Strip was rife with corruption.

The June 14, 2006, cable, published by Norway's Aftenposten daily, says major American companies told US

diplomats that they were forced to pay hefty bribes to get goods into Gaza.

The alleged corruption occurred a year beforeHamas overran Gaza and Israel imposed an economic

blockade.

China ready to buy Spain's $7.9bn debt

Chinese vice Premier Li Keqiang has said his country is willing to buy about 6 billion euros ($7.9 billion) of

Spain's public debt, Spanish newspaper El Pais reported, citing government sources.

Li said at a meeting that China was willing to buy as much Spanish public debt as its Greek and Portuguese

debt holdings combined, the sources told El Pais. They said that added up to about 6 billion euros in Spanish

government bonds. The Spanish government declined to comment on the report. China has been increasing

its holdings of European government debt.

Li wrote in an editorial in El Pais that China has confidence in the Spanish financial market and will continue to

buy Spanish public debt.

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China to raise rates 2-3 times in 2011: Govt think tank

China is likely to raise interest rates two to three times in 2011, as policymakers strive to keep a lid on rising

prices, a senior economist from a top government think-tank said.

Zhu Baoliang, the chief economist at the State Information Centre, said Chinese policymakers were not too

worried about the impact of policy tightening on growth as the economy is on a solid footing.

There is room for further interest rate rises. We think the central bank will raise rates two or three times this

year and raise banks' reserve requirements further.

Economic growth in 2011 will be a little slower than last year, but 9 per cent rate is achievable. We are facing

less uncertainties compared with last year and 2009, Zhu said.

US post of fice on alert as third package igni tes

An envelope ignited at a post office in the US capital, a day after suspect packages burst into flames in state

government buildings in neighbouring Maryland, police said.

The package received at the post office in northeast Washington had been described as popping smoking and

with a brief flash of fire, and then it went out, extinguished itself.

"The initial response indicates that it bears similar characteristics to the two packages in Maryland," FBI

spokeswoman Lindsay Godwin told AFP.The post office on V Street Northeast, close to Maryland's state line, is one of several that handle mail and

packages sent to federal government agencies in Washington.

Vang Pao, commander of CIA-backed secret army during Vietnam War, dies

Former Laotian general Vang Pao, aged 81, who once commanded a CIA-backed "secret army" of Hmong

guerrillas during the Vietnam War, died in California, a hospital spokeswoman said.

A general in the Royal Lao army and member of the Hmong ethnic minority, Vang Pao ran an irregular army

in the 1960s and 70s, commanding thousands of fighters in the US-funded covert war against Vietnamese

and Lao communist forces.

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Section C: ECONOMY & CORPORATE

News round up

Fiscal deficit wi ll be less than target, says Chawla

Finance Secretary Ashok Chawla has said that the government would be able to end the current financial year

with a fiscal deficit of less than the Budget target of 5.5 percent of the gross domestic product, or GDP. This

would be possible because of buoyancy in tax collections and better than expected revenue from the sale of

spectrum for high-speed telephony and broadband services.

The finance secretary said meeting the target would not be difficult in 2011-12 because the targeted fall of 70

basis points in the fiscal deficit next year was not as steep as it was in the current year at 130 basis points.

The key thrust of the Budget for 2011-12, Chawla said, would continue to unshackle the economy, achieve

higher growth, addressing weaknesses in the real sectors and strengthening the financial sector and its

regulatory architecture.

India's current account deficit has widened to $15.8 billion in the September quarter, compared with $9.2

billion deficit in the same period year ago. It increased to 4.1 per cent of GDP in the September quarter,

compared with 3.2 per cent in the previous quarter.

Maruti sales jump 17% in Dec, exports drop 29%The countrys largest car maker, Maruti Suzuki India (MSIL), reported 17 percent growth in its sales for

December 2010 at 99,225 units. The company sold 84,804 units in the corresponding period the previous

year.

While the company posted a 26 percent increase in the sales in the domestic market at 89,469 units last

month, the exports declined by 29.3 percent to 9,756 units from 13,804 units in the year ago period.

MSIs total passenger car sales rose by 20.75 per cent to 75,652 units in December as against 62,653 units in

the same month in 2009, it added. In the nine months of this financial year, the companys total sales stood at

9,27,665 units compared to 7,30,943 units, up by 26.91 per cent.

Kingfisher gets 3 more months to repay BPCL jet fuel dues

KFA owes BPCL Rs 220 crore; deadline expired on November 30Vijay Mallya-promoted Kingfisher Airlines has turned second time lucky; the state-run Bharat Petroleum

Corporation (BPCL) has granted it a three-month reprieve to pay jet fuel dues.

BPCL had decided to file an execution petition in the Bombay High Court last month but on KFAs plea,

decided to grant it an extension instead. KFA requested us and promised it would pay off the dues by March.

We are hopeful they would be able to pay off the dues,

Home loan rates to rise, says SBI

Shortage of cash may prompt move, says CFO.

State Bank of India (SBI), the nations largest lender, may raise home loan rates further, Chief Financial

Officer S S Ranjan has said. A shortage of cash in the banking system might lead

to higher interest rates.Mumbai-based SBI raised its minimum lending rate by 40 basis points to eight

percent. A basis point equals 0.01 percentage point.

SBI shares declined 2.7 percent to Rs 2,744.85 as of 2:26 pm in Mumbai. The

stock climbed 26 percent last year. ICICI Bank, the largest non-state bank, fell 3.6

percent to Rs 1,103.45.

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Jindal Steel warns against cheats offering jobs

Jindal Steel and Power Ltd (JSPL) appealed to the people to be wary of cheats who were using the

company's name and offering appointments at a price.

The company has information that some persons and agencies are offering fake appointment letters to youths

for jobs in JSPL and making money.

The JSPL has also sought police help in the fake appointments racket.

IREDA close to secur ing Rs 2,850-crore loan

The Indian Renewable Energy Development Agency (IREDA) is close to signing agreements with two

international lenders that will provide it a 2,850-crore credit line for promoting development of sustainable

energy in the country.

The IREDA is expected to sign an agreement with Germany's Kfw Bank in February that will provide it soft

loans of 1,200 crore. In March, the agency is likely to enter into an arrangement with Japan International

Cooperation Agency for soft loans of 1,650 crore.

"The amount would be utilised for funding various projects, although solar projects would be the primary

focus.

In March 2009, the firm had signed a loan agreement with Nordic Investment Bank for $50 million. It hasalready utilised 50% of that amount.

World trade may have grown fastest in 2010

World trade is expected to grow by more than 13.5% in 2010, the fastest ever in global commerce, according

to revised projections made by economists of the World Trade Organisation (WTO).

"This would be the fastest year-on-year expansion of trade ever recorded in a data series going back to 1950,"

the WTO noted.

Exports from developed economies is expected to expand by 11.5% in volume terms while exports from

developing economies and the Commonwealth of Independent States (CIS) is expected to see an increase of

16.5%.

Consumption growth to spawn many M&As in the FMCG space

With an economy poised to grow close to 9% this fiscal, it is hardly surprising that fast-moving consumer

goods (FMCG) companies are trying to move into the fast lane in India.

India, with one of the fastest growing consumption markets in the world, is critical to the growth plans of

multinational consumer companies.

The acquisition of Paras Pharma by Reckitt Benckiser highlights this growing engagement of overseas

companies in India. Many multinational companies such as Nestle, Unilever, Proctor & Gamble, Kraft, Gillette

and General Mills have operations in India, over the last couple of years, several others like United Biscuits

and Excelsia have also made an entry. Besides the organic route, these companies may explore the option of

taking the inorganic route to generate more revenues from India.

New base rate method by June 30: RBI

The Reserve Bank gave banks another six months (till June 30) to adopt the new method for computing base

rate, below which lenders are not allowed to extend loans. "Banks are permitted to change the benchmark

and methodology used in the computation of Base Rate for a further period of six months, ie upto June 30,

2011," the RBI said in a notification.

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Tata, partner to hold 100% in Af rican un it

Tata Steel and its Australian joint venture partner Riversdale Mining is acquiring full ownership of the $1-

billion Benga power plant in Mozambique for an undisclosed amount. They are buying out Elgas' 50% stake in

Benga, which is expected to generate electricity in the next two years.

Riversdale, in which Tata Steel is the largest shareholder, said that moving to full control in the Benga power

plant would accelerate the development of the project. It would help in bringing in new strategic investors to

the project.

Riversdale is subject to a takeover from Rio Tinto, which has offered $3.9 billion.

The coal-fired Benga power project is expected to produce 500 to 600 MW in the first phase and thereafter

2,000 MW. After buying out Elgas in the Benga power project, the new shareholding pattern will be Tata Steel

with a 35% and Riversdale with 65%.

SECTION D: SPORTS

News round up

Koch i and Pune teams hold key to IPL player bids

Franchisees of teams Pune and Kochi the two new entrants to domestic T20

club cricket this year could hold the key to the upcoming Indian Premier

League (IPL) player auction, which kicks off in Bangalore.

Under the rules, each team can retain four players and buy new ones, but has a

purse of $9 million to do so. Five of the eight previous teams have already forked

out $15 million to retain 12 of their key players. That means the ten franchisees

have a war chest of $75 million to choose from over 350 players from around the world.

Kumble pulls out of IPL auction

Quits all fo rms of cricket

Will work as RCBs chief mentor

Former India captain Anil Kumble pulled out of the cash-rich Indian Premier League citing business

commitments, a decision which comes barely three days before the players auction. Kumble, who had already

quit Test and one-day cricket, said he was withdrawing from the January 8-9 auction because of business

commitments, his association with cricket administration and wildlife in various capacities.

It effectively means that Kumble is now retiring from all forms of cricket after playing at the top level for two

decades. "I wish to withdraw from the players auction for IPL IV scheduled for the 8th and 9th of January 2011

in Bangalore," said the legendary leg-spinner in an IPL release.

Tax officials to watch IPL auction

Enforcement and tax officials will keep a close watch on the proceedings of players auction for IPL-4 whichwill see as many as 350 top cricketers from India and abroad go under the hammer in Bangalore later this

week. The financial dealings and investments of the earlier editions of IPL are already under the scanner of

agencies like the Income Tax department and Enforcement Directorate (ED) since last year when extensive

searches were conducted at the IPL headquarters in Mumbai and offices of various franchises.

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Lack of coaches may derail training

While thousands of crores have been spent on preparing world-class infrastructure for Commonwealth Games

and the future, the crucial aspect of training athletes coaching remains badly affected. With the 2012

Olympics just a little over a year away, the shortage of coaches is a reality that is expected to hit Indian sports

hard, and soon.

Just over 1500 Sports Authority of India (SAI) coaches are training thousands of sportspersons in the country,

with the last recruitment of coaches dating back to almost over a decade ago. In Punjab, Haryana and other

northern States, many district headquarters do not have coaches.

Jeev Uncertain for Royal Trophy

He might have landed here, but the injured Jeev Milkha Singh is still uncertain for the fifth

edition of the Royal Trophy, a much-awaited golf clash between Asia and Europe, starting at

the majestic Black Mountain Golf Club. Jeev, a well-reputed match-play exponent, is a

doubtful starter because of a back injury. "I will give it a shot on the eve of the event," said

Jeev, who is the only Indian in the field with Thailand's Prayad Marksaeng on stand-by.

Collingwood retires from Tests

England allrounder Paul Collingwood will retire from test cricket when the Ashes series finishes this week.

Collingwood told teammates and the England Cricket Board confirmed the decision, on the fourth morning of

the fifth Ashes test.

Collingwood has scored 4,259 runs in 68 test matches at an average of 40 since his debut against Sri Lanka

in 2003, but has struggled in the current Ashes series and scored only 83 runs.

Collingwood will continue to play limited-overs cricket and is expected to play an integral role in England's

World Cup campaign.

OZ Open Wildcard for Somdev

Indian tennis star Somdev Devvarman will not have to go through the qualifiers to play in thesingles main draw of the Australian Open as Tennis Australia (TA) awarded him a wildcard

entry into the first Grand Slam of the season. It will be Somdev's first appearance in the main

draw of Australian Open, as he had failed in his earlier two attempts to clear the qualifying

round.

Solar Storm threat to Olympics

Despite all preparations almost complete for the 2012 London Olympics, the organisers of the 9.3 billion

mega event are now faced with some genuine problem as London could suffer a solar storm during the

Games. The solar flare may cause power cuts, damage communication satellites and force planes to divert,

the 'Daily Mail' reported. The organisers of the 2012 Olympics told the newspaper that they had been

'monitoring the situation carefully' after the Met Office warned the next solar storm may occur during thegames next year. "Extreme space weather events typically occur at the solar maximum, which itself follows a

roughly 11-year cycle. The next solar maximum is expected around 2012-13 -- potentially coinciding with the

London Olympic Games," said a weather expert.

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