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WEEKLY MEDIA UPDATE 02 September, 2013 Monday Issue 105 WEEKLY MEDIA UPDATE 02 September, 2013 Monday (This document comprises news clips from various media in which Balmer Lawrie is mentioned, news related to GOI and PSEs, and news from the verticals that we do business in. This will be e-mailed on every Monday.) Cabinet likely to take up proposed Govt mulls buyback as weak mkt hits reforms for PSUs in Sept PSU divestment plans The Cabinet is expected to take up the proposed The current volatility in the market is forcing reforms for State-owned companies, including a the government to go ahead with its plans of three-year fixed tenure for CPSE heads, next divestment. The main public sector units month. The Department of Public Enterprises has (PSUs) that may be considered for buybacks held consultations with the ministries concerned are NMDC, NTPC, NHPC, and Coal India, on reform measures that have been accepted by reports CNBC-TV18’s Aakansha Sethi. Coal the Group of Ministers (GoM) headed by Finance India board has already given its nod for a Minister P. Chidambaram. “We have already buyback. Other companies are yet to give their processed the Roongta Committee approval for the same. The impact of this step recommendations (on PSUs reforms) and they will be directly on their balance sheets and should be coming to the Cabinet in a short time,” their valuations. India has seen a tough time to Minister of Heavy Industries and Public Enterprises sell stake in PSUs. Coal India’s 10 percent Praful Patel told presspersons on the sidelines of a stake sale was to fetch the exchequer Rs CII function here. 25000 crore. This is now likely to be only five The Hindu Business Line - 27.08.2013 percent. http://www.thehindubusinessline.com/economy/c Money control - 30.08.2013 abinet-likely-to-take-up-proposed-reforms-for- http://www.moneycontrol.com/news/cnbc- psus-in-sept/article5064557.ece tv18-comments/govt-mulls-buyback-as-weak- mkt-hits-psu-divestment-plans_943011.html Plan panel to give push to public-private 10 PSUs to raise Rs 15,000 cr via partnership projects Sovereign Wealth Funds Close on the heels of the government clearing In an effort to boost forex inflows, the Finance stalled power projects; the Planning Commission Ministry has worked out a strategy for as many has decided to strengthen the regime governing as 10 public sector entities to tap Sovereign public-private partnership (PPP) projects to ensure Wealth Funds (SWFs) to raise at least Rs their smooth implementation. The move is seen as 15,000 crore in foreign currency. This will be an attempt at boost investor confidence and to part of a tax-free bond issue. This is the first ensure smooth execution of around 779 PPP time that such funds have been allowed to be projects with an investment of around Rs 4.68 part of a tax-free bond issue. SWFs are lakh crore which are under implementation. normally state-owned, with funds collected Around 712 projects with an investment of Rs from budget and trade surpluses. The money is 1.61 lakh crore have already been completed. normally invested in real and financial assets at The Times of India - 31.08.2013 home and abroad. Oil-rich West Asian nations http://timesofindia.indiatimes.com/business/india- own many of the world’s largest SWFs. business/Plan-panel-to-give-push-to-public- The Hindu - 28.08.2013 private-partnership- http://www.thehindubusinessline.com/industry projects/articleshow/22177726.cms -and-economy/10-psus-to-raise-rs-15000-cr- via-sovereign-wealth-funds/article5068684.ece 43 CPSEs incurring losses for 3 years: India's economic growth slows to Patel four-year low in June quarter: Govt As many as 43 Central Public Sector Enterprises Economic growth in India in the April-June (CPSEs) including Air India, MTNL, BSNL and HMT quarter of this fiscal slipped to 4.4 per cent, the Ltd have been incurring losses for the last three slowest pace in at least four years, dragged years, Parliament was informed today. As on down by a contraction in manufacturing and March 31, 2012 there were 260 CPSEs in the mining sectors. The country's gross domestic country, of which 225 were in operation, Minister product (GDP) had expanded by 5.4 per cent in for Heavy Industries and Public Enterprises Praful the April-June quarter of the last fiscal. On a Patel said in a written reply to the Lok Sabha. sequential basis, the growth rate declined from "Out of these 225 CPSEs, 43 units have been 4.8 per cent in the January-March period of incurring losses continuously for the last three 2012-13. Commenting on the data, Economic years," he added. Affairs Secretary Arvind Mayaram said, Business Standard - 29.08.2013 "Growth in the second quarter will improve and http://www.business- growth in the third and fourth quarters would standard.com/article/companies/43-cpses- be better." incurring-losses-for-3-years-patel- Indian Express - 30.08.2013 113082900903_1.html http://www.indianexpress.com/news/indias- economic-growth-slows-to-fouryear-low-in- june-quarter-govt/1162348/ Task force set up for currency swap India needs a lot more reforms, not arrangement less: FM Rattled by the continued decline in the value of On a day when the rupee continued its downhill rupee, the Commerce and Industry Ministry has journey and closed at an all-time low of 66.24 constituted a task force comprising against the dollar, the finance minister P representatives from the Ministry, Department of Chidambaram said the solution was not less Economic Affairs, Reserve Bank of India (RBI), reforms but “more reforms and less SBI, industry bodies FICCI, CII and Federation of restrictions” and averred that all options Indian Exporters Organisation (FIEO) to work out including a sovereign bond issuance were on currency swap arrangements with key trading the table. Replying to a debate on the state of partners of India. An official statement said that in the economy in the Lok Sabha on Tuesday, view of the rising trade deficit and consequent Chidambaram outlined 10 specific steps to CAD, a need has been felt to examine the role of invigorate the economy including a strong push currency swap arrangement/agreements in order to the PSUs’ capital expenditure plans, an to suggest a possible mechanism to address the expeditious resolution to the stagnation in coal issue. It has been decided to constitute a Task production and ending the “impasse” in the Force. iron ore sector. The Hindu - 28.08.2013 Financial Express - 28.08.2013 http://www.thehindu.com/business/Economy/govt http://www.financialexpress.com/news/india- -sets-up-task-force-for-currency-swap- needs-a-lot-more-reforms-not-less- arrangement/article5068066.ece fm/1160886 Cash-rich public firms underperform Cut-throat pricing: Indian airlines private peers selling tickets at lowest price in last 2 years Several cash-rich state-owned companies have underperformed their private sector peers, which Despite soaring costs primarily due to the have a cash hoard, as well as benchmark indices rupee depreciation, Indian carriers are selling in the past year, reflecting the lack of confidence tickets at the lowest price levels in the past two of investors in the ability of the government which years, say airline executives and travel is the promoter of such firms to utilise the cash companies. If that isn't enough, airlines fear pile efficiently and boost growth when the that due to low demand, they won't be able to economy is slowing down. raise fares by any significant amount, even The Economic Times - 02.09.2013 when the festive season starts in October. http://economictimes.indiatimes.com/markets/sto The Economic Times - 27.08.2013 cks/stocks-in-news/cash-rich-public-firms- http://economictimes.indiatimes.com/news/ne underperform-private- ws-by-industry/transportation/airlines-/- peers/articleshow/22216589.cms aviation/cut-throat-pricing-indian-airlines- selling-tickets-at-lowest-price-in-last-2- years/articleshow/22082902.cms LTC scam: Air India, RS officials to be Airport privatisation may lead to questioned higher fares: IATA The CBI has handed over the probe into the Leave The global airline industry has warned the Travel Concession (LTC) scam involving central Indian government that flier in the country government officials to its anti-corruption would end up paying much higher airfares if six (headquarters) unit. The agency will register cases major public sector airports in two metro cities and will begin questioning Air India and Rajya and four state capitals are privatised after Sabha secretariat officials by next week, sources thousands of crores of public money have been said. Officials said they were seeking documents spent to modernise them. from departments where irregularities were cited The Economic Times - 27.08.2013 by the CVC, including Rajya Sabha secretariat and http://economictimes.indiatimes.com/news/ne Ordnance Factory Board (OFB), Jabalpur. ws-by-industry/transportation/airlines-/- The Times of India - 02.09.2013 aviation/airport-privatisation-may-lead-to- http://timesofindia.indiatimes.com/india/LTC- higher-fares-iata/articleshow/22081489.cms scam-Air-India-RS-officials-to-be- questioned/articleshow/22217816.cms Govt open to offering 100 % stake to TripAdvisor to launch online resource private parties at six airports for travel and hospitality professionals The Ministry of Civil Aviation will soon float TripAdvisor will launch Travel Advisor Insights, request for qualification (RFQ) document for six a new online marketing resource for travel airports, including the recently refurbished industry professionals. TripAdvisor Insights will Chennai and Kolkata airports, and is open to provide the hospitality sector with access to the offering 100 per cent stake to private players.
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