03/02/2012
Declaring the allocation of 2G spectrum by the Congress-led United Progressive Alliance (UPA) government “illegal” and an example of the arbitrary exercise of power, the Supreme Court on Thursday cancelled all 122 telecom licences allotted on or after January 10, 2008 to 11 companies during the tenure of the former telecom minister, A. Raja.
http://www.thehindu.com/news/national/article2853159.ece
Mr Raja is charged with corruption.
This ruling, although deemed to be a step in the right direction, makes foreign investors nervous as it means any past deals, if proven to be corrupt, could be overturned, several years later.
For a view about corruption in India go to http://chindiapedia.org/Indianpitfalls.aspx
Posted in corruption, Economics, India alert, Rule of law, Technology |
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02/02/2012
New Delhi, February 1
“Faced with persistent threats from pirates operating off the coast of Somalia, uneasy neighbours India and China have started cooperating with each other, roping in Japan to tackle piracy. This is the first working relationship on the high seas between the Indian Navy and China’s People Liberation Army (Navy).”
http://www.tribuneindia.com/
Posted in China alert, Chindia Alert, GeoPolitics, Good news, India alert, Military |
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31/01/2012
Starbucks and a Tata company have started a JV and will open 50 shops in India this year, starting in Delhi and Mumbai.
http://indiatoday.intoday.in/story/starbucks-finally-arrives-in-india-with-tata-allaince/1/171350.html
In the meantime Starbucks has raised its coffee prices in its 500 stores in China.
Posted in Economics, India alert, Social & cultural |
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29/01/2012
Bloomberg: “Indian billionaire Subrata Roy, the owner of Sahara group, has offered about 750 million pounds ($1.18 billion) for a collection of Marriott hotels being sold by Royal Bank of Scotland Group Plc (RBS), the Sunday Times reported, without citing anyone.
“Roy, who bought the Grosvenor House hotel in London last year, is competing with the Abu Dhabi Investment Authority, and Indian investor Blue Post Group, according to the newspaper.”
http://mobile.bloomberg.com/news/2012-01-29/indian-billionaire-bids-for-rbs-s-marriott-hotels-times-says?category=
Just as with China, India is buying into foreign tangible assets. The big difference is that Chinese acquisition are often carried out by its sovereign wealth funds or by SOEs (State Owned Enterprises – http://www.china.org.cn/video/2011-12/30/content_24292710.htm), whereas Indian acquisitions are more often than not by private sector companies; though India is considering setting up a sovereign wealth fund.
http://www.reuters.com/article/2011/11/23/india-fund-finmin-idUSL4E7MN1J820111123
Posted in Economics, India alert |
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26/01/2012
Over the last six days at the Jaipur Literature Festival in India, bigotry, intolerance and censorship has dominated everything, both formal and informal.
This is because of a book The Satanic Verses banned by a Muslim fatwa in 1988, and the planned appearance of Salman Rushdie, the author. Fanatics threatened violence if Rushdie came to Jaipur and police intelligence suggested that assassins were planned to kill Rushdie.
What with corruption high in the public’s mind, the failure to guarantee free speech, esp at a literary festival does not bode well for democracy in India.
http://www.huffingtonpost.com/monisha-rajesh/salman-rushdies-jaipur_b_1232218.html
Posted in India alert, Social & cultural |
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23/01/2012
Piramal Healthcare is mulling a string of small-ticket acquisitions in the UK biotechnology sector, eyeing early-stage businesses in drug discovery, anaesthetics and contract manufacturing, said Ajay Piramal, head of the Indian pharmaceutical firm.
Piramal, whose company sold its generic drug business to Abbott Laboratories in 2010 for $3.7bn and also has access to debt facilities worth $2bn, told The Timesthat the planned takeovers in the UK and Europe are aimed at strengthening the firm’s drug research unit.
http://www.efinancialnews.com/digest/2012-01-23/indian-pharma-major-prepares-usd-5-billion-war-chest-for-overseas-acquisitions?mod=otherarticles_digests
Posted in Economics, India alert |
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21/01/2012
This is not new news, but I only came across it a few days ago on TED.com
Hans Rosling, world health expert and professor waxes lyrically on Asia’s growth illustrated by his unique graphics.
http://www.ted.com/talks/hans_rosling_asia_s_rise_how_and_when.html
Posted in China alert, Chindia Alert, Economics, Good news, India alert |
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21/01/2012
India’s Supreme Court ruled that India had no jurisdction over Vodafones purchase of Hutchison Essar mobile from Hutchison Whampoa, after a 4-year battle. The government was claiming £3bn in tax revenue.
On the face of it, India lost. But analysts say this has reassured international business that India is, once again, a safe place to invest in. Together with the current low market value many global companies may take the opportunity to re-evaluate their options in India.
http://www.businessweek.com/news/2012-01-21/vodafone-s-india-tax-ruling-clears-way-for-17-6-billion-ipo.html
Posted in Economics, India alert |
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19/01/2012
India has introduced a game Angry Brides loosely based on the hugely popular Angry Birds. This game is in reaction to the illegal (since early 1950s) yet largely practised dowry system. Here, the player throws all kinds of common household objects to dislodge the green pigs (symbolic of husbands?). Given that the pig is considered a dirty animal by Muslims and Hindus alike, the symbolism is indeed strong! The root cause is that the dowry system is harse on the poor. Some 8,000 women cases of dowry-related deaths in 2010.
http://kotaku.com/5876726/indian-brides-are-angry-about-illegal-marriage-dowries
Posted in Illegal practices, India alert, Inequalities, Obsolete practices, Social & cultural |
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19/01/2012
In 2011 Chinese banks loaned Mukesh Ambani’s Reliance Mobile $3bn with the condition that it uses Chinese telecoms and energy firms.
This month Chinese banks loaned Anil Ambani’s Reliance Communications $1.2bn with the condition that it uses Chinese telecoms equipment suppliers.
Both parties see these as win-win deals. Indian firms getting loans at lower interest than from local or other banks and China getting more buyers for its technology suppliers.
http://www.bloomberg.com/news/2012-01-17/reliance-communications-to-borrow-1-18-billion-from-china-banks.html
In November 2011, a consortium of banks including some Chinese banks loaned Duke Energy $6bn to buy the largest US electricity utility. Again, part of the deal was joint development with Chinese firms of eco cities and solar technology. Then the Three Gorges Corp acquired Portugal government’s stake in utility EDP.
http://online.wsj.com/article/SB10001424052970203802204577067013608051698.html
From the Chinese pov, not only are they supporting Chinese industries, but they are diversifying from US bonds into ‘bricks and mortor’ assets.
http://www.vancouversun.com/story_print.html?id=5905203&sponsor=
Posted in China alert, Chindia Alert, Economics, Good news, India alert, Investment in tangibles |
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CHINDIA ALERT: You'll be living in their world, very soon 