NEWSLETTER

12 Pages 15th Nov 2012 – 21st Nov 2012 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

INDUSTRY ANALYSIS 5 NEWS ANALYSIS 6 NEO CORNER 11

NEWS DIGEST…

IN BRIEF

PERSONALITIES OF

THE WEEK

INDUSTRY ANALYSIS

Wholesale Price Index 7.45% (as for Oct 12)

Dollar:Rupee 1:54.89

(as on Nov 20)

ECONOMIC

INDICATORS

RBI must enter forex market

to support rupee, curb inflation: BoA-ML

COVER STORY

Gaza peace talks in danger as blast hits Tel Aviv bus

GLOBAL NEWS

China Manufacturing Data signals

rebound gathering pace

Xi Jinping

… a weekly news bulletin

TTTHHHEEE FFFLLLOOOPPPPPPEEEDDD 222GGG AAAUUUCCCTTTIIIOOONNN

MISCELLANEOUS NEWS

Join us on Facebook…

Bertrand

Ecclestone

INDIAN PHARMACEUTICAL INDUSTRY

PART ONE

KKKNNNOOOWWW YYYOOOUUURRR BBBAAASSSIIICCCSSS::: TTTOOOPPP LLLIIINNNEEE &&& BBBOOOTTTTTTOOOMMM LLLIIINNNEEE

EEECCCOOONNNOOOMMMIIICCC IIINNNDDDIIICCCAAATTTOOORRRSSS

Top line is a reference to the gross sales or revenues of a company, or an allusion to a course of action that increases or reduces revenues. The "top" reference relates to the fact that on a company's income statement, the first line at the top of the page is generally reserved for gross sales or revenue. A company that increases its revenues is said to be "growing its top line", or "generating top-line growth". Bottom line refers to a company's net earnings, net income or earnings per share (EPS). Bottom line also refers to any actions that may increase/decrease net earnings or a company's overall profit. A company that is growing its net earnings or reducing its costs is said to be "improving its bottom line". The reference to "bottom" describes the relative location of the net income figure on a company's income statement; it will almost always be the last line at the bottom of the page. This reflects the fact that all expenses have already been taken out of revenues, and there is nothing left to subtract. Most companies aim to improve their bottom lines through two simultaneous methods: growing revenues (i.e., generate top-line growth) and increasing efficiency (or cutting costs).

Wholesale Price Index (WPI) – 7.45% (down from 7.81%) as for Oct 12 Source: ET Wholesale Price Index inflation (WPI) stood at 7.45% for the month of October 2012 against 7.81% (provisional) for September 2012 and 9.87% for October 2011. Marginal dip in inflation has come as a surprise for many. Economists remained of the opinion that inflation may still show some spike in the last quarter of calendar year 2012. Dollar:Rupee – 1:54.89 (Up from previous close of 55.06) as on 20 Nov Source: NDTV Profit The rupee resumed higher at 54.81 per dollar as against the last closing level of 55.06 per dollar at the Interbank Foreign Exchange (Forex) Market and quoted 54.89 per dollar at 1040 hrs. Persistent selling of dollars by banks and exporters in view of lower dollar in the overseas market mainly boosted the rupee value against the dollar.

usiness people around the world are less glum than they were three months ago, according to a quarterly Economist/FT survey of over 1,500 executives, conducted by the Economist Intelligence Unit. The balance of respondents who think the global economy will get better over those who think it will worsen rose from minus 25

percentage points in July to minus 11 in October. Sentiment improved in all regions except eastern Europe, but only in the Middle East and Africa have executives become bullish. Those in the chemicals industry and consumer goods are especially gloomy. On the euro, 55% of respondents think the currency union will stick together, while 29% say Greece will leave. As for the future of fashion, 46% of those asked reckon the necktie will be worn less frequently next year.

B

CCCHHHAAARRRTTTSSS &&& GGGRRRAAAPPPHHHSSS ––– GGGLLLOOOBBBAAALLL BBBUUUSSSIIINNNEEESSSSSS BBBAAARRROOOMMMEEETTTEEERRR TTTHHHEEE EEECCCOOONNNOOOMMMIIISSSTTT

CCCOOOVVVEEERRR SSSTTTOOORRRYYY::: TTTHHHEEE FFFLLLOOOPPPPPPEEEDDD 222GGG AAAUUUCCCTTTIIIOOONNN

If the response to the recently held auction for 2G airwaves is anything to go by, then the India story in general and the telecom sector in particular are in steep decline. The auction, necessitated due to the Supreme Court cancelling 122 telecom licenses in February this year, were a damp squib at best. The government was able to garner spectrum sale worth only Rs. 9, 406.67 crore against the expected Rs. 28, 000 crore. While the government took the opportunity to question the CAG‟s estimated presumptive loss of Rs. 1.76 lakh crore in view of the poor showing, the opposition blamed the UPA government for mismanagement leading to the dismal revenue earnings in the auction. While Bharti Airtel, Vodafone, Idea, Telenor and Videocon bid for GSM licenses, there was surprisingly no bidder for CDMA spectrum. Who got what? The investment sentiment of the telecom players can be gauged from the fact that there was not a single bid for Delhi, Mumbai, Rajasthan and Karnataka circles. With 18 of the 22 circles receiving bids, the reserve price was exceeded only in UP (West and East). Videocon won four blocks of 5MHz each in six circles, while Idea won four blocks of 5MHz each in seven circles. Vodafone secured spectrum in as many as 14 circles while Telenor won spectrum in six circles. Bharti Airtel was able to win spectrum in only Assam circle (1.25 Mhz). There was no bidder for a pan-India license which had a base price of Rs. 14, 000 crore for 5MHz of GSM airwaves in all 22 circles. The auction for CDMA airwaves had to be cancelled after the only two bidders, Videocon and Tata Teleservices, backed out.

Blame game Refusing any blame, the government attacked the CAG with Telecom Minister Kapil Sibal blaming the environment created by the “extrapolation of figures” and “sensationalism” for impending the policy making capability of the government. He also took the opportunity to describe the CAG calculated presumptive loss of Rs.1.76 lakh crore as “pure myth”. Congress Spokesperson and I&B minister Manish Tewari took the CAG head on asking, “Mr.C & AG, where is the 1.76,000 crore loss”? The telecom companies blamed the high reserve price set by the government for the poor response to the auction. The Cellular Operators Association of India (COAI) - the body representing GSM operators – said it had already predicted the outcome will be muted and the artificially high base price had no congruence to current market realities, resulting in the tame response to the auction. The industry has also

attributed the tepid response to the government's decision not to auction the entire spectrum made available after the cancellation of the 122 licences. The opposition BJP accused the Congress-led UPA government of deliberately manipulating the auction to prove the CAG wrong. The Supreme Court angle The current auction had to be conducted on the directive of the Supreme Court, which in February has cancelled 122 telecom licenses after allegations of malpractices during the 2008 auction when A. Raja was Telecom Minister. In a special hearing this week to apprise the court of the progress made by the government in implementing its order, the Supreme Court came down heavily on the Centre in view of the just concluded auction. It criticized the Government for putting up for sale only 390 MHz out of the 473 MHz required to be auctioned. The bench consisting of Justice GS Singhvi and Justice KS Radhakrishnan observed that holding back even 0.1% of the spectrum was “not acceptable” and would be viewed as a “violation” of its order. Justice Singhvi also lamented the fact that the Government had not informed it that only a part of the total airwaves were being auctioned. What next? The Government has already declared its intention to hold one more auction before March 31 next year to auction off the unsold airwaves. Telecom companies have said that the base price should be slashed to Rs. 3, 500 crore and the entire auction, vacated after cancellation of licenses in February, should be made available for bidding to rescue the auction process in the next round. Telecom Minister Kapil Sibal refused to call the auction a failure as the process is not over yet. With the government only being able to garner around Rs. 9, 400 crore against a targeted Rs. 28,000 crore, the poor response is likely to make it difficult for the government to keep in check fiscal deficit and meet the revised target of 5.3 per cent of the Gross Domestic Product (GDP) in 2012-13. Apart from that, the event has attracted a lot of negative publicity for a sector which was till recently the poster boy of the Indian growth story. Skeptics have used it to question India‟s potential to sustain the economic momentum built over the last few years. What is needed is a radical approach to resuscitate the Telecom sector and rekindle the hopes of a billion people.

Xi Jinping-Vice-President and to be President of China

Xi Jinping is a man who has suffered more than others during the infamous Chinese Cultural Revolution-when he was severely punished for his father‟s „crimes‟. After going through such an unsettling experience, the fact that he joined the very party which tortured his family, successfully rose through its ranks and is now set to become the country‟s next leader is a very commendable feat. A fifth generation leader of the Communist Party of China (CPC), Xi is known for his crackdown on corrupt politicians and is a supporter of political and market economy reforms. Popular with foreign dignitaries, Xi is touted as one of the most successful members of the Crown Prince Party-a quasi-clique of politicians who are descendants of early Chinese revolutionaries.

Xi Jinping was born in Beijing in 1953. His father, Xi Zhongxun, was the vice-premier of China and as a result, Xi was brought up in the lap of luxury. When Xi was 10, his father fell out with Mao Zedong and was stripped of all his positions. As a result, Xi was sent to work in the countryside-an experience which he says taught him how to serve the people. When Xi returned, he sought out the approval of the Communist Party‟s youth league and joined it in 1974. In 1979, he graduated from Beijing‟s prestigious Tsinghua University with a degree in chemical engineering. The Party assigned varied and diverse posts to Xi-he was a secretary to a noted Chinese general, worked as a low-level administrator in rural areas and took successive postings in rapidly developing coastal provinces that placed him at the forefront of market-oriented reforms. A plain-speaking and low profile leader, he is known to get „difficult‟ assignments such as cleaning up the corruption mess of a colleague, organizing the Olympics, managing ties with Hong Kong, etc.

Described by friends as having become “redder than red”, Xi‟s appointment as Party Chief of Shanghai in 2007 was a sign of confidence in him by the Central Government and was seen as a stepping stone for him to become a prominent leader in China. Several high-profile appointments followed and in November 2012, Xi was elected as General Secretary of the CPC. Widely perceived as a leader who is well connected with his people, Xi has vowed to tackle the „new three mountains‟ faced by the Chinese-Housing Price, Education Expenses and Healthcare. Xi has a different style than his predecessors and respectable ties with the West; having spent some time at a farm in Iowa 25 years back and proclaiming American basketball and American war movies as his favourites. Xi‟s wife, Peng Liyuan(a famous Chinese folk singer), was more of a household name than him until his recent political rise-a fact that may help the image of the to-be leader of one-fifth of all humanity.

Bertrand Ecclestone-President & CEO, Formula One Management

Many consider Bertrand Ecclestone as a successful English business magnate with grey shades. His biographer, Tom Bower, describes him as a person who "transformed Formula One from a mere enthusiasts' sport into one of the world's most watched entertainments". Ecclestone is a living personification of the rags-to-riches story and his power is only questioned by those with no regard for their future in the sport of racing.

The son of a Suffolk trawler-man, Ecclestone was born in 1930. Credited with having business acumen in his formative years, Ecclestone used to complete two paper rounds before school started and used that money to buy buns which he later sold to his classmates at a profit. At 16, he dropped out of school to work at the local gasworks and pursue his hobby of motorcycles. In 1949, Ecclestone had his first racing experience in the Formula 3 series. However, a sporting accident made him retire from the cockpit. In 1957, he returned to the world of racing as a manager of many prominent drivers. In 1971, Ecclestone bought the Brabham F1 team and successfully ran it for 15 years. In 1978, he became the chief executive of the Formula One Constructors' Association (FOCA). It was in this capacity that he pulled off

his biggest triumph - he brokered a complex series of contracts and TV deals for F1 teams,

took over most TV rights in 1997 and turned F1 into a lucrative global franchise (focusing on emerging markets outside Europe).

A shrewd and thick-skinned businessman, Ecclestone has always succeeded in outwitting leading corporations with his army of accountants and lawyers. However, his image is not completely blemish free. In 1997, he donated £1 million to Tony Blair‟s election campaign and in return got an exception for F1 from the blanket ban on sponsorships from tobacco companies-an act that was the target of massive public outrage. A football fan, Ecclestone had a majority stake in the Queen Park Rangers Football Club which he sold last year. Known for his dislike of mansions and extravagant spending, he has been living in the penthouse above

PPPEEERRRSSSOOONNNAAALLLIIITTTIIIEEESSS OOOFFF TTTHHHEEE WWWEEEEEEKKK

“There are some

bored foreigners,

with full stomachs,

who have nothing

better to do than

point fingers at us

… First, China

doesn't export

Revolution; second,

China doesn't

export hunger and

poverty; third,

China doesn't come

and cause you

headaches, what

more is there to be

said?”

"Tell her I'm now in

the company of my

wife, Slavica, who

is much younger,

better looking and

wealthier than the

Queen. Therefore,

I'll stay with her."

Upon receiving an

invitation to meet

the Queen

Overview: The Indian pharmaceutical industry is highly fragmented with around 25,000 companies and it is the world‟s third largest by volumes. The organized sector is very small (around one percent) with very few global and domestic pharma giants but they contribute to about one third of the total revenues which stood at US$ 12.30 billion in 2011. With a compounded annual growth rate of around 15%, the industry ranks fourteenth in the world in terms of value and according to a PwC report, it will touch the $20 billion mark by the year 2020. Domestic companies like Ranbaxy, Cipla, Sun Pharma, Dr. Reddy‟s and Lupin dominate the market along with MNC‟s like GlaxoSmithKline, Pfizer, Bayer & Novartis. The

biopharmaceutical sector is also growing at a greater speed with over 16% rate and contributes to around60 % of the overall industry‟s growth. Other lesser-known sectors like bio-services and bio-agri are also picking pace. Diagnostic Services: The increase in income and changes in lifestyle have resulted in the shift of diseases from infectious to life style related like cardiac diseases, obesity, diabetes etc. This has fuelled the growth of the overall healthcare industry and has hugely benefitted the diagnostic services sector (including x-rays and other laboratory tests) which is likely to reach ₨160 billion by next year. The diagnostic antibodies market (procedure for diagnosis of a medical condition) is larger than the therapeutic antibodies market (treatment of the medical condition). Generics: India is one of the largest exporters of generic drugs. Since past two decades, global pharmaceutical giants have been enjoying competitive advantage over the domestic drug making companies due to WTO‟s TRIPS (Trade-Related Aspects of Intellectual Property Rights) Act and India‟s outdated patent laws and Drugs Price Control Order (DPCO). These MNC‟s have patented drugs and drug manufacturing processes, thus creating a monopoly (these medicines are sold at a much higher cost). But lately the Indian government is taking corrective measures and is allowing domestic pharmaceutical companies to make cheaper versions of the patented drugs. Example: Indian Patent Office in 2012, allowed Natco Pharma to manufacture a cheaper anti-cancer drug which is patented by German pharmaceutical company Bayer.

Research & Development: In the past twenty years, R&D costs have gone up and the R&D productivity has reduced significantly, due to which India witnessed a major inflow of R&D operations of international pharmaceutical companies in the country. Some companies set-up their R&D units and others started outsourcing R&D activities from local SME‟s. Cheap labor and favorable government policies have resulted in the expansion of contract research business in last five years. Although, foreign multinationals are investing hugely in their R&D units in India but the gross expenditure by Indian firms in R&D is very low at USD 41 billion which works out to be a mere 0.8 percent of GDP (source: Battelle R&D magazine). Large Indian pharma companies have now started taking up projects of new drug discovery research and government records show top companies have applied for conducting clinical trials on at least 12 new drugs in 2010. Major Mergers & Acquisitions: Sun Pharma – Merck JV: The companies have come together to develop, manufacture and commercialize

branded generic drugs in emerging markets like Asia and Africa. Lupin Ltd - Eli Lilly JV: They have formed an alliance in order to distribute Lilly‟s medicines in India and Nepal. Cadila Healthcare Ltd - Bayer AG JV: The collaboration promotes and distributes products of both companies in

India. Universal Medicare Pvt Ltd - Aventis Pharma: The French drug maker acquired the Mumbai based company‟s

branded nutraceutical business in 2011. Budget 2012 Proposals: The budget presented by former finance minister Pranab Mukherjee in 2012, proposed several measures that have come as a relief for the domestic pharmaceutical companies. Some of the proposals are:

Extend the policy of weighted

deduction of 200% for R&D expenditure in an in-house facility for next 5 years (starting from March 31, 2012).

National Rural Health Mission will get ₨20,822 crores in FY 2013.

Allow repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15% up to March 2013.

IIINNNDDDUUUSSSTTTRRRYYY AAANNNAAALLLYYYSSSIIISSS::: IIINNNDDDIIIAAANNN PPPHHHAAARRRMMMAAACCCEEEUUUTTTIIICCCAAALLL IIINNNDDDUUUSSSTTTRRRYYY

1) Shadow banking hits $67 trillion globally: task force – Reuters/ET IMPACT: In a span of 10 years, the size of the global shadow banking system has doubled and now accounts for nearly half the size of the worldwide financial system. A report published by the Financial Stability Board (FSB) states that “a total of 17 jurisdictions have seen a continuing growth in shadow banking business in the recent years and half of them are emerging economies.” India (being one of the few countries where certain types of non-banking finance companies are allowed to accept deposits) has also witnessed a sharp growth (of over 20%) in such businesses in the recent years. The Board has called for greater monitoring of such activities by Indian bodies as they impose large scale risks for any economy. Many Western powers are already in the process of implementing new rules to keep shadow banking activities in check.

KEY PLAYERS: Shadow banking businesses, shadow banking clients, regulatory bodies

WHY IS IT IMPORTANT? The "shadow banking system" refers to credit intermediation involving entities and activities (fully or partially) outside the regular banking system and the system has a very important place in the Indian economy. Reports suggest that nearly half of India‟s population does not have operating bank accounts or access to formal credit lines. The Government‟s efforts at furthering financial inclusion of the poor have failed miserably. The Indian shadow banking system has more-or-less succeeded in making inroads into the „banking shadow‟. However, since the clients of shadow banking businesses are mostly low-income families, there is a somewhat urgent need to have regulatory norms in place to protect the interests of the poor. Basel III norms also have provisions for strengthening regulations on such businesses.

2) Have to find a way to generate from stranded power plants: P Chidambaram – Financial Express/ET IMPACT: India has consistently failed to achieve power generation targets set in subsequent 5-year plans. Inspite of being the fourth largest energy consumer and the country with the world‟s fifth largest installed capacity, India suffers from a major shortage of electricity generation. The fact that India‟s sole coal producer, state-owned Coal India, has almost always failed to meet production and growth targets does not help. In connection to fuel shortages, the situation is such that many power plants do not have reserve coal supplies to last even for a day of their operations. Growth of

alternative sources of power such as biomass, bio-fuel and small hydro is also faltering in the face of defaulting obligations from state distribution utilities and lack of wholesale buyers.

KEY PLAYERS: GoI, Indian power sector, Public and private coal producers

WHY IS IT IMPORTANT? Even after 65 years of independence, over 300 million Indian citizens have no access to electricity. One in three Indian villager has never seen a lighted bulb in his lifetime and 6% of city dwellers lack electricity. Only a very miniscule percentage of Indian population have access to continuous and reliable supply to electricity. Frequent blackouts and power shedding have a negative impact

on irrigation activities and manufacturing processes. In such a scenario, it is extremely crucial that the Government achieves its 12th Plan period target of 88,000 MW of power generation. Allocating coal blocks to private players to increase the supply of coal is one step in the direction. According to a report by the Centre for Monitoring Indian Economy (CMIE), “the country‟s power generation is expected to grow by 8.7% this fiscal on the back of availability of coal and completion of a unit at Kudankulam plant (nuclear power plant).” These stats do provide some hope.

3) RBI must enter forex market to support rupee, curb inflation: BoA-ML- Moneylife IMPACT: In 2000, the infamous Foreign Exchange Regulation Act (FERA) was replaced with the very-much milder Foreign Exchange Management Act (FEMA) that gave participants in the foreign exchange market a much greater leeway. At the beginning of 2000, Indian had one of the largest foreign exchange reserves in the world. However, according to latest RBI data, the current scenario is not so good with the Indian treasury holding only $293 billion as reserves. Experts say that “a sizable foreign exchange reserve acts as liquidity cover and protects against a run on the country‟s currency, and reduces the rate of interest on Indian debt in the world market by lowering the country‟s risk perception by international rating agencies.” RBI‟s intervention in the forex market can help indirectly improve the export competitiveness and performance of the country.

KEY PLAYERS: RBI, Indian forex market

WHY IS IT IMPORTANT? Since April 2012, RBI has managed to add only $1 billion to its reserves and the country‟s import cover has halved to just seven months from 14 months in 2008. Speculation is rife that RBI may have to buy dollars in the near future to meet the dollar demand from importers. India‟s high current account deficit (at 3.9% of GDP) and unstable capital flows can be addressed by high foreign exchange reserves. However, RBI is not overtly willing to enter the forex market as the Governor specifically believes that “export competitiveness should come from improved productivity rather than an artificially calibrated exchange rate.”

NNNEEEWWWSSS AAANNNAAALLLYYYSSSIIISSS

4) China Manufacturing Data signals rebound gathering pace– Bloomberg IMPACT: For the first time in 13 months, China‟s rating on the HSBC Corp‟s Purchasing Managers Index improved to 50.4 on a 100-point scale-a scale on which numbers above the 50-point threshold indicate expansion. With this data, it can be said that the world‟s second largest economy is finally recovering from its sharpest fall since the 2008 financial crisis. This kind of improvement is very likely to smoothen the leadership transition and allow the new leaders to benefit

from the improving consumer sentiment. The Chinese signs of recovery affected Brent crude whose price hovered near $111 (expecting more Chinese demand for oil) and brought rare good news for the world economy. KEY PLAYERS: Chinese manufacturing sector WHY IS IT IMPORTANT? Analysts are of the view that the challenge of slowing growth which China currently faces will require a drastic change in the country‟s economic strategy. Last year, the Chinese leadership reversed its course after global demand for Chinese goods dived. Analysts have warned that too much should not be read into this positive change as China‟s

recovery is likely to be „L-shaped‟-meaning the decline might have stopped but improvements in growth should be gradual. The key question for investors, i.e. whether China‟s economic growth has truly bottomed out, still remains. To boot its slowing economy, China has cut benchmark interest rates twice this year, lowered bank reserve ratios three times since late 2011 and made repeated, large-scale liquidity injections into the financial system. However, there is still room to do more. 5) Government keen to revive the electronics manufacturing industry- Financial Chronicle IMPACT: The government hopes to create another Y2K moment for India by promoting electronics manufacturing. It has unveiled a string of policies designed to attract investors to manufacture electronics. There is now a national policy on electronics, essentially a vision document. Some of the states have also come up with their schemes as well. However, Gartner believes that the new policies are not much different from the 2007 policy. Though there is no government data available, estimates suggest that Indian electronics and hardware industry is worth $75 - 100 billion. According to Gartner, the total addressable market (TAM) for semiconductors in India at the end of 2012, is expected to be about $8 billion and likely to grow at a CAGR of 12.4 per cent. Total addressable market is defined as the revenue opportunity available for a product or service and provides a quick measure of the underlying potential. KEY PLAYERS: Indian government, semiconductor manufacturers WHY IT IS IMPORTANT? According to experts, Indian semiconductor manufacturing industry suffers from basic infrastructure bottlenecks. The fabrication plants, for instance, always need to run on full capacity due to low margins in the business. This is not possible with the current state of power and water supply. Government‟s preferential market access norms provide Indian manufacturers of electronic goods preference in government contracts. However, this does not make manufacturing of components in India any more attractive because government is interested only in the finished product. The companies are reluctant to produce components in India as import duties on electronic goods is down to almost zero. Even analysts at Gartner believe that semiconductor production is advisable only when the market size hits $ 100 billion mark. 6) Piaggio's top-down strategy- Business Standard IMPACT: Italian auto-maker Piaggio created enough buzz when it rolled out its iconic Vespa in the Indian market – after a gap of 13 years. The scooter priced above the Rs 66K mark came as a surprise. Many doubted the success, as Vespa‟s price-range was way above the best selling Honda Activa. However, all this is part of Piaggio‟s top down strategy. Piaggio‟s chairman and managing director Ravi Chopra believes that the company which used to be an unknown entity in a market dominated by Honda, Bajaj & Suzuki, has been able to create a premium space for itself.

It‟s important as sometimes it may take more than a decade for companies to create a niche for themselves. Besides, the premium segment in India was entirely vacant unlike the motor-cycles which have many offerings above the Rs 1 lakh mark. The company will launch an affordable range of mass market scooters next year, and the new range will not be under the Vespa brand - which will continue to remain for the elite. KEY PLAYERS: Piaggio WHY IT IS IMPORTANT? Piaggio likes to believe that Vespa is “the iPhone of the scooter market”. However, at 18,000 units till October, Vespa has a share of

a little over one per cent of the domestic scooter market. The company wants to improve on that. Piaggio is currently in a production ramp-up mode at its plant in Baramati, Maharashtra. The sales have also been slow due to the company‟s limited distribution in the eastern part of the country.

7) Tata finally rolls out AWD version of Jaguar for the US market- Business Standard IMPACT: One of the key issues holding Jaguar back in the US has been resolved. Its new models will come with Instinctive All Wheel Drive (AWD) system. Tata‟s rivals may now have a chance to worry as they will lose their competitive advantage in the snowy and rainy states of US. Though, Jaguar did offer an AWD system in 2006, it was not that effective. Promotions are on, including television and radio commercials, print/digital ads and events. The campaign, with a budget estimated at $20 million, is being created by Spark 44 in Los Angeles, an agency that is partly owned by Jaguar Land Rover, a division of Tata Motors. The ads use the recently introduced Jaguar brand ad-theme, “Alive” along with jaguar-like roaring sounds in the commercials and make assertive statements like “All wheel drive. But still all Jaguar,” and “Your playground just got a whole lot bigger.” The ad themes of Jaguar with snow in abundance gel very well with the upcoming festival season as well as the company‟s AWD sales pitch. KEY PLAYERS: Tata Motors - JLR WHY IT IS IMPORTANT? Traditionally, including AWD systems in super cars has been a critical design issue as AWD systems make the cars heavier, robbing them of their hair-raising acceleration. It remains to be seen if this technical aspect has been dealt with effectively in the new models of Jaguar. Tata Motors depends on JLR (Jaguar-Land Rover) for 90% of the group's profit. Tata Motors' total revenues rose 20% to Rs 43,403 crore (Quarter ending Sep 2012), however its net profit was impacted by rising costs, especially marketing, and slackening demand for commercial vehicles. The figures have been largely cushioned by the sales in China so far. 8) IKEA inching closer to opening its first store in India – The Hindu Business Line IMPACT: Swedish furniture giant IKEA‟s proposal to pump Rs 10,500 crore into the furniture retailing business has crossed yet another hurdle; the Foreign Investment Promotion Board (FIPB) has approved IKEA‟s investment plan. IKEA‟s proposal, one of the largest FDIs in single-brand retail trade, will now head to the Cabinet Committee on Economic Affairs for final screening as the FIPB can clear investment applications worth up to Rs 1,200 crore only. IKEA is the second foreign retailer after UK-based footwear company Pavers England to get FIPB approval to set up wholly-

owned stores in India. IKEA had approached FIPB in June this year seeking permission to set up 25 stores in India. KEY PLAYERS: IKEA WHY IT IS IMPORTANT? However, Indian furniture retailers are unperturbed by the development. They believe that, besides competing on the price point, IKEA will have to overcome real estate and infrastructure bottlenecks. Addressing the same issue, IKEA has already stepped up its hiring activities and negotiation with vendors. But, it will have to work hard on making the format tick in India, where $8-billion plus furniture and home improvement retailing business is largely in the unorganised sector.

9) Hewlett-Packard’s Autonomy scandal – FE/Telegraph UK/ TOI IMPACT: US based Hewlett-Packard‟s acquisition of Autonomy for an overpriced amount of $11.1 billion last year has come out as a disaster. Along with buying the company‟s assets, it has acquired the losses worth $5 billion due to accounting misdeeds by Autonomy. CEO Meg Ryan who was on the board and supported the deal is trying to pass the blame on her predecessor for failing to unearth the accounting fraud done by Autonomy. In order to sell off the company, Autonomy executives inflated revenues thus in turn increasing its valuation. They accounted hardware sales as high end software sales and booked fictitious deals with partners. Also, the executives and accounting books claimed that profit margins were around 45% when in reality they were 30%. The surprising part is that the financials of Autonomy were audited by Deloitte and KPMG was hired to audit Deloitte. This shows the faulty auditing policies and practices of the big four auditing firms. KEY PLAYERS: HP, Autonomy, Meg Whitman WHY IT IS IMPORTANT? HP, one of the leading manufacturers of computer hardware, is struggling with its printer and personal computer business and has seen management reshuffle since past few years. The acquisition of Autonomy was driven by the former CEO Leo Apotheker, who wanted to diversify HP‟s business and beef up its portfolio as one-stop shopping for enterprises. The transformation of HP has occurred, no doubt, but in a negative sense as the company had to write down $9 billion - $5 billion of Autonomy & approx $4 from its own business, this year.

10) Indian Premier League gets a new sponsor – PepsiCo – TOI/The Hindu Business Line IMPACT: Board of Control for Cricket in India (BCCI) has announced that it has awarded the sponsorship rights for the twenty-twenty cricket championship IPL to PepsiCo. Since its inception in 2008, IPL was sponsored by KP Singh promoted real estate company DLF which had acquired the sponsorship rights for about ₨ 200 crores with an annual

instalment of ₨ 40 crores. The five year contract expired this year and BCCI

floated the tenders in September. Bharti Airtel also bid for the sponsorship, offering ₨ 316 crores, but it was

outpaced by PepsiCo which offered ₨ 396 crores with an annual instalment of around ₨ 79 crores. The contract is for five years starting from 2013. The cricket

tournament will now be re-branded as Pepsi-IPL from earlier DLF-IPL. KEY PLAYERS: IPL, BCCI, DLF, PepsiCo, Bharti Airtel WHY IT IS IMPORTANT? It is a win-win deal for both BCCI managed IPL as well

as the global beverage giant PepsiCo. With the sponsorship, Pepsico will gain greater visibility across the nation and brand IPL will also get a boost. Last year, IPL season 5 saw a decline in advertisers as the TV viewership ratings fell below 4%. Experts say, IPL‟s valuation and viewership will increase significantly this year. PepsiCo is planning to re-launch its shelved brands in order to target the huge rural market. The sponsorship will help it promote these products to the targeted segment. 11) Toyota recalls over 2 million vehicles – Wall Street Journal/ BS Motoring/ CBS News IMPACT: Japanese carmaker Toyota has recalled its vehicles including second-generation Prius due to serious defects in the shaft connecting the steering wheel to the gearbox and water pumps used in hybrid systems. These cars were manufactured between 2009 and 2012. Last month Toyota had recalled around 7 million cars worldwide for the faulty power window switches which could cause a fire. Following is the list of infamous car recalls compiled by Business Standard:

1. In August 2012, Ford India recalled Figo & Classic cars in India to rectify problems related to steering and rear suspension.

2. In Jan 2011, Honda recalled mid-sized sedan City to replace a faulty spring that may cause the engine to stop. 3. In Sep 2011, Honda recalled City to guard against a potential power window switch problem. 4. In 2011, Toyota recalled all Etios sedans and Liva hatchbacks to check

their filler hose. 5. In Jan 2010, Maruti recalled small car A-Star to replace a part in the fuel

tank. 6. In 2011, Tata Motors asked an estimated 140,000 Nano owners to bring

back their cars for change of the starter motor free-of-cost.

KEY PLAYERS: Toyota, Ford WHY IT IS IMPORTANT? The car recalls do not hamper car sales in the long run but they do affect the brand image of the car makers. Serious defects in the cars affect consumer confidence. In an era of highly competitive vehicle market, manufacturers are working upon brining new low cost, high feature models. In the gamut of acquiring price advantage over its rivals, quality suffers which in turn results in such recalls that are disadvantageous to both manufacturers and customers. 12) Indian Airlines companies recover losses during the festive season – The Hindu Business Line/TOI IMPACT: During the Diwali season every retailer works with the ambition of doubling or tripling their sales and to reduce their losses. This strategy was even adopted by the Indian domestic airlines, but they went overboard with it. Fliers were shocked to see airfares going exponentially upwards during the season. The rise in airfares went up to

whopping 120%. During normal days, airfares for flights connecting metros and Tier 1 cities range between ₨ 5,000 – ₨ 10,000. But this festive season, airfares went up to ₨ 50,000 for economy class. After much research by news

agencies, it was found that the airlines did not have such dearth of seats that they needed to increase the airfares so much. In fact, there was a drop in air travel by 30% this year, compared to last year. KEY PLAYERS: Airline Companies, DGCA WHY IT IS IMPORTANT? DGCA did not do anything about the increasing airfares. The reason - they do not have the authority to cap the air travel prices. Kingfisher Airlines has stopped operating flights since past two

months. Airline companies used this news as a tool to make people believe that there was shortage of seats, owing to which customers paid ridiculously high prices for the limited seats available. Airline companies have refuted the allegations saying that they have taken a hit after the increase in fuel surcharge, airport charge, security fees, service tax, transaction fees etc and that they were not recovering losses incurred previously.

13) Gaza peace talks in danger as blast hits Tel Aviv bus- RIA Novosti/ The Hindu Business Line IMPACT: At least 18 people were injured when an explosion hit a bus in central Tel Aviv. It was the first serious bombing in Israel‟s commercial capital since 2006. This bomb attack is seen as a response to the severe eight-day air and naval attack on Hamas-ruled Gaza by the Israeli Defence Forces in which more than 140 Palestinians have been killed so far. A spokesperson for the Islamist group Hamas said it welcomed the bombing as a "natural response" to the ongoing Israeli bombardment of Gaza, but said it was not behind the attack. Israel says it began its attack on the city of 1.7 million in response to a surge in rocket attacks from Gaza. Palestinian rockets continued to hurtle toward Israeli towns and cities on Wednesday, but most were knocked down by the sophisticated Iron Dome air defence system. Israel says it has been able to restrict casualties to single digit number during the eight day offensive by countering the missile attacks. KEY PLAYERS: Israeli Defence Forces, Hamas WHY IT IS IMPORTANT? Israeli Prime Minister Benjamin Netanyahu has called the military offensive as “Pillar of Defence.” Mr. Netanyahu, who faces a general election in January 2013, is expected to benefit from his actions. An opinion poll has indicated that 84% of the Israeli public supports the military campaign, with 12% opposing it. This might also prevent the opposition from raising the issue of economic viability of the campaign, as they cannot risk being termed as anti-national. 14) 70% shoppers now use internet to make their choices - The Hindu Business Line IMPACT: Internet, even with its limited penetration in India, has grown up from informing to a influencing medium. This fact is clearly visible in the findings of a pan India survey conducted by Nielsen on behalf of Google India. The survey says that 7 out of 10 Indian buyers know the exact brand and model they want to buy with the help of online research before entering the store. The impact was highest for tier-I and tier-II city consumers with 83 per cent respondents saying that they know exactly the brand that they want to buy before they go to the store which highlights the growing reach of Internet which was perceived to be limited to users in metros.

Nielsen‟s report revealed that Internet is now second only to TV to create awareness for tech products (laptop, TV, camera, mobile phones etc) - for metro and tier I audience. Incidentally, the survey also revealed that nearly 46 per cent consumers use mobile internet for research while 22 per cent of tier-II consumers use mobile as the sole device for accessing internet for research. KEY PLAYERS: Google insights, Nielsen survey, Indian consumers

WHY IT IS IMPORTANT? The “research online and shop offline” consumer behaviour is now expected to influence marketing strategies of companies in India. Though digital advertising was initially adopted by the tech firms, it has gotten attention from other sectors as well. At the same time retailers‟ ability to influence a buyer's mind is diminishing. 15) Intel CEO announces retirement before term, surprises board members – HT/TOI IMPACT: The CEO of the world‟s largest microprocessor manufacturing company – Intel is quitting his corner office owing to the challenges of decreasing sales and weak economic conditions. Paul Otellini, will be ending his forty year long association with Intel early next year. He has been serving as the CEO since the past eight years and the board members had expected he would continue to hold his position till 2015 (when he reaches his retirement age at 65). Otellini along with other board members are now searching for a replacement from within and outside the company. The key reason for his early retirement is said to be the sudden shift of consumers towards mobile devices and decreasing demand in the PC market. Otellini has also been criticized for under-estimating the mobile devices market and before he could realise the severity of the threat the damage was already done. KEY PLAYERS: Intel, Microsoft, PC‟s, smartphones WHY IT IS IMPORTANT? The smart phones market has impacted the personal computers market heavily. Statistics show that where smart phones sales are picking up pace, PC are lagging behind as consumers are moving towards more portable devices - tablets. Forrester Research shows that in 2008, over 300 million PC‟s were sold which were powered by Microsoft‟s Windows and Intel‟s microprocessors. Tablets were comparatively new then and Smartphone sales were around 140 million. Three years later, 330 million PC‟s were sold but smart phones sales have clocked around 660 million. By 2016, it is estimated that PC‟s will see only 10% growth whereas smart phone sales would double.

MMMIIISSSCCCEEELLLLLLAAANNNEEEOOOUUUSSS NNNEEEWWWSSS

China’s social face – Renren

Everybody knows Facebook, or rather everybody ought to know of Facebook, the world‟s virtual home. It is what the term social media means these days. If one were to map social media users across the world, Facebook would have a footprint nearly everywhere, except for one huge swath of land that is still immune to the charms of Facebook. That land is the land of the dragon, the world‟s most powerful emerging power, China. Why is it that Facebook, which is present in practically every nook and cranny, is absent from the world‟s most populous nation? The reasons are simple, one, the communist government‟s censorship policies and the existing competition within China and its distinctive culture which prevents a direct transplant. Facebook would find it hard to comply with the lack of freedom of speech in China and the fact remains that most Facebook users are English speakers. Young, Urban and lonely China (thanks to the one child policy) needed its own Facebook. The opportunity was immense and this was recognized by quite a few individuals. Qzone, kaixin001, Tencent, Sina and Renren all were created to exploit the Chinese social media landscape. The Chinese social media landscape is basically dominated by blog type sites (weibos) and other real name social networking sites. Qzone is the market leader with its blog type site. Real name social media sites in China began life as Facebook clones. In fact social media in China has borrowed heavily from their western peers and simply adapted it to suit uniquely East Asian needs.

Socially Chinese

If one intends to study the evolution of Chinese social media, the best example of this evolution would be Renren which is arguably the most popular real name social networking site in China and has roughly 154 million registered users. Renren began life as Xiaonei Network around 2005. Founded by Joseph Chen and Michael Robinson, both ex-McKinsey employees, Xiaonei was designed as a college specific, student and alumni networking site. The earlier site Chinaren that was established by Joseph Chen got acquired by Sohu.

The Renren of today is managed by a holding company called OPI or Oak Pacific Interactive which was established by Zany Zeng (who became CTO of Renren) and Joseph Chen. This company also launched Kaixin.com, another social networking site (interestingly, one of the main competitors of Renren is a site called Kaixin001, which failed to register the domain name Kaixin, and this domain name was captured by Renren!!). Renren was created when Kaixin.com and the Xiaonei network were consolidated. Renren roughly translated means “People People” or Everybody. In terms of Design, Renren is a Facebook knock off with some differences. These differences stem from the Cultural intricacies of China. China is all about family and thus instead of groups, people tend to join clans which embody strong familial ties in a way. Renren has something called “footprints” which tells you how many visitors did your profile get and at later stages, who all viewed your profile. Creating your profile requires basic data like your real name, college, high school, middle school and hometown. Users can also change their profile look using skins and add profile music as well.

NNNEEEOOO CCCOOORRRNNNEEERRR PART ONE

Part 2

User profile:

Renren‟s user profile is mostly composed of

students who are in college, though the site tries to

retain them after they graduate. Of the 154 million

users, though, just 30 million users are active.

Gaming and Apps:

Renren‟s success is in a large part driven by its

games. Renren‟s design is open source and allows

third party app developers to develop apps for the

site including games. In fact, of the 1000 odd

applications on Renren, most are games. This

makes the site the most popular open platform

within China. Long before Farmville became the

rage on Facebook, a similarly themed game was

driving Chinese users to wake up at 2 AM to steal

vegetables from virtual gardens!

Advertising on Renren:

Renren has been watched closely due to its relative success when it comes to advertising. The site offers custom brand

fan pages and sponsored stories along with the standard issue display and banner ads. The site also offers in game ads.

Some of its top ad clients include Coca Cola, Adidas, McDonald‟s, Nokia, Motorola and HP.

SOURCES

Charts & Graphs: http://www.economist.com/node/21563412

SOURCES FOR COVER STORY

http://articles.timesofindia.indiatimes.com/2012-10-28/india/34779455_1_mm-pallam-raju-new-ministers-cabinet-ministers http://www.ndtv.com/article/india/cabinet-reshuffle-upa-s-team-2014-takes-charge-285510

http://www.ndtv.com/article/cheat-sheet/cabinet-reshuffle-today-salman-khurshid-to-be-the-new-external-affairs-minister-285177 http://thestar.com.my/columnists/story.asp?col=indiadiary&file=/2012/11/4/columnists/indiadiary/12258578&sec=India%20Diary

SOURCES FOR PERSONALITIES OF THE WEEK:

http://en.wikipedia.org/wiki/Xi_Jinping http://www.businessinsider.com/xi-jinping-profile-2012-9

http://dealbook.nytimes.com/2012/11/19/welcome-to-the-xi-jinping-era/ http://www.bbc.co.uk/news/world-asia-china-20338556

http://www.bbc.co.uk/news/world-asia-china-20321603 http://www.cbc.ca/news/world/story/2012/11/15/china-congress-leadership-xi-jinping.html

http://chinese-leaders.org/xi-jinping/ http://en.wikipedia.org/wiki/Bernie_Ecclestone

http://www.forbes.com/profile/bernard-ecclestone/ http://www.guardian.co.uk/books/2011/mar/05/no-angel-bernie-ecclestone-tom-bower-review

http://www.independent.co.uk/arts-entertainment/books/news/its-the-pits-why-bernie-hates-his-new-biography-2218378.html http://www.theaustralian.com.au/archive/sport-old/bernie-ecclestone-biography-uncovers-formula-1-bosss-fortune/story-fn69qwst-

1226011220237 http://www.therichest.org/celebnetworth/athletes/motor-racing/bernie-ecclestone-net-worth/

http://en.wikiquote.org/wiki/Talk:Bernie_Ecclestone

INDUSTRY ANALYSIS: http://en.wikipedia.org/wiki/Pharmaceutical_industry_in_India

http://www.indiabiznews.com/?q=node/2873 http://www.thehindu.com/business/article3339963.ece

http://www.equitymaster.com/research-it/sector-info/pharma/Pharmaceuticals-Sector-Analysis-Report.asp http://optimpharma.blogspot.in/2012/02/swot-analysis-of-indian-pharma-industry.html

http://www.mckinsey.com/locations/india/mckinseyonindia/pdf/india_pharma_2015.pdf http://www.icra.in/Files/ticker/Indian%20Pharmaceutical%20Sector.pdf

http://www.pwc.com/in/en/assets/pdfs/pharma/PwC-CII-pharma-Summit-Report-22Nov.pdf

SOURCES FOR NEWS ANALYSIS (1-15)

1) Shadow banking hits $67 trillion globally: task force – Reuters/ET http://www.reuters.com/article/2012/11/19/us-shadow-banking-regulation-idUSBRE8AI0SL20121119

http://articles.economictimes.indiatimes.com/2012-11-19/news/35203571_1_fsb-financial-stability-board-traditional-banks http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/need-to-monitor-shadow-banking-in-india-

financial-stability-board/articleshow/17282091.cms http://articles.economictimes.indiatimes.com/2011-06-20/news/29679784_1_bank-credit-financial-inclusion-rural-areas

http://www.business-standard.com/india/news/rbi-may-tighten-shadow-banking-rules/473053/

2) Have to find a way to generate from stranded power plants: P Chidambaram – Financial Express/ET http://www.financialexpress.com/news/have-to-find-a-way-to-generate-from-stranded-power-plants/1032786/0

http://articles.economictimes.indiatimes.com/2012-11-18/news/35185278_1_fsas-captive-coal-blocks-power-plants http://www.financialexpress.com/news/deallocation-bank-guarantee-deduction-for-coal-blocks/1032775/0

http://www.financialexpress.com/news/power-generation-may-grow-8.7-in-fy13/1032753/0 http://en.wikipedia.org/wiki/Indian_Power_Sector

3) RBI must enter forex market to support rupee, curb inflation: BoA-ML- Moneylife http://www.moneylife.in/article/rbi-must-enter-forex-market-to-support-rupee-curb-inflation-boa-ml/29688.html

http://articles.economictimes.indiatimes.com/2012-11-18/news/35185341_1_rupee-fall-forex-reserves-rupee-depreciation http://en.wikipedia.org/wiki/Foreign-exchange_reserves

http://www.thehindubusinessline.com/industry-and-economy/banking/forex-reserves-down-781-million/article4102220.ece?homepage=true&ref=wl_home

http://www.isb.edu/faculty/rajeshchakrabarti/FX_Basu.pdf 4) China Manufacturing Data Signals Rebound Gathering Pace: Economy – Bloomberg

http://www.bloomberg.com/news/2012-11-22/china-manufacturing-may-expand-for-first-time-in-13-months-1-.html http://www.marketwatch.com/story/china-manufacturing-finally-expanding-data-show-2012-11-21

http://au.news.yahoo.com/thewest/business/a/-/world/15450530/chinas-manufacturing-data-encourages/ http://economictimes.indiatimes.com/markets/commodities/brent-near-111-on-uptick-in-china-economy-us-stock-

draw/articleshow/17318717.cms http://www.theaustralian.com.au/business/breaking-news/china-says-inflation-slows-to-17/story-e6frg90f-1226513735469

http://in.reuters.com/article/2012/11/09/china-economy-inflation-idINDEE8A801G20121109 1) Government keen to revive the Electronics manufacturing industry- Financial Chronicle

http://www.mydigitalfc.com/plan/hardware%E2%80%99s-y2k-moment-077

http://www.mydigitalfc.com/knowledge/local-production-semiconductors-remains-slomo-081

2) Piaggio's top-down strategy- BS http://www.business-standard.com/india/news/piaggio/s-top-down-strategy/493126/

3) Tata finally rolls out AWD version of Jaguar for the US market- BS http://www.business-standard.com/india/news/let-it-snow-roars-jaguar-inus/493125/

http://www.moneylife.in/article/tata-motors-q2-net-profit-up-105-on-higher-jlr-sales-in-china/29548.html

5) IKEA inching closer to opening its first store in India – The Hindu Business Line http://www.thehindubusinessline.com/companies/ikea-closer-to-setting-up-shop-with-nod-for-rs-10500cr-

investment/article4116216.ece http://www.thehindubusinessline.com/companies/ikea-may-have-to-overcome-infrastructure-bottlenecks/article4116095.ece

SOURCES: 1) Hewlett-Packard’s Autonomy scandal – FE/Telegraph UK/ TOI

http://www.financialexpress.com/news/-9bn-autonomy-scam-at-hewlettpackard/1034117/0 http://www.telegraph.co.uk/finance/comment/jeremy-warner/9691707/Victim-or-fool-Hewlett-Packard-falls-for-oldest-trick-in-the-

cooked-book.html http://timesofindia.indiatimes.com/tech/enterprise-it/strategy/Hewlett-Packards-loss-5-billion-folly-by-the-

numbers/articleshow/17307618.cms 2) Indian Premier League gets a new sponsor – PepsiCo – TOI/The Hindu Business Line

http://indiatoday.intoday.in/story/pepsi-wins-ipl-sponsorship-rights-for-rs-396.8-crore/1/230240.html http://www.thehindubusinessline.com/industry-and-economy/marketing/pepsicos-rs-396cr-bid-is-the-right-choice-for-

bcci/article4119268.ece?homepage=true http://timesofindia.indiatimes.com/business/india-business/IPL-brand-value-may-rise-with-Pepsi-fizz/articleshow/17317148.cms

3) Toyota recalls over 2 million vehicles – Wall Street Journal/ BS Motoring/ CBS News http://online.wsj.com/article/SB10001424127887324556304578118552262428118.html

http://www.cbsnews.com/8301-505123_162-57553297/toyota-recalling-150000-trucks/ http://www.bsmotoring.com/news/the-infamous-vehicle-recalls/6035/1

5) Indian Airlines companies recover losses during the festive season – The Hindu Business Line/TOI http://timesofindia.indiatimes.com/business/india-business/Flying-cheap-is-history-now-Festivals-and-low-capacity-pretext-to-rake-in-

moolah/articleshow/17302815.cms http://www.thehindubusinessline.com/industry-and-economy/logistics/air-fares-soar-this-diwali/article4087962.ece?homepage=true

4) Gaza Peace Talks in Danger as Blast Hits Tel Aviv Bus- RIA Novosti/ The Hindu Business Line

http://en.rian.ru/world/20121121/177633071.html

http://www.thehindu.com/opinion/editorial/israel-is-as-netanyahu-does/article4108877.ece http://www.firstpost.com/world/hamas-israel-ceasefire-gives-respite-for-gazans-531028.html

6) 70% shoppers now use internet to make their choices - The Hindu Business Line http://www.thehindubusinessline.com/industry-and-economy/marketing/consumer-behaviour-is-changing-with-internet-

penetration/article4115760.ece http://www.thehindubusinessline.com/industry-and-economy/info-tech/70-shoppers-make-exact-buy-choice-with-online-

research/article4115326.ece 4) Intel CEO announces retirement before term, surprises board members – HT/TOI

http://articles.timesofindia.indiatimes.com/2012-11-20/movements/35227132_1_intel-s-ceo-intel-ceo-paul-otellini-craig-barrett http://www.hindustantimes.com/technology/BusinessComputing-Updates/Intel-CEO-to-retire-as-chipmaker-struggles-with-mobile/SP-

Article1-961742.aspx