Today's Hot Stories - December 12, 2012
10 Headlines for Today
(1) Pandit Ravi Shankar passes away
(2) Moily backtracks on LPG cap after poll panel wrap
(3) China detains monks for ‘inciting’ self-immolations
(4) Retail inflation rises 9.90% in November
(5) Sensex up 92 points ahead of IIP data
(6) Mercedes-Benz to hike prices from January
(7) China enters boys’ and girls’ finals
(8) Pakistan takes bronze at Champions Trophy
(9) Platini: Everything remains open for Euro 2020
(10) New contractors balk, Bangalore garbage crisis gets messier
5 Stories for Today
(1) Govt. orders judicial probe into Walmart lobbying
(2) Defiant North Korea launches long-range rocket
(3) Industrial production bounces back
(4) Motorola Mobility to suspend work at Chennai centre
(5) More states will allow FDI in retail: Godrej
(1) Govt. orders judicial probe into Walmart lobbying
Bowing to opposition pressure, the government on announced a time-bound inquiry by a retired judge into reports of lobbying by retail giant Walmart to gain entry into India.
Parliamentary Affairs Minister Kamal Nath made the announcement as soon as the Lok Sabha met for the day.
“Government will appoint a retired judge to hold a time-bound inquiry into the media reports regarding Walmart,” Mr. Nath said.
The issue of retail giant Walmart lobbying in the U.S. for access to Indian markets created storm in Parliament during the past two days with parties demanding time-bound probe by a Joint Parliamentary Committee or a judicial panel to ascertain if bribe was paid here.
UPA’s outside supporters the RJD and the SP, which last week bailed out the ruling coalition in FDI in retail matter, were among those demanding a thorough probe into reports that money was spent in India.
The demand for JPC probe was made by the BJP, the JD(U), the AIADMK, the Trinamool Congress, the RJD and the CPI while the SP sought a judicial inquiry as they contended that the country had been put to shame. They insisted that the probe should be time-bound.
(2) Defiant North Korea launches long-range rocket
North Korea defied international warnings and fired a long-range rocket on Wednesday, the second launch under its new leader and a clear sign Pyongyang is pushing forward with its quest to develop the technology needed to deliver a nuclear warhead.
Pyongyang’s state media quickly claimed that the country had successfully put a peaceful satellite into orbit with its long-range Unha-3 rocket the North’s stated goal of the launch. But South Korea and Japan said they couldn’t immediately confirm that. The launch was something of a surprise, as North Korea had indicated technical problems with the rocket and recently extended its launch window to December 29.
A rocket expert said North Korea’s rocket appeared to have improved on an April launch, which broke apart shortly after liftoff, but that it might be a day before U.S. officials could determine whether a North Korean satellite was circling the Earth.
The United Nations, Washington, Seoul and others see the launch as a cover for a test of technology for missiles that could be used to strike the United States.
South Korean Defence Ministry spokesman Kim Min-seok told a nationally televised news conference that a South Korean Aegis-equipped destroyer detected the launch at 9.51 a.m., local time, and the first stage fell into the Yellow Sea about a minute later; the rocket then flew over a South Korean island near the border with North Korea a minute after that. The rocket was seen flying west of Okinawa at 9.58 a.m., and then disappeared from South Korean radars, Mr. Kim said.
William Lewis, a spokesman for the U.S. North American Aerospace Defence Command, which tracks such launches, had no immediate information about the reported launch.
Japan protested the launch and said one part of the rocket landed west of the Korean Peninsula and another part was expected to have landed east of the Philippines. South Korean President Lee Myung-bak planned an emergency national security council meeting on Wednesday, and the country’s Foreign Minister Kim Sung-hwan warned that North Korea will face grave consequences.
Jonathan McDowell of the Harvard-Smithsonian Centre for Astrophysics said officials would likely have to wait a day or so to see if the United States can track anything that might have been placed in orbit by North Korea.
Success would be defined as “something that completes at least one orbit of the earth,” he said. But “clearly this is much more successful than their last attempt. It’s at least as good as they’ve ever done. They’ve proved the basic design of it.”
(3) Industrial production bounces back
In this file photo a labourer works inside a steel factory on the outskirts of Jammu. Industrial production growth rate bounced back to 8.2 per cent in October on good performance of manufacturing, power sector and higher output of capital.
AP In this file photo a labourer works inside a steel factory on the outskirts of Jammu. Industrial production growth rate bounced back to 8.2 per cent in October on good performance of manufacturing, power sector and higher output of capital.
TOPICS
economy, business and finance manufacturing and engineering
macro economics economic indicator
Industrial production growth rate bounced back to a 16-month high of 8.2 per cent in October on good performance of the manufacturing, power sector and higher output of capital as well as consumer goods, indicating sudden recovery in the economy.
The factory output, as measured by the Index of Industrial Production (IIP), contracted by 5 per cent in October 2011. The IIP had expanded by 9.5 per cent in June 2011.
Industrial output growth in the April-October period this fiscal, however, was 1.2 per cent, less than 3.6 per cent in the same period in 2011-12, according to the official data released in New Delhi on Wednesday.
Meanwhile, the contraction in the industrial production during September this year was revised downward to 0.7 per cent per cent from earlier provisional estimates of 0.4 per cent released last month.
The manufacturing sector, which constitutes over 75 per cent of the index, grew by a robust 9.6 per cent in October, as against a contraction of 6 per cent in same month last year.
However, the output of the key sector remained low at 1 per cent in April-October this year as against 3.8 per cent growth in the same period in 2011-12.
Capital goods output also shown remarkable improvement as it grew by 7.5 per cent in October, as against a massive contraction of 26.5 per cent in October 2011.
However, output of capital goods contracted in the April-October period by 11.4 per cent, as against a dip in production by 0.5 per cent in the 2011-12 period.
Power generation grew by 5.5 per cent in October compared 5.6 per cent same month last year. The electricity generation in the April-October period is 4.7 per cent against 8.9 per cent in a year-ago period.
Another segment which performed well is consumer goods as its output registered a double-digit growth of 13.2 per cent in October against a meagre 0.1 per cent growth year ago.
(4) Motorola Mobility to suspend work at Chennai centre
Google-owned Motorola Mobility has decided to suspend operations indefinitely at its packaging and phone assembly unit here, as part of a move to streamline the company’s global supply chain.
The closure of the ‘customer fulfilment centre’, which began operations in 2008 with an investment of nearly Rs. 170 crore, will impact 76 jobs. This decision comes nearly a day after Motorola decided to scale down its South Korean operations and sell its China manufacturing facility to Singapore-based Flextronics.
“Yesterday we started informing our 76 employees of our plans to suspend operations as of end February, 2013. We have no current or forecast production requirements that would require the continued use of our Chennai facility,” said William Moss, Director for Communications in Asia Pacific, Motorola Mobility, over phone.
“However, we want to stress that our other centres in India will continue to operate. We are working with our colleagues to settle all dues, provide relief packages and to help them find other opportunities,” he added.
(5) More states will allow FDI in retail: Godrej
It's just a matter a time, says the CII president
More states will realise the benefits of allowing FDI in retail in a short time and accordingly “fall in line” to allow multinationals to open stores in their respective regions, Godrej Group Chairman Adi Godrej said on Monday.
“My guess is that it will start with only some of the states allowing (it). In a short period of time, the others will see how beneficial it is for their consumers and farmers and they will also fall in line,” Mr Godrej told reporters here on the sidelines of the Indian School of Business (ISB) launching a new masters course.
As of now only 10 states have endorsed the Centre’s decision to allow FDI in multi-brand retail. The states and Union Territories which support the initiative include Delhi, Manipur, Daman & Diu and Dadra and Nagar Haveli.
Mr Godrej said that there were various states which stayed away when VAT was introduced but after witnessing the benefits they too adopted it.
Speaking about benefits of allowing FDI in retail in the country, Mr Godrej, who is also the President of industry body CII, said the move will create competition in the country and benefit the consumer.
“I think, what is very good about allowing modern retail in the country, (is) it will create more competition. More competition is always good, especially for the consumer,” said Mr Godrej, who is also currently the Chairman of ISB board.
He said the opening up of the sector will also help investment in the supply chain, which will be good from the farmer’s point of view.
When asked about the budget wish list, Mr Godrej said the most important issue would be to ensure that it is a “growth oriented budget” and gives a boost to the country’s GDP.
“I think some of the steps which have been taken are growth oriented and whatever it takes to bring the GST earlier,” Mr Godrej said.
He added that bringing in GST earlier would be a tremendous boost to the Indian economy.
When asked about his views on the Land Acquisition Bill, Mr Godrej said that the bill should be fair and just for all stakeholders.
(1) Pandit Ravi Shankar passes away
(2) Moily backtracks on LPG cap after poll panel wrap
(3) China detains monks for ‘inciting’ self-immolations
(4) Retail inflation rises 9.90% in November
(5) Sensex up 92 points ahead of IIP data
(6) Mercedes-Benz to hike prices from January
(7) China enters boys’ and girls’ finals
(8) Pakistan takes bronze at Champions Trophy
(9) Platini: Everything remains open for Euro 2020
(10) New contractors balk, Bangalore garbage crisis gets messier
5 Stories for Today
(1) Govt. orders judicial probe into Walmart lobbying
(2) Defiant North Korea launches long-range rocket
(3) Industrial production bounces back
(4) Motorola Mobility to suspend work at Chennai centre
(5) More states will allow FDI in retail: Godrej
(1) Govt. orders judicial probe into Walmart lobbying
Bowing to opposition pressure, the government on announced a time-bound inquiry by a retired judge into reports of lobbying by retail giant Walmart to gain entry into India.
Parliamentary Affairs Minister Kamal Nath made the announcement as soon as the Lok Sabha met for the day.
“Government will appoint a retired judge to hold a time-bound inquiry into the media reports regarding Walmart,” Mr. Nath said.
The issue of retail giant Walmart lobbying in the U.S. for access to Indian markets created storm in Parliament during the past two days with parties demanding time-bound probe by a Joint Parliamentary Committee or a judicial panel to ascertain if bribe was paid here.
UPA’s outside supporters the RJD and the SP, which last week bailed out the ruling coalition in FDI in retail matter, were among those demanding a thorough probe into reports that money was spent in India.
The demand for JPC probe was made by the BJP, the JD(U), the AIADMK, the Trinamool Congress, the RJD and the CPI while the SP sought a judicial inquiry as they contended that the country had been put to shame. They insisted that the probe should be time-bound.
(2) Defiant North Korea launches long-range rocket
North Korea defied international warnings and fired a long-range rocket on Wednesday, the second launch under its new leader and a clear sign Pyongyang is pushing forward with its quest to develop the technology needed to deliver a nuclear warhead.
Pyongyang’s state media quickly claimed that the country had successfully put a peaceful satellite into orbit with its long-range Unha-3 rocket the North’s stated goal of the launch. But South Korea and Japan said they couldn’t immediately confirm that. The launch was something of a surprise, as North Korea had indicated technical problems with the rocket and recently extended its launch window to December 29.
A rocket expert said North Korea’s rocket appeared to have improved on an April launch, which broke apart shortly after liftoff, but that it might be a day before U.S. officials could determine whether a North Korean satellite was circling the Earth.
The United Nations, Washington, Seoul and others see the launch as a cover for a test of technology for missiles that could be used to strike the United States.
South Korean Defence Ministry spokesman Kim Min-seok told a nationally televised news conference that a South Korean Aegis-equipped destroyer detected the launch at 9.51 a.m., local time, and the first stage fell into the Yellow Sea about a minute later; the rocket then flew over a South Korean island near the border with North Korea a minute after that. The rocket was seen flying west of Okinawa at 9.58 a.m., and then disappeared from South Korean radars, Mr. Kim said.
William Lewis, a spokesman for the U.S. North American Aerospace Defence Command, which tracks such launches, had no immediate information about the reported launch.
Japan protested the launch and said one part of the rocket landed west of the Korean Peninsula and another part was expected to have landed east of the Philippines. South Korean President Lee Myung-bak planned an emergency national security council meeting on Wednesday, and the country’s Foreign Minister Kim Sung-hwan warned that North Korea will face grave consequences.
Jonathan McDowell of the Harvard-Smithsonian Centre for Astrophysics said officials would likely have to wait a day or so to see if the United States can track anything that might have been placed in orbit by North Korea.
Success would be defined as “something that completes at least one orbit of the earth,” he said. But “clearly this is much more successful than their last attempt. It’s at least as good as they’ve ever done. They’ve proved the basic design of it.”
(3) Industrial production bounces back
In this file photo a labourer works inside a steel factory on the outskirts of Jammu. Industrial production growth rate bounced back to 8.2 per cent in October on good performance of manufacturing, power sector and higher output of capital.
AP In this file photo a labourer works inside a steel factory on the outskirts of Jammu. Industrial production growth rate bounced back to 8.2 per cent in October on good performance of manufacturing, power sector and higher output of capital.
TOPICS
economy, business and finance manufacturing and engineering
macro economics economic indicator
Industrial production growth rate bounced back to a 16-month high of 8.2 per cent in October on good performance of the manufacturing, power sector and higher output of capital as well as consumer goods, indicating sudden recovery in the economy.
The factory output, as measured by the Index of Industrial Production (IIP), contracted by 5 per cent in October 2011. The IIP had expanded by 9.5 per cent in June 2011.
Industrial output growth in the April-October period this fiscal, however, was 1.2 per cent, less than 3.6 per cent in the same period in 2011-12, according to the official data released in New Delhi on Wednesday.
Meanwhile, the contraction in the industrial production during September this year was revised downward to 0.7 per cent per cent from earlier provisional estimates of 0.4 per cent released last month.
The manufacturing sector, which constitutes over 75 per cent of the index, grew by a robust 9.6 per cent in October, as against a contraction of 6 per cent in same month last year.
However, the output of the key sector remained low at 1 per cent in April-October this year as against 3.8 per cent growth in the same period in 2011-12.
Capital goods output also shown remarkable improvement as it grew by 7.5 per cent in October, as against a massive contraction of 26.5 per cent in October 2011.
However, output of capital goods contracted in the April-October period by 11.4 per cent, as against a dip in production by 0.5 per cent in the 2011-12 period.
Power generation grew by 5.5 per cent in October compared 5.6 per cent same month last year. The electricity generation in the April-October period is 4.7 per cent against 8.9 per cent in a year-ago period.
Another segment which performed well is consumer goods as its output registered a double-digit growth of 13.2 per cent in October against a meagre 0.1 per cent growth year ago.
(4) Motorola Mobility to suspend work at Chennai centre
Google-owned Motorola Mobility has decided to suspend operations indefinitely at its packaging and phone assembly unit here, as part of a move to streamline the company’s global supply chain.
The closure of the ‘customer fulfilment centre’, which began operations in 2008 with an investment of nearly Rs. 170 crore, will impact 76 jobs. This decision comes nearly a day after Motorola decided to scale down its South Korean operations and sell its China manufacturing facility to Singapore-based Flextronics.
“Yesterday we started informing our 76 employees of our plans to suspend operations as of end February, 2013. We have no current or forecast production requirements that would require the continued use of our Chennai facility,” said William Moss, Director for Communications in Asia Pacific, Motorola Mobility, over phone.
“However, we want to stress that our other centres in India will continue to operate. We are working with our colleagues to settle all dues, provide relief packages and to help them find other opportunities,” he added.
(5) More states will allow FDI in retail: Godrej
It's just a matter a time, says the CII president
More states will realise the benefits of allowing FDI in retail in a short time and accordingly “fall in line” to allow multinationals to open stores in their respective regions, Godrej Group Chairman Adi Godrej said on Monday.
“My guess is that it will start with only some of the states allowing (it). In a short period of time, the others will see how beneficial it is for their consumers and farmers and they will also fall in line,” Mr Godrej told reporters here on the sidelines of the Indian School of Business (ISB) launching a new masters course.
As of now only 10 states have endorsed the Centre’s decision to allow FDI in multi-brand retail. The states and Union Territories which support the initiative include Delhi, Manipur, Daman & Diu and Dadra and Nagar Haveli.
Mr Godrej said that there were various states which stayed away when VAT was introduced but after witnessing the benefits they too adopted it.
Speaking about benefits of allowing FDI in retail in the country, Mr Godrej, who is also the President of industry body CII, said the move will create competition in the country and benefit the consumer.
“I think, what is very good about allowing modern retail in the country, (is) it will create more competition. More competition is always good, especially for the consumer,” said Mr Godrej, who is also currently the Chairman of ISB board.
He said the opening up of the sector will also help investment in the supply chain, which will be good from the farmer’s point of view.
When asked about the budget wish list, Mr Godrej said the most important issue would be to ensure that it is a “growth oriented budget” and gives a boost to the country’s GDP.
“I think some of the steps which have been taken are growth oriented and whatever it takes to bring the GST earlier,” Mr Godrej said.
He added that bringing in GST earlier would be a tremendous boost to the Indian economy.
When asked about his views on the Land Acquisition Bill, Mr Godrej said that the bill should be fair and just for all stakeholders.
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