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Of 2 16Th June 2012 Rajat Gupta Convicted of Insider Trading Rajat Gupta, One of the Most Successful Indian Americans On Rajat Gupta convicted of insider trading Rajat Gupta, one of the most successful Indian Americans on Wall Street, was found guilty of passing confidential market information to Galleon hedge fund founder Raj Rajaratnam in one of America's biggest insider trading cases. A Manhattan court held the 63-year-old former Goldman Sachs director guilty of providing insider information to his former friend, Mr. Rajaratnam, who was sentenced last year to 11 years in prison for insider trading. Mr. Gupta was found guilty on four counts out of six charges. The court will pronounce the sentence on October 18. Prosecutors had accused Mr. Gupta of providing market-moving information to Mr. Rajaratnam while serving on the board of Goldman Sachs and heading McKinsey&Co. He was found guilty for providing information about the $5-billion investment by Warren Buffett's Berkshire Hathaway Inc., and about Goldman stock on October 24, 2008. Securities fraud carries a maximum prison sentence of 20 years, while conspiracy carries a five-year maximum prison sentence. Dalbir Singh Suhag to head Eastern Army Command The government has cleared the appointment of Lt-General Dalbir Singh Suhag, on whom previous Army chief General V K Singh had imposed a discipline and vigilance (DV) promotion ban, as the new chief of the Eastern Army Command in Kolkata. This comes after new Army chief Gen Bikram Singh on June 8 lifted the DV ban on Lt-Gen Suhag, the current three Corps commander at Dimapur who is tipped to take over the force from him in August 2014. Gen Bikram Singh lifted the DV ban on Lt-Gen Suhag after accepting his explanation to the showcause censure notice imposed on him by Gen V K Singh just days before retirement on May 31. Lt-Gen Suhag's name had earlier been send to the Appointments Committee of the Cabinet (ACC) in May as the proposed successor to the then Eastern Army commander Gen Bikram Singh but it had got derailed due to the DV ban. Unilever may relocate 400 tech jobs to Bangalore The Anglo-Dutch personal care major Unilever is planning to move some jobs to Bangalore as part of a restructuring exercise that would involve relocating some 400 high capability roles from Unilever's IT site in Ewloe in Wales. The company's R&D centre in Bangalore contributes to brands including Lifebuoy, Pureit, Ponds, Fair and Lovely, Radiant, Omo, Brooke Bond, Lipton, Walls and Knorr. Around 300 employees work at the site, including 75 scientists, 150 research associates and 50 support staff - specializing in microbiology, virology and microstructure creation. NGO 'United Sikhs' opens a water treatment plant in Haiti Sikh NGO, United Sikhs has opened a water treatment plant in Haiti to provide clean drinking water to as many as 5000 survivors of the 2010 earthquake, informed NGO's director Gurvinder Singh. "This plant provides clean drinking water, by a reverse osmosis system process to over 5000 Haitians on a daily basis" said he. The project is aimed to address the severity of a cholera epidemic and other water related illnesses that cause sickness, death added he. He further informed that United Sikhs had already distributed 20 tons of rice to over 25 orphanages and make-shift camps to enable the feeding of over an estimated 250,000 meals. Sri Guru Singh Sabha Gurdwara of Thailand donated the rice. The United Sikhs Aid team shipped the rice to Haiti and set up distribution in Santo la Plaine, Port-au-Prince. Obama, Manmohan Singh may meet at La Cabos G-20 summit Keen to forge deeper strategic and economic ties with India as the US draws down in Afghanistan, US President Barack Obama may meet Indian Prime Minister Manmohan Singh at the La Cabos G-20 summit in Mexico. Obama made a telephone call to Manmohan Singh a day after the India-US strategic dialogue essentially to talk "about coordinating efforts leading into the G20." UN asks Bangladesh to open arms to Myanmar refugees The UN refugee agency urged Bangladesh to provide a safe haven for people fleeing unrest in Myanmar’s Rakhine State after authorities refused entry to boatloads of refugees. The Buddhist Rakhine and Muslim Rohingya have accused each other of violent attacks which have caused more than 30,000 people to flee. “UNHCR recognises that, for years, Bangladesh has been bearing the brunt of the forced displacement caused by earlier crises in Myanmar,” said Andrej Mahecic. Agency workers visiting areas of unrest to assess the situation witnessed “smouldering villages”, he said. SBI cuts lending rates for SMEs Ahead of the monetary review of the Reserve Bank of India (RBI), State Bank of India (SBI), reduced its lending rates between 0.5 percentage point to 3.5 percentage points mainly for small and medium enterprises (SMEs) and the agriculture sector. Page 1 of 2 16th June 2012 GE to invest $200 m in new plant GE India, said it would invest $200 million (around Rs.1,100 crore) in a new facility that would come up at Chakan, near Pune, to develop localised products and solutions for the energy sector. The company said that the plant, spread over 68 acres and GE's first such in India, would commence operations of its first phase in 2013. GE already has a wind turbine assembly unit in Pune. GE's industrial solutions plant in Bangalore makes switchgears, control panels and marine and industrial breakers. GE Healthcare has three manufacturing facilities in Bangalore in addition to an R&D centre. MSP of paddy hiked by Rs 170, cotton by Rs 800 per quintal Government announced Rs 170 per quintal hike in minimum support price (MSP) of paddy to farmers at Rs 1,250 for 2012-13 crop year (July-June). The MSP for common grade variety of paddy has been increased to Rs 1,250 per quintal from Rs 1,080 in the previous year. The decision was taken by Cabinet Committee on Economic Affairs (CCEA). The Committee announced MSP for other Kharif (sown in summer). India produced a record 103.41 million tonnes of rice in the 2011-12 crop year. The MSPs of Jowar (Hybrid) and Ragi have been raised to Rs 1500 per quintal providing an increase of Rs 520 and Rs 450 per quintal, respectively. The MSPs of Bajra and Maize each have been raised by Rs 195 per quintal and fixed at Rs 1175 per quintal each. Kaushik Basu suggests 10 points for turnaround in ten months Expressing confidence that the Indian economy would turnaround if growth is put on fast track, Chief Economic Advisor Kaushik Basu said that he refused to accept Standard & Poor’s (S&P) recent negative rating of the country’s fiscal situation, as “frenzied policymaking” would normalise the prevailing atmosphere. Underlining measures like administrative reforms, higher tax to GDP ratio, foreign direct investment (FDI) in multi-brand retail and “intelligent” decontrol of fuel pricing, Basu listed 10 measures to revitalise the economy in 10 months. Titled “Ten Policy Imperatives for Next 10 Months”. Hockey India cash awards for stalwarts Hockey India will do a BCCI, in a much smaller scale though, when it honours 34 gold-winning Olympians in New Delhi on June 24. Balbir Singh (Sr) and Leslie Claudius, who were part of the Indian teams which won gold medals at three successive Olympics from 1948, head the list of veterans who would be honoured with cash awards of Rs 2 lakh apiece. 87 year old, Balbir Singh Sr. is the oldest of the Indian Olympic gold medallists. Keshav Dutt, G Nandy Singh, Jaswant Singh, Raghbir Lal and Col Haripal Kaushik have been part of two gold medal winning teams. Wim Koevermans promises his ‘best' Wim Koevermans, the new National football coach, promised his “best” as he took a realistic view of his assignment. The noted Dutch was candid at times, and guarded when the situation demanded, and came across a pleasant man saddled with an arduous job. Wim Koevermans succeeds Bob Houghton. With the All-India Football Federation (AIFF) supporting stand-in coach Savio Medeira as his deputy, it was apparent that Koevermans, appointed for two years, was in no hurry to have someone of his choice in that position. The 51-year-old Koevermans will assume duty on July 1. Shriyanka strikes gold Shriyanka Sadangi pipped two shooters by 0.1 point to clinch the junior women's gold in air rifle in the International junior competition in Suhl, Germany. Result : 1.Shriyanka Sadangi 500.9 (398); 2. Amelie Perment (Fra) 500.8 (398); 3. Nadine Ungerank (Aut) 500.8 (397); 4. Tejaswini Muley 499.8 (399); Page 2 of 2 16th June 2012 .
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