03.07.2008

• What is a ‘whitewash’ procedure?
• This in relation to mergers and acquisitions. Look at the following; you will understand what is meant by this procedure.
• In the wake of the ‘first right of refusal’ claims from his elder brother Mukesh, the younger Ambani is looking at alternative routes to acquire a controlling stake in the South African telecom major MTN. Since the South African stock exchange rules require any acquirer to launch a tender offer if its holding crosses 35% stake in a company, RCom intends to acquire a shade lower than the threshold limit. Subsequently, RCom is looking at a “whitewash” procedure under which MTN’s shareholders will be asked to vote to waive their right to a tender offer.
• A look at how India’s energy imports are likely to double by 2017.
• Is Asif Ali Zardari finally coming of age?
• More often than not he was seen as an extension of his wife Mrs. Benazir Bhutto. As long as she was alive, it was she who was clearly the leader and the darling of the masses both within and without.
• But if you look at the recent statements coming from Mr. Zardari, you will surely be finding a man who is clear in his analysis. Look at a piece that appeared in today’s ET; and you will come to the same conclusion as I did. This is not the first time that I noticed such clear thinking from him. His conduct soon after Mrs. Benazir died also was one of maturity and diplomacy exemplified.
• Pakistan according to him has been converted as the ‘petri dish of international terrorism’ by the West for its own agenda. The current state of affairs in Pakistan is “a product of failed international politics” according to him.
• He declared that Madrassas which will not conform to a national curriculum, will be shut down. He goes on to add “We were exploited under colonialism, manipulated as a tool of cold war intrigue, made into surrogates for a war against the soviets in Afghanistan, and when that war was won, Pakistan and the country we liberated were abandoned to the forces of extremism and fanaticism.” The world community has paid a ‘terrible price’ for using Pakistan for its short-term political objectives, Zardari said while calling for an international effort to rebuild the economies and infrastructure of the region to eradicate terrorism.
• SP’s price for propping up the government in the wake of Nuclear deal go ahead
• Even as a pro-deal US law maker says that it is too late for the deal to be gone through, SP has demanded its price in the form of removal of P. Chidambaram and Murli Deora from the Cabinet for propping up the government, if the Left withdraws its support to the UPA government. The move is aimed at blunting the Left’s criticism that the aam admi is suffering because of high inflation.
• Global financial meltdown finally impacting our IT bigwigs?
• Look at this excerpt and you will conclude so; perhaps.
• Ahead of the first quarter results of IT firms, worries about a cut in the billing rates for software services are dogging the sector following bigger write-offs by some global financial services majors and a continuing recession in the US affecting retail spends. UBS, which has written off over $ 35 billion, is rumoured to be talking of IT budget cuts and 8-10% cuts in pricing, while JP Morgan is reportedly asking for around 15-20% pricing cuts in return for higher business.
• All the top Indian IT companies—TCS, Infosys, Wipro and Satyam—refused to comment on whether they were facing any pricing pressures because they were in the ‘quiet period’ before their quarterly results. Cognizant, which is also slated to announce its results, said it was unable to comment for the same reason. IBM and Accenture, which have a significant offshore presence in India, preferred not to respond.
• Wheat supplies through PDS shops for the middle class?
• Looks like the government has decided to supply wheat to the above poverty line families through PDS shops with a view to boosting their ability to face inflation.
• Look at this graphic. It gives a clear picture.
• Higher abatement for truckers?
• So reads a headline. What is this ‘abatement’?
• In the backdrop of the truckers’ strike which has resulted in goods getting piled up across the country, mandarins in the Central government are working out various options. One such is ‘higher abatement’ in service tax – i.e., the proportion of the value of a service on which tax is not levied. At present, it is at 75%. According to a 2004 agreement with the government, the truckers were paying 12.36% service tax on 25% of the charges for transporting goods.
• Wimbledon Women’s singles semi-final line up
• It is here.
• Marat Safin, who won the Australian Open in 2005 will be playing Federer in a men’s semifinal match.