NEWS WRAP - SEPTEMBER 30, 2013

• SFIO probe calls Rs 1,700 crore Tata - Unitech deal in 2007 Dubious and Disguised.

• Bids for Highway project wroth Rs 17,000 cr. to be awarded by October, 2013.

• China launches a new Free Trade Zone in Shanghai to start wave of reform.

• Auditor Grant Thornton refuses opinion on NRE Coke OZ Arm Accounts of the year, citing doubts over Company's ability to survive.

Source: Economic Times

NEWS WRAP - SEPTEMBER 28, 2013

• India's two leading stock exchanges have questioned the Indiabulls group's decision to hold share-holder meets of all six group compaines within a 75 minute gap on monday.

• Government clears 15 foreign direct investment (FDI) propasals worth Rs. 2000 crore.

• Tamilnadu and Andhra Pradesh (Southeastern India) sits on Diamond bed.

• The fast food chain Mc Donald's announced that it would increase its offerings of fruits, vegetables and promote more nutritional options to children.

• Auto major Mahindra & Mahindra said it will hike the prices of its passenger cars and commercial vehicles by up to 20,000 from October,2013.

• BIS Certification date extended till January by Government.

Source: Economic Times

NEWS WRAP - SEPTEMBER 27, 2013

• Tata Teleservices, Russia's Sistema JSFC and Aircel, controlled by Malaysia's Maxis, are in exploratory talks for a three-way merger to create India's third-largest Telecom Company.

• National Green Tribunal (NGT) insists any establishment not adhering to Environment Regulations had to close.

• Rajasthan Government named Kokilaben Ambani, as a Vice President of the Nathdwara Temple Board.

• Ebay to buy Braintree for about $800 million in cash to add to its PayPal Business.

• German furniture fittings brand, Hettich, to invest Rs. 500 crore in India.

• The Beer Cafe to enter Mumbai by November 2013 with 10 outlets.

• Lakme Lever plans to add 300 stores in the next three years.

• Nokia launches 41 Megapixel Camera phone Lumia 1020 which will hit shelves on October 11, 2013 and will be available in the range of Rs. 47,000-Rs. 48,000.

• Oberoi Realty's Share sale offer gets good response.

• SEBI settles SpiceJet case with WL Ross for Rs. 1.10 crore.

• Barclays to cut jobs, shut wealth Management Services in 130 countries.

• Darjeeling Tea Prices fall 50% on quality concerns post-rains.

• Railways to start power Trading in the Open Market within next two months.

• Last date for e-filing of Tax Audit Report extended to October 31, from September 30.

Source: Economic Times

CCI ORDERS INVESTIGATION AGAINST ACI FOR ALLEGED VIOLATION OF COMPETITION ACT

COMPETITION COMMISSION OF INDIA (CCI) has ordered Investigation on a complaint filed by M/s Financial Software and System Private Limited (FSS, Informant) against M/s ACI Worldwide Solutions Private Limited, India, M/s ACI Worldwide Incorporated, USA and M/s ACI Worldwide (Asia) Pte. Limited, Singapore (ACI, Respondents) on the Allegations of contravention of Provisions of section 3 and 4(1) of the Competition Act, 2002.

BRIEF FACTS OF THE CASE

1. The Informant is a Private Limited Company incorporated in India. It is stated to act as a system integrator to bank and other Financial Institution. ACI is stated to be engaged in the business of developing software (BASE24) for electronic payment solutions which enables card-based payment transactions for banks.
2. FSS and ACI are stated to have a long standing relationship, starting from acting as a re-seller for ACI for BASE24 India in 1991, then FSS becoming a distributor and service provider for BASE24 in India in 1998 through various agreements.
3. The FSS has alleged that ACI took the position that it would not allow FSS to continue to provide system integration in respect of the BASE24 software.

ALLEGATIONS

The Informant has alleged that ACI has contravened provisions of section 3 and 4(1) of the Competition Act, 2002 abusing their dominance by -

• Not allowing ACI banks to choose a service provider of their choice.
• Imposing unfair condition in the purchase or sale of goods or services through exclusive supply arrangements with ACI Banks.
• Restricting  the ACI Banks, not to avail the integration services of FSS.
• Limiting technical or scientific development in the market.

CONCLUSION

After initial examination CCI has observed that prima facie the conduct of the respondents amount to 'tie in arrangement' and 'refusal to deal'. Such Agreement are also likely to have appreciable adverse effect on competition looking at the market share and market size of the enterprise in question.

CCI will complete the Investigation within 60 days.

NEWS WRAP - 26 SEPTEMBER, 2013

• DIPP proposes 100% FDI in Railway projects.

• New bank licences: RBI could ease initial equity capital requirement of rs 500 crore.

• HUL spreads its wing to retain edge with projects Telecalling, Columbus.

• Nokia weighs Alcatel-Lucent tie-up after Microsoft deal.

• Sun Pharma hits all-time high as rival announces shortage of cancer drug.

• JP MORGAN in talks to settle Government probes for $11 billion.

• LARSEN & TOUBRO PLANS $500 million-$ 1 billion toll road IPO in Singapore. 

Source: Economic Times

NEWS WRAP - SEPTEMBER 25, 2013

• Appointment of a reputed consultant, acceptable to both Goverment and RIL, to put rest to one of the biggest controversies in Energy Sector.

• Parle Agro Launched 'Cafe Cuba', India's First Coffee Flavoured Carbonated Beverage.

• Tata SIA Airlines to have a 6-member Board, Singapore Airlines Proposes to hold a 49% Stake in the Venture.

• High Court restrains John Abraham's Production Company from naming its movie 'Hamara Bajaj'.

• Impresario to open 16 Restaurants under 'Smoke House Deli' and 4 Restaurants under 'Mocha' Brand in India.

• Muthoot Finance NCD Issue over subscribed by 1.084 times.

• JP Morgan's legal hurdles expected to multiply.

Source: Economics Times

BUSINESS LEXICON

• Tapering - It is the process of reducing the pace of purchasing assets with money created out of thin air.

• Squeeze - To be strict about the monies and limit how much is available to a Company or an Organisation. 

• Boil the Ocean - To undertake an impossible task or project or to make a task or project unnecessarily difficult. Boiling the Ocean generally means to go overboard.

• Dead Cat Bounce - A temporary recovery from a prolonged decline or bear market, followed by the continuation of the downtrend. A Dead Cat Bounce is a small, short-lived recovery in the Price of a Security, such as a Stock.

• Bleeding Edge - It is a category of technologies incorporating those so new that they could have a high risk of being unreliable and lead adopters to incur greater expenses in order to make use of them.

• Open the Kimono - To reveal what is being planned or to share important information freely.  Similar to "open the books" or an "open door policy", Opening the Kimono means Revealing the inner workings of a Project or Company to an outside Party. 

• Big Uglies - They are the stocks that provide solid, long term earnings, growth and Dividends like old Industrial Companies in gritty Industries (such as mining, steel and oil) and as a result, they tend to be unpopular stocks with Investors looking for bargain priced stocks.

NEWS WRAP - SEPTEMBER 23, 2013

• Blackberry's bet on devices running on BB10 fails to deliver as sales fall by 50% in India.

• Neilson to factor Mobile Viewership into TV Ratings.

• JP MORGAN CHASE, JP MORGAN STANLEY bag Leading roles in Twitter's Credit Line ahead of IPO.

• Apollo Hospitals may List on Singapore Stock Exchange to raise rs. 2500 Crore.

Source: Economic Times

NEWS WRAP - SEPTEMBER 21, 2013

• Air Asia Partners Arun Bhatia miffed about the Tata's not having informed him before announcing the second Venture with SIA.

• EMIS for Home, Car Loans set to go up as Bank gear up to rise Lending and Deposit Rate.

• The upward revision in Repo Rate by the Reserve Bank of India (RBI) is likely to increase pressure on Realty Firms to offer discount in the upcoming Festive Season.

• L'Oreal India has made its first Acquisition in the domestic beauty market by talking over the Assets of Mumbai-based Chery's Cosmeceuticals.

• 12 Cos Designated as Biz partners for UN Summit will play an important role at the UN Sponsored Climate change negotiations to be held in November in the Poland.

• Budget Carrier Spice Jet, in talks with Air Arabia for an "INTERLINE ARRANGEMENT'.

Source: Economic Times

NEWS WRAP - SEPTEMBER 20, 2013

• Tata Group hands again with Singapore Airlines (SIA) to start new full services Airlines in India, eighteen years after their attempt.

• Tata Group is in talks with the AAI and planning to set up a maintenance, repair and overhaul (MRO) unit for planes in India.

• Bharti Walmart agents threatened to take legal action against the retailer for allegedly not settling their dues.

• India's natural Imports may push up in the coming months due to limited local availability, lower global price and appreciation.

• The Bank of London & The Middle East PLC. the largest Islamic Bank in Europe, to list on the NASDAQ Dubai Stock Exchange in October.

• Blackberry's chat service BBM coming to Android, iPhone by this Week.

Source: Economic Times