Tiananmen anniversary yesterday
4 th June marks the 20 th anniversary of the
crackdown on prodemocracy
Tiananmen Square. Several prodemocracy
protesters were killed in the suppression on the
night of June 34,
1989. China however increased
its police restrictions on the evening of the
anniversary especially for the dissidents of the
1989 crackdown. US Secretary of State Ms Hillary
Clinton on the occasion of the 20 th anniversary
urged the Chinese government to publicly account
for those killed in the suppression of the Tiananmen Square protests 20 years ago. The
Tiananmen Square was open to visitors on the evening of the anniversary that had to face
several security checks.
Meira Kumar is India's first woman Speaker
Meira Kumar nominated as the candidate for the Lok Sabha speaker by
the UPA was unanimously voted to the speaker's post. Ms. Kumar will
be the first dalit woman to become a Lok Sabha speaker. Before
beginning her political career this four time MP had joined the IFS in
1973, armed with a law degree and a masters in English. The new
speaker presided over the first Lok Sabha session held on Wednesday.
15 th Lok Sabha has 59 women MPs, which is the highest in Indian
Australia Defence Minister quits
Australia's Defence Minister Joel Fitzgibbon has resigned. He had
been under fire for failing to declare gifts received, including two trips
to China. There had also been a conflict over contact between the
government and his brother's company, Mr Fitzgibbon said in a
statement. He is the first person to leave the Labor government
ministry since Prime Minister Kevin Rudd won power in November
2007. Australian newspapers reported that Mr Fitzgibbon's letter to
Mr Rudd said he could not be "satisfied" that he had "entirely
conformed to your Ministerial Code of Conduct".
The prime minister told a press conference on the issue in the capital, Canberra, that Mr
Fitzgibbon had been "a first class defence minister". However, he added, his ministers knew
that his government "expects high standards of accountability". On Tuesday night, Mr
Fitzgibbon had been forced to apologise to parliament for failing to declare accommodation
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expenses paid for the private health insurance company headed by his brother Mark by
government. He had also had to correct the public record in March this year when it emerged
that he had paid for travel expenses for ChineseAustralian
businesswoman Helen Liu. Mr
Rudd said a statement would be made "very soon" on a replacement of defence minister.
Debris of the missing airline spotted off Brazil's coast
Search planes have spotted the debris of the Air
France airliner in the water 650 Kms off the
Brazilian coast. A Brazilian navy ship is
expected to arrive in the area to begin the task of
recovering wreckage. It is hoped that the ship
will recover some of the wreckage which will
provide officials with a clue as to why the
airliner crashed. The air liner was on its way
from Rio de Janeiro to Paris with 228 people
aboard the ill fated flight.
Economy shows signs of recovery as core sectors record
The index of six core industries which captures the
performance of infrastructure sector as power, crude oil,
refinery products, coal, cement and finished steel grew by
4.3% according to a release by the Ministry of Commerce
and Industry on the back of positive cues such as election of
a stable government and revival of business confidence.
Growth was highest in coal followed by cement. Given that
these six industries have a combined weight of 26.7% in the index of industrial production,
the growth figures have raised hopes of increase in industrial output. Meanwhile shoots of
economic recovery and revival of consumer spending were also inherent in the FMCG sector
where key product segments have witnessed more than 20% growth in volume in AprilMay
2009 as companies shifted focus once more on brand building and consumer spending,
facilitated by low input costs.
GM's Hummer sold to Chinese company under
Chinese road and construction equipment maker
Sichuan Tengzhong Heavy Industrial Machinery
Company has acquired the Hummer brand of large
sport utility vehicles and pickup trucks from
bankrupt auto giant General Motor in a deal reported
to be worth $500 million. The divestment is
expected to be completed by the third quarter.
Sichuan Tengzhong has plans to aggressively fund
future Hummer product programmes and expand the
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SUV's dealership network globally, while retaining main production in the US, protecting
SBI receives RBI approval to guarantee Tata bond issue
The Reserve Bank of India has agreed to exercise
"regulatory forbearance" in the case of the recent issue of
non convertible debentures made by Tata Motors to
refinance its Jaguar loan. This means that the Central Bank
has made an exception to its rule preventing banks from
guaranteeing corporate bonds and has allowed the State
Bank of India to guarantee the recently concluded
debenture issue by Tata Motors worth Rs.4200 crore.
According to sources, RBI went ahead with the sanction as
it did not want to jeopardize investor interests after the issue was concluded but it has also
directed SBI not to guarantee any corporate bonds in future.
Government plans to raise Rs.10000 crore through sale
of stake in PSUs
The new UPA government expects to raise Rs.10000
crore from divestment proceeds in the next one year as it
offloads stake in various stateowned
units. It has asked
key ministries such as power, fertilizers, shipping and
textiles to prepare a list of companies that are likely to
generate interest among takers so that the state's holdings
in them can be diluted at the earliest. The targets and
timelines stated are indeed ambitious, especially in view of
the fact that in its entire previous fiveyear
UPA government had raised about Rs 8500 crore from
disinvestment. However, this time it will be unfettered in its decisions with the Left no longer
holding the stability of the government to ransom on every disinvestment issue.
Vodafone paid Sarin 500,000 pounds for relocating to US
British telecom major Vodafone's former Chief Executive Arun
Sarin received 500,000 pounds (Rs 3.87 crore) to relocate to the US
following his departure from the company.
According to the group's annual report, for the year ended March
2009, Sarin received a remuneration of 1.42 million pounds (Rs
10.99 crore) which includes basis salary, cash incentives and other
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The company stated that the benefits and other category in the remuneration "include 500,000
pounds in respect of relocation for Arun Sarin."
In the FY 2009, Sarin collected 436,000 pounds in basic salary, 434,000 pounds in incentive
schemes, 553,000 pounds in other benefits and awards, including the relocation fee of
500,000 pounds in 2009, the data available in the company's annual report shows.
Overall, Sarin's pay package stood at 8.1 million pounds in the year to March 31. It included
6.1 million pounds in shares and dividend of 564,000 pounds. The company stated that Sarin
had a contractual entitlement to 500,000 pounds in connection with his relocation to the US.
In the previous financial year 2008, Sarin had received 3.59 million pounds as remuneration
Sarin, who stepped down from the board on July 29, 2008 and later retired from the business
on February 28, 2009, was available for consultation during this seven months period, over
which, he "received a nominal base salary of one pound and no bonus or new GLTI (Global
Long Term Incentive Plan) grant in July 2008," the company said. However, on retirement,
incentive awards vested on a prorated
basis (for both time and performance).
Sarin's successor Vittorio Colao, was paid a basic salary of 932,000 pounds for the year
ended March 2009, bonuses and other benefits took to a total to 2.2 million pounds.
Sarin became CEO in July 2003 and has led Vodafone's evolution into a fullfledged
communications company. On his retirement he had said, "I feel I have accomplished what I
set out to achieve".
Vodafone's acquisition of Hutchison Essar is the largest foreign investment made in India.
The company's customer base more than doubled from 120 million to over 260 million
globally under his leadership.
Parsvnath bags order worth Rs 19.86 crore from Delhi
Realty major Parsvnath Developers has bagged an order worth
Rs 19.86 crore from Delhi Metro Rail Corp for constructing a
residential project at Mundka Depot here, the company said. In a
regulatory statement, the company said it would build 130 flats
during the second phase of the Delhi Mass Rapid Transport
System (MRTS) project. Altogether, 129,728 square feet will be
constructed under the project, to be completed within 15 months
from the start of construction, the statement said.
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Pepsico launches snacks brand 'Aliva'
In tune with its plans to repeat the success of Kurkure, Pepsico
today announced the launch of its snacks under the brand name
'Aliva' and plans a largescale
advertising campaign to promote the
"With Aliva, we aim to replicate the success we achieved with
Kurkure in a shorter time span. Aliva is another milestone in
Fritolay India's journey to transform its portfolio to address the
growing consumer focus on wellness and ingredient," Fritolay
India CEO and Pepsico President Gauthum Mukkavilli told reporters.
However, Mukkavilli did not divulge details regarding investment and marketing expenses
but said the proposed advertising campaign will directly interact with 1 million customers
across the country.