NEWSLETTER

11 Pages 25th Oct 2012 – 31st Oct 2012 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

INDUSTRY ANALYSIS 5 NEWS ANALYSIS 6 NEO CORNER 11

NEWS DIGEST…

IN BRIEF

PERSONALITIES OF

THE WEEK

INDUSTRY ANALYSIS

Dollar Vs. Rupee 54.0525

Gold Price Rs. 31,097

(as on Oct 30)

ECONOMIC

INDICATORS

RBI cuts CRR by 25 bps to

4.25% but keeps key rates

unchanged

COVER STORY

Sandy leaves 3.5 million

Americans without power

GLOBAL NEWS

Ex-Italian PM Silvio Berlusconi

sent to jail for tax fraud

Paul Ryan

… a weekly news bulletin

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MISCELLANEOUS NEWS

Join us on Facebook…

Michael

Corbat

INDIAN HEALTHCARE INDUSTRY

PART ONE

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Crude oil benchmarks are reference points for the various kinds of oil blends that are available in the market. Known as

oil markers, they were first introduced in the 1980s and are used to establish trading standards for the commodity.

While there are many crude oil benchmarks, the three primary ones are WTI, Brent blend, and Dubai blend. Some

blends are considered superior to others. For example, crude oil blends with lesser amount of sulphur are characterized

as sweet while a blend with higher sulphur content is known as sour. India sources its crude oil requirements mostly

from Far East, Gulf region, Mediterranean, West Africa and Latin American sources. Because of the diversity in India's

sourcing, the regular crude benchmarks do not serve India's purpose. The country, therefore, has its own benchmark

'Indian basket' that is used for pricing and subsidy calculation purposes. The Indian basket uses Oman/Dubai for sour

grade crude and Brent for the sweet grade one in the ratio of 65.2 and 34.8.

Dollar Vs. Rupee - 54.0525 (lower compared to previous close of 54.08/09) as on 30 Oct - Source : Reuters The Indian rupee fell to a new five-week low on Tuesday after the central bank kept interest rates unchanged, shifting the pressure on the government to take additional steps to revive growth and contain the fiscal deficit. Gold Price – Rs. 31,097 (Up 0.01 % from previous close) as on 30 Oct – Source : Reuters Global gold reversed losses much like equities during this week, but was heading for its biggest monthly drop since May. Gold importers in India picked up deals for key festivals after prices stayed steady in the vicinity of their lowest level in more than two months as support from overseas market was offset by a stronger rupee.

TOYOTA spent more on research and development (R&D) than any other company in the world in 2011, according to "Global Innovation 1,000". This report compiled by Booz & Company, a consultancy, looks at the companies with the 1,000 biggest R&D budgets. Toyota increased its 2010 spending by 16.5%, and the car industry as a whole increased spending by $13.2 billion, largely to meet fuel economy standards and improve electronics. Two health-care companies, Roche and Pfizer, had topped the 2010 table, but dropped to third and fourth places after reducing spending in 2011. Yet the health-care industry still supplied three of the five biggest budgets, and accounted for 21% of the $603 billion spent on R&D by the 1,000 companies. It is not the most lavish-spending industry, though: that title goes to computing and electronics, whose firms spent 28% of the total R&D expenditure and also increased spending more than any other sector (by $13.4 billion). Overall R&D spending in 2011 grew for the secondd year running.

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Let‟s face it, being the only remaining superpower in the world, the US presidential elections matter, not just for the American people but for the world at large as well. Considering the sheer power at the fingertips of one man, the choice of this man can quite literally make or break nations, much to the chagrin of Anti-US blocs. America got into two long winded, expensive, world changing wars when George W. Bush was elected. Osama Bin Laden was killed, US exited Iraq and is now planning to exit Afghanistan soon, all to a large extent because of the efforts of Barack Obama. Such are the long term “effects” of selecting an US President. The stakes are high

this time. An Israeli attack to prevent Iran from acquiring nuclear weapons looms large, the Middle East remains in turmoil and the regional influence of China is at an all time high. Economically, the US stands at the edge of a precipice, dramatically dubbed the “fiscal cliff”. The global economy thanks to the EU crisis is a colossal mess. USA is the world‟s largest importer of goods and services. A huge chunk of the global economy depends on how well does the US do economically. In fact India‟s outsourcing industry is still largely at the US‟ mercy. The next US president has no cushy job to look forward to but a cold throne of swords.

How the US selects its president (in a nutshell): The United States of America is a constitutional republic of 50 states that is governed by a federal government which consists of the legislative, the Judiciary and the Executive. The Executive consists of the President, with certain powers delegated to his cabinet members. The US constitution established the method for selecting the US President via the electoral college as a compromise between those constitution framers who wanted the congress to select the president and those who wanted a popular vote. The election is an indirect vote in which citizens select members to the US Electoral College (the official body which selects the US President), who in turn directly elect the President.

The Parties and the Players: Most US elections have been a fight to the death between the Republicans or the GOP (Grand old party) and the Democrats. There have been independent candidates as well and certain other parties have fielded candidates like the libertarians and the Green Party. Nevertheless, in most US elections it has been about the Democrats or the Republicans. Basically the democrats are liberal and somewhat centre-left, with what some consider progressive stances on critical US issues like being “Pro-Choice”, increased government regulation and gay marriage. On the other side of the fence are the Republicans who are famed for their hawkish stance on geo-politics, decreased government involvement in the private sector (which is good

for India) and being conservative to boot.

The democrat candidate this time is the incumbent President Barack Obama, whose tenure has had its share of ups and downs. Be it his healthcare bill, or the successful hunt for bin laden or the saving of Detroit‟s auto industry, he has much to be proud of. On the other hand, his handling of the economy has left much to be desired. Perhaps, it would be harsh to lay the blame at his footstep as the seeds for the current economic downturn were planted long ago in Wall Street and the banks of Europe. The republican challenger this time is the former governor of Massachusetts, Mitt Romney. He has fought many fellow republicans such as Ron Paul, Michelle Bachmann, Newt Gingrich, Rick Santorum among others, to emerge as the Republican choice. He co-founded the rather profitable private equity fund Bain Capital. Romney is personally valued at nearly $ 250 million. His stance on various issues has been the expected hawkish republican one.

What the presidential debates tell us The bi-partisan Committee on Presidential Debates (CPD), conducts debates between presidential candidates. This provide an opportunity to the American people to understand the candidate‟s various perspectives and grip on the issues that face the country and their stance on these as well as how they intend to address them if chosen to power. In the three debates held so far, Obama has won two. His stance on geo-politics and domestic issues seems to be much better informed than that of Romney. In fact by debate number three, Romney and Obama could have been one and the same person, so similar were their responses to questions. It was interesting, that Romney backtracked on his earlier support for the war in Iraq and his hawkish stance on Iran. Some republicans feel that given his mormon (a religious sub group of Christianity) background and his current stance, he is far too liberal.

What is in store for India? Both the candidates profess their love for India and the need for partnership. However, pundits say that a republican president would be better for India due to their freer stance on business issues. Bush gave India the nuclear supplies treaty. Something similar has not been forthcoming under the Obama administration. India has remained a relative non topic for both candidates so far, as they deal with bigger issues such as the domestic and global economy, Iran and the middle-east post the Arab Spring.

Final Word Romney‟s hard stance on Iran, and stated declaration to label China a currency manipulator have earned him the support of most conservatives. However, he still seems to not have enough to actually earn the nation‟s support. Obama on the other hand is a known quantity and hasn‟t at least tried to start another war. The world will know soon enough who is the next President of the world‟s only superpower and with that will start a perhaps a new era. Whether it will be one of prosperity or continuing depression is what remains to be seen.

Paul Ryan-Republican Party nominee for Vice-president of the United

States 2012

As Chairman of the House Budget Committee, Paul Ryan‟s „Roadmap for America‟s Future‟ (renamed as „Path to Prosperity‟) seeks to introduce never-seen-before tax reforms, aims at unprecedented spending freezes (especially in the healthcare sector) and a thorough reinvention of Federal entitlements. A plan which initially did not have the backing of his own Republican Party, it has ended up being the central issue of the ongoing US national debate in the run-up to the presidential elections. Concerned about US‟ long-term fiscal commitments, he was driven to find a solution to this equation: “health care inflation x (more retirees + longer life spans) = 1 big problem”. Goal oriented and smart, the appeal of his long-term vision propelled Mitt Romney to announce him as his running-mate for the 2012 Presidential Elections.

Born in 1970, Ryan is a fifth-generation Wisconsinite. His father and grandfather were both lawyers and were involved in local politics. When Ryan was 16, he discovered his 55-year old father in bed dead from a heart-attack. He credits this experience with helping him understand 21st century American social service programmes. In 1992, he graduated from Miami University, Ohio with a double major in economics and political science. Reading Ayn Rand‟s works inspired him to get involved in public service and he started his career with an internship in the D.C. office of Wisconsin Senator Bob Kasten. After a brief stint as a speechwriter for the 1996 Vice-presidential candidate, Ryan returned to Wisconsin to work at his family business as a marketing consultant in 1997. In 1998, he ran for elections for the first time and was successful in his attempt, becoming the second-youngest member of the US House for Representatives. Ryan has always strived to address the issues of Wisconsin residents and has been re-elected six times since his first win-thus demolishing the Democratic stronghold on the district.

Ryan‟s colleagues describe him as being very conservative even for a Republican. He was among the first Republicans to focus on the dangers of a rash monetary policy. His plan has received criticism from prominent economists for its overly optimistic assumptions and proposing tax cuts for the wealthy. However, his persona is such that it commands respect even from liberals and journalists who are inclined to disagree with him. An extremely down to earth person (a quality rare among politicians), Ryan is a fitness-buff, an avid fisherman and bow-hunter and a devout Roman Catholic.

Michael Corbat- CEO, Citigroup

In 2009, when Citigroup has just started to peek its head out of the financial crisis, it handed Michael Corbat the tough and imposing task of taking care of its non-core businesses (a polite word for unwanted businesses and securities seen as too risky to hold). And as a reward for managing the tough job, Corbat has been given the chance to run the whole show. Although seen as a worthy candidate, the timing of his appointment has been the talk of the town in view of the sudden and unceremonious exit of his predecessor, Vikram Pandit.

Corbat was born in 1960 in Connecticut. A good football player, he was a-much-sought-after-guy by football scouts. He picked Harvard University and graduated from there in 1983 with a bachelor‟s degree in economics. His batch-mates described him as outgoing and a good-natured person. After graduating, he joined the fixed income sales department of Salomon Brothers which was merged with Citigroup in 1998. A low-profile leader, Corbat has held a variety of positions at Citi including stints at its wealth management unit, its corporate bank, its commercial bank and was most recently the CEO of its operations in Europe, Middle East and Africa. A diverse operating experience across a broad spectrum of financial services has made him a good strategic planner and senior colleagues credit him with good executive abilities-abilities which put him as one of the front-runners to succeed Mr.Pandit.

Some analysts are of the view that Corbat‟s experience in commercial banking could signify a shift back to Citi‟s old roots before “it took on the mantle of a financial supermarket”. His charismatic personality, good communication skills and a methodological approach to banking are seen as crucial to meet the continuing challenges at Citi. An unnamed former colleague compared Corbat to Paul Ryan, the Republican vice presidential nominee, saying that the banking executive was a "very bland and typical American midwest type," according to the Financial Times. Corbat is determined to make positive changes in the company fully knowing that his moves will be eagerly watched. An avid skier, he knows what it feels like taking „calculated risks‟-on the ski-slope, in the boardroom and when among competition.

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“We will not duck

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will not spend

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we will take

responsibility. We

will not try to

replace our

founding

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founding

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can realize Citi’s

full potential while

serving clients

and creating

rewarding new

opportunities for

our employees.”

Overview: One of the recession proof industries – Healthcare – in India is growing at rapid speed with a compound annual growth rate of around 15%. The industry generated revenues of about $40 billion in 2011, is estimated to double in 2012 and shall reach $280 billion mark by 2020. The diagnostic services market is growing at a CAGR of 26% and the hospital market itself will be worth $80 million by next three years. The Indian government‟s spend on healthcare sector is very low compared to other countries at 1.4% of gross domestic product. But in the twelfth five year plan, it plans to increase the expenditure at 2.5% of the GDP. According to the Department of Industrial Policy & Promotion (DIPP) data, healthcare is one of the major industries that have received huge foreign investments in past two years. Owing to the investor-friendly policy of 100% FDI under automatic route, international companies have invested $ 9.6 billion in pharmaceutical sector, $1.4 billion in hospitals and diagnostic centers‟, and $523.5 million in medical instruments. Growth Drivers in Healthcare:

India‟s population is around 1.2 billion with the youth occupying around 60% of the figure. Life expectancy has increased in the past decades to around 69 years. The rise in disposable income along with changes in lifestyle has shifted the diseases pattern from infectious to

life-style related like obesity, diabetes etc. With increased literacy rate, general awareness has increased and thus people are selecting from various

options for their treatment. The geriatric population is set to increase to around 168 million by 2025, which will create a market for

preventive and curative old age related diseases. The demand has increased for multi-specialty treatment centers‟ in tier II and III cities. Public and private players in the life insurance business are expanding at the rate of 24%. The insurance

penetration, which is currently around 10%-15% of the population, is also increasing at a steady rate. Developments in Research: Healthcare research is also one of the lucrative sectors within the industry. Global healthcare giants are facing the problems of rising Research and Development costs and depleting R&D productivity; and are hence outsourcing R&D functions to developing nations like India. According to statistics, around sixty percent

of clinical research market is outsourced to developing countries. Contract research, which includes Stem cell research and Drug Eluting Stents (DES), is a fast emerging business opportunity for Indian mid-sized companies. Developments in Private Healthcare: The concept of Day Care Surgery centres is picking up pace as technological advancements have made it possible for doctors to perform surgeries on patients without the latter‟s physical presence in the hospitals. Players in the Indian healthcare industry still have a long way to go in order to work upon remote medical services concept wherein doctors can treat their patients in remote locations. End of Life centres, which provides medical care to terminally ill patients in their final days and hours of their life, will also become more prominent in coming decades.

Medical Tourism: India‟s health capital, Chennai, is armed with hundreds of multi-specialty and state of art medical facilities which attract over one hundred medical tourists in a single day. Beside the allopathic treatments like heart surgery and knee replacement, India is also a favorite destination for foreigners opting for alternative medical treatments like ayurvedic, naturopathy and yoga. Other cities like Bangalore, Mumbai and Kerala are also following Chennai‟s lead in developing specialty hospitals and are trying to increase their bed limit from 1 to 3 per 1,000 patients according to the norms of World Health Organization.

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1) Recession warning as Euro lending dries up – ET IMPACT: Europe is going through a major debt crisis that has made it difficult for some countries in the Euro area to repay their government debt without the assistance of third parties. This sorry state has adversely affected lending, employment and growth rates. Hope provided by the latest ECB bailout package has failed to catch up with businesses and the lending to them declined by 0.8% in September. With the euro-zone economy shrinking by 0.2% in Q2, businesses are hesitant to invest in expanding production. International investors are hesitant in investing in Southern Europe (Spain, Italy, and Greece) which has made it difficult for businesses in these countries to raise capital by selling more shares. Many notable companies like Coca-Cola are shifting their operations away from these countries rather than facing a potential downgrade. Automakers forecasting reduced demand have shut factories and laid off thousands of workers. KEY PLAYERS: Euro-zone banks, businesses located in the area, local population WHY IS IT IMPORTANT? Three years on, the Euro crisis is showing no signs of rebating. Growth is usually considered as the quickest way to reduce debt because it increases government tax revenue and shrinks the size of the debt relative to the economy. However, a lack of growth has led to massive joblessness even in strong nations like Germany. Weak Euro members like Spain have it worse with one in every two young people unemployed. With business confidence sagging badly, it looks like the Euro is a long way off from recovering and coming out of this vicious circle. 2) RBI cuts CRR by 25 bps to 4.25% but keeps key rates unchanged – ET/Reuters IMPACT: The immediate impact of the CRR cut would be the injection of ₨ 17,500 crore into the economy, which would

help in bringing down the liquidity deficit in the range of ` 50,000-75,000 crore-a figure which is believed to be in the

comfort zone of the RBI. However, the profitability of banks from the CRR cut is set to be siphoned off by the additional provisioning requirement for restructured loan accounts (which the RBI increased from 2% to 2.75% to ensure financial

stability). Indian industry is bogged down by slowing production, slow credit growth and dwindling investments and keeping policy rates unchanged may make matters even worse. With inflation showing no signs of reducing in the near future, RBI has cut its growth forecasts for the country to 5.8% from 6.5% (a second reversal this fiscal). On announcement of the policy, Indian stocks fell for the worst performance in Asia for the day.

KEY PLAYERS: RBI, GoI, Indian banks, Indian industry

WHY IS IT IMPORTANT? By keeping the repo rates unchanged, RBI has demonstrated its independence and not succumbed to continuous prodding by the Government and by the industry. Inflation still being above the desired rate, RBI has very little elbow room to reduce the rates and the bank believes that a rise in growth depends on the successful

implementation of the recent reforms announced by the Government. Governor D Subbarao has hinted that he may ease policy in January-March 2013 but analysts expect that the policy change may happen sooner if the existing situation continues and growth does not pick up. 3) S&P downgrades Argentina's sovereign rating to B-minus – ET/ Reuters IMPACT: In the case of Argentina, two opposing forces are at work. The Argentinean Government has refused to pay the “vulture funds” while the US Court has directed it to pay all bondholders and avoid any discrimination. With this deadlock, S&P has cut the country‟s rating to B(-), six levels below investment grade and in line with that of Jamaica, Pakistan and Belarus. This decision means a 1 in 3 chance of downgrade in the next 12 months. The extra yield investors demand to own Argentine government dollar debt instead of U.S. Treasuries surged 173 basis points to 1,024 basis points since the decision, according to JPMorgan Chase & Co. Fitch also cut Argentina‟s outlook to negative in view of the increased uncertainty over Argentina‟s ability to service its international debt.

KEY PLAYERS: S&P, Government of Argentina, hold-out creditors, US Courts

WHY IS IT IMPORTANT? At the beginning of 2002, Argentina defaulted on part of its external debt as a result of which foreign investment fled the country. The currency exchange rate (formerly a fixed 1-to-1 parity between the Argentine peso and the U.S. dollar) was floated, and the peso devalued quickly, producing higher-than-average inflation. Large-scale debt restructuring was needed urgently. However, the Argentine government met severe challenges trying to refinance its debt. Creditors (many of them private citizens in Spain, Italy, Germany, Japan and other countries, who had invested their savings and retirement pensions in debt bonds) denounced the default. Vulture funds who had acquired sovereign bonds during the critical moments, at very low prices, asked to be repaid immediately. Through debt swaps announced in 2005 and 2010, the country managed to restructure 93% of the $100 billion default. The remaining 7% continue to press charges in courts worldwide for repayment on the bonds. The country dips into its foreign exchange reserves for repaying the loan-not a good sign for any economy.

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4) India clears that Russia is free to take legal recourse over Sistema row – TOI/ Moneylife IMPACT: Russia has once again expressed its displeasure over the Sistema issue and warned that it will consider international arbitration if the issue was not resolved in Indian courts. The statements have come from Russian Ambassodor to India Alexander Kadakin. He said that the Supreme Court case about cancellation of 2G license to Sistema should be resolved soon, else it would not only impact Indo-Russian bilateral cooperation but also other foreign investments in India. Reacting to the statement, India said that Moscow is free to take any legal recourse, if it feels that, could lead to a solution. Supreme Court is currently looking at a curative petition filed by the Russians after the cancellation of licences. This issue along with differences over the issue of civil nuclear liability has created tensions between the two nations. Russian President Vladimir Putin has pulled out of 13th annual India-Russia summit, which some analysts

see as a mark of Russian discontent. This summit which was scheduled to take place between Oct 31 & Nov 01 has now been now been postponed till December 24. KEY PLAYERS: Sistema, Russian Government WHY IT IS IMPORTANT? Sistema holds 56.68% stake in Sistema Shyam Teleservices Ltd (SSTL) while Russian government holds 17.14% stake in SSTL. SSTL‟s 21 out of 22 licences were cancelled by the Supreme Court in February on the grounds that the permits issued by the then Telecom Minister A Raja were "arbitrary and unconstitutional". Russia had previously asserted it will not let Sistema's $3.1 billion investment in its Indian telecom venture go waste due to "internal problems" here. 5) Adani Group gets respite, Apex court rules in its favour on Gujarat SEZ issue - BS IMPACT: Adani Group, which is currently under attack on multiple fronts has won one of its major legal battles. The Supreme Court of India refused to put any further stay on Gujarat Government‟s decision to allocate 1,000 acres of pastoral land in Mundra for the development of a Special Economic Zone (SEZ) by Adani Ports. Adani‟s allotment in a land-locked SEZ in Mundra was cancelled by the Central government in mid-October over some alleged violations of SEZ rules. It may be recalled that Gujarat Government had allotted these lands in 2007. The allocation was challenged in the Gujarat High Court via several PILs, which were dismissed on June 22, 2011. Though it is seen as a major victory, the group still is under lots of pressure. Former Apex Court judge and Karnataka Lokayukta, Santosh Hegde, recently made scathing remarks about the group over its alleged illegal mining of iron ore. Its massive power project in Maharashtra is now held up, waiting for coal allocation after “coalgate”. The Central Bureau of Investigation is currently probing the matter. Further, Adani‟s Australian mining projects are facing the ire of global environment campaigner, Greenpeace. KEY PLAYERS: Adani Group, Supreme Court of India WHY IT IS IMPORTANT? India‟s largest private thermal power producer Adani‟s continuing descent towards a slump has made its investors unhappy. As of January this year, Adani‟s various listed companies have lost between 14 and 24 per cent of their wealth while its debt level has risen to a staggering ₨ 70,000 crore. According to some analysts, the group has overstretched itself and took the riskiest bets in mining. Besides, they feel that the group always had governance issues within. 6) Midsized IT firms sponsor golf and baseball events for CEOs in US to get more business- ET

IMPACT: In a bid to shed their image of job stealers, the midsized IT companies from India in US have now started following the branding exercises of their larger counterparts like Infosys & TCS. Companies like Mindtree, NIIT Technologies and iGate are now sponsoring golf tournaments and baseball camps for CEOs in the US, to build personal rapport with their prospective clients. Mindtree recently spent over $100,000 for a baseball tournament, iGate plans to splurge over a million dollars for a CEO golf tournament next January. NIIT Technologies says about 2% of its revenues is meant for hosting similar events in the US and Europe. Analysts say that such exercises are not uncommon even for bigger firms like IBM & Accenture. KEY PLAYERS: Indian IT companies

WHY IT IS IMPORTANT? According to industry body Nasscom, about 62 percent of the Indian IT industry's revenue of $42.6 billion comes from the US. The branding efforts have gained momentum recently as companies expect the US economy to revive after the elections, driving up demand for IT services. Over 300 IT contracts are up for renewal in the US next year.

7) Carbon-conscious UK retailers driving Freight train operators growth – The Hindu Business Line IMPACT: Retailers in the United Kingdom are, these days, on a mission to reduce their carbon footprint and are looking towards Rail networks for their transportation needs. This is benefiting the Freight train operators. Network Rail, the infrastructure owner in the UK, and freight operators are working together to ensure timely freight train service, as reliability is one of the key concerns of the organised retail market. UK-based Rail Freight Group (RFG) aims to provide cost-effective rail freight solutions. It brings customers, logistics providers, suppliers, terminal operators, and freight train operating companies together on same platform. According to Tesco, rail network in the UK saved six million road miles or emissions worth 8,000 tonnes of carbon dioxide in 2011. Freight operators use swap body containers which are lighter than the normal containers used in shipping. Though, these cannot be stacked on top of each other, such containers reduce loads and trains with up to 30 containers can be used for transportation. KEY PLAYERS: Freight train operators WHY IT IS IMPORTANT? On the other hand, container train operators in India have no such service offers for customers requiring time-definite deliveries as Indian Railways has never been known for its punctuality. Moreover, passenger trains get a priority on the congested tracks. Container train operators have long been demanding “transit time guarantee services” from the Indian Railways. 8) Now busy customers can avail speed car wash & service at new age service centres in India - ET

IMPACT: Car Servicing and after sales support is becoming an important criterion in buying decisions of Indian customers. Ford India has recognized this fact and has started its first Quick Lane service centre in Bangalore to address this issue. A customer, in absence of a prior appointment can get vehicle maintenance or light repairs at these centres fast. The services include oil and filter changes, brake systems, tires, suspension systems, exhaust systems, tune-ups and alignments. The Quick Lane service centre can service 35 cars a day. To improve customer experience customers it has an air-conditioned reception area which provides Wi-fi access. In a related auto-service industry development, Speed Car Wash has announced expansion in South India, with plans to open 25 outlets in the next two years. The company is already a top player in the north. It boasts about using Italian technology at its 17 centres in

north, all of which have come up in the last 18 months. At present Speed Car Wash has operations in Bangalore and Mysore. KEY PLAYERS: Ford, Speed Car Wash WHY IT IS IMPORTANT? Centres like Quick Lane & Speed Car Wash are designed to meet the requirements of the busy service class. However, such services have a huge potential in India which already has 35 million cars on the road and the figure is growing at the rate of 10 per cent. Hence, the demand for professional and reliable auto-services is higher than ever and only going to increase further. 9) France uses tough tactics to make Google pay media companies – ET/BS/NDTV IMPACT: It was a long meeting between French President Francois Hollande and executive Chairman of Google that started off on a note that Google should pay French media companies for listing their content on the search engine. But a series of disagreements from Schmidt followed an ultimatum from the French President – either pay the media companies or pay the taxes it has been avoiding since past four years of the company‟s operations in France. According to reports, Google earned roughly 1.4 billion Euros in 2011, and paid a tax of five million Euros and that through only corporate tax. The company has been routing money from France to Ireland through its holding company registered in Bermuda. The French government has asked Google to agree to the terms of paying the French media agencies by the end of the year. If the company fails to do so, then the government would start investigating the transfer pricing transactions between Google‟s Irish company and French holdings of past four years. France also plans to slap a tax penalty of 1 billion euro on the search engine company. KEY PLAYERS: Google, France, Germany WHY IT IS IMPORTANT? Google earns revenues from companies by listing them in search results. Google also redirects around a billion clicks in a month towards these pages. However, the media companies have seen falling revenue figures in the print business as people have switched to internet for news. Besides this, online readers do not subscribe for paid access as they can easily get content online for free. These companies have lobbied with the government and are pressuring the internet search giant to reverse its business model and pay to companies for providing it listings. Till now, Google has only responded by saying that it will de-link the pages of French companies‟ from its search results, if the government changes copyright regulations.

10) Former Italian Prime Minister Silvio Berlusconi convicted of tax fraud, sentenced to prison for 1 year –ET/Reuters/Telegraph UK IMPACT: Just two days after the announcement of his retirement from politics, ex-PM, Silvio Berlusconi and his business associates have been found guilty of tax fraud and the media mogul has been sentenced to serve in prison for one year. The initial sentence of four years was reduced to one year due to an amnesty law in Italy that is used to reduce over-crowding in prison cells and he is also prohibited from holding any position that is executive in nature (in corporates). However, given his powerful political background it is clear that the owner of AC Milan will not enter the prison cell and will also continue to hold is corner office. Also he has been asked to pay a fine of around 100 million

Euros along with his ten associates. Berlusconi was elected thrice as the Prime Minister of Italy and acquired majority stake in the country‟s largest broadcaster, Mediaset. He is accused of inflating the price of distribution rights bought by his companies and maintaining overseas accounts in order to reduce profits to evade taxes. KEY PLAYERS: Silvio Berlusconi WHY IT IS IMPORTANT? Berlusconi‟s political career ended last year in the wake of a scandal involving an under-aged prostitute. He has a long list of charges filed against him and has been till date called for around 2500 hearings since 1994. In a

long history of lawsuits in his lifetime, Berlusconi has been accused of false testimony, bribing, false accounting, illegal financing, corruption, violation of anti-trust laws and tax fraud. 11) Virgin Group Chairman Richard Branson keen to invest in Indian Railways – ET/Forbes/Livemint IMPACT: Virgin Atlantic recently launched its second innings in India with its full service flights running daily between London & Mumbai. It is also in the process of getting approvals to connect the UK capital with other Indian metros. The business magnate and Virgin Chairman, Richard Branson, has also shown his keenness to set up high speed rail system in India. UK based Virgin Trains Company has been operating in Great Britain since past fifteen years, joining the west coast regions. In August the company lost its contract to operate the rail system to its rival company. The Virgin Group has businesses in telecom, aviation and FM radio in India and is eager to work on the transformation of the Indian railways. Branson, however, has shown disinterest in investing in the bleeding domestic sector which will soon reach $20 billion mark in debt. KEY PLAYERS: Virgin Atlantic, Indian Railways WHY IT IS IMPORTANT? India is working with the Spanish railways to study the feasibility of high speed bullet trains and is also in the process of implementing PPP in the railways. The second largest railway network in the world, Indian railways, is currently in a shoddy condition and requires billions in investments to ramp up its operations. The government also wants to set up six new routes – which will connect megacities or future megacities in the country. 12) Sun TV acquires Hyderabad IPL team – Deccan Chargers – DNA/TOI IMPACT: Kalanidhi Maran owned Sun TV has acquired Indian Premier League‟s Hyderabad team - earlier known as Deccan chargers, during an auction held by BCCI. The Hyderabad team was one of the core teams that was formed in 2008, and was acquired by Deccan Chronicle Holdings Ltd for around $107 million payable in ten years for an annual instalment of around $10.7 million. Sun TV is set to pay around $80 million for the team in next five years at $16 million every year. Although the amount paid by Sun TV is much higher as compared to what the previous owners paid, but it is very small compared to the whopping $370 million, Sahara Group had bid to acquire the Pune team, and hence Maran terming the deal as a “steal”.

Deccan Chronicle Holdings had been terminated by the BCCI for breaching the contract. The debt ridden company had only paid a little over half of the $107 million to BCCI; delayed the payment of its players and also mortgaged the franchisee with banks - which is against the rules of IPL. KEY PLAYERS: Deccan Chargers, Sun TV, BCCI, IPL WHY IT IS IMPORTANT? The Indian Premier League, initiated by the BCCI, is the professional league for the twenty-20 cricket championship. The championship is held every year and has millions of viewers. IPL also earns

revenues from the sponsorships and advertising by other companies. Due to the high viewership; many companies present their ad campaigns during the matches. Since its inception in 2008, IPL 2009 season was the most profitable with the teams earning profits between ₨ 7 crore to ₨ 35 crore.

13) Sandy leaves 3.5 million Americans without power – DNA/WSJ/USA Today IMPACT: After claiming more than 70 lives, Sandy has left more than 3.75 million people up and down the US East Coast without power. The Hurricane has caused maximum devastation in the New York and New Jersey area. New York Governor Andrew M Cuomo said initial damage estimates "project up to $6 billion in lost economic revenue" in the State. The overall cost for recovery has been estimated to cross the $50 billion mark. New Jersey‟s Republican governor Chris Christie has been all praise for President Barack Obama's handling of the situation who promised that the government "will not quit" until communities are cleaned up. Sandy was continuing its northern offensive till Wednesday night. Though it has lost the initial intensity, 900 mile wide Sandy is expected to create ruckus in 12 states where Flood-watch warnings have been issued. KEY PLAYERS: US Government WHY IT IS IMPORTANT? The NYSE was shut down for two days, even if trading could have continued via alternate channels. The decision was taken as many people were conflicted between their professional and personal responsibilities. However, Former Securities and Exchange Commission Chairman Arthur Levitt said the exchange was "crippled" and that its closure has caused damage to the institution's image. 14) Rajat Gupta handed a two-year jail term for insider trading – The Hindu/ Indian Express IMPACT: Insider trading refers to using or communicating knowledge that only company insiders are privy to in order to gain an unfair advantage on the stock market. In the US, prison terms for insider trading cases are largely based on profits and since Gupta did not gain monetarily from the tips he provided, his lawyers asked for a smaller sentence for him. A highly successful and well-known philanthropist, Gupta had given many years to health-care, poverty and education around a world as a result of which, he has many prominent supporters (Bill Gates, Kofi Annan) who sent letters of support to the judge. However, powerful global connections did not come in the way of a just sentencing

(though there are doubts about this) as Judge Rakoff observed, “He [Rajat Gupta] is a good man… But the history of this country and the history of the world are full of examples of good men who did bad things.” KEY PLAYERS: Rajat Gupta, US Judiciary WHY IS IT IMPORTANT? Insider trading is easy to commit and difficult to catch-the rewards it offers are large enough to lure people to commit this white-collar crime. Thus, except for US, the track record for catching those guilty of insider trading is hardly impressive. In India, where insider trading is

rampant (because many people do not consider it as a crime) and the market regulator hardly has any teeth or professionalism, concerted efforts need to be taken to put in place a water-tight system that can fight this crime successfully. Better coordination between agencies in-charge of handling white-collar crimes can be a good first step. Meticulous investigation (which has no alternative) and a speedy dispensation of justice will also go a long way. 15) UPA Cabinet Reshuffle: Young Faces in Key Places – Firstpost.com/HT/Reuters IMPACT: The UPA cabinet reshuffle – is a clear attempt by the general secretary of Congress, Rahul Gandhi, to salvage the party‟s name after desperate attempts by Manmohan Singh failed to garner the confidence of general public and suppress the opposition party‟s audacious criticism. With 17 new faces in the cabinet, Rahul Gandhi is clearly driving his agenda of including young, dynamic and corruption free politicians Woking with the senior & experienced brains in the cabinet. KEY PLAYERS: UPA Cabinet, Rahul Gandhi WHY IT IS IMPORTANT? With the Robert Vadra - DLF nexus fiasco, several allegations by Arvind Kejriwal on various corrupt ministers in the UPA cabinet, and BJP‟s aggressive campaigns; UPA‟s pillars had started to shake. It was also predicted that the government would dissolve before its tenure in 2014. With the cabinet reshuffle; Manmohan Singh & Rahul Gandhi have bought some time for the government to cope up with recent mishaps. Although, thought of as a giant sized restructuring plan, the new cabinet appointments were nothing but mere disappointments for the general public and corporates.

MMMIIISSSCCCEEELLLLLLAAANNNEEEOOOUUUSSS NNNEEEWWWSSS

New Cabinet Ministers: 1. K Rahman Khan: Minority Affairs 2. Ajay Maken: Housing & Urban Poverty

Alleviation 3. MM Pallam Raju: Human Resource

Development 4. Ashwani Kumar: Law & Justice 5. Dinsha J Patel: Mines

Existing Cabinet Ministers with New Roles: 1. Salman Khurshid: External Affairs 2. Pawan Kumar Bansal: Railways 3. M Veerappa Moily: Petroleum & Natural Gas 4. Vayalar Ravi: Overseas Indian Affairs 5. Mallikarjun Kharge: Labour and

Employment

Windows 8 – Microsoft Adapts to new realities

Windows is the world‟s most ubiquitous operating system found in practically every office computer (or home computer) no matter where you are. The latest iteration of the operating system showcases a vastly different approach taken by Microsoft to address a very different marketplace than it has normally been used to. It is also a very good example of “consumerization”, a trend that has influenced almost every tech company since the latter half of the 2000s. Consumerization is nothing but designing products and services, especially technological ones, keeping in mind the consumer and user friendliness. In form and functionality, the new flagship operating system is the most dramatic makeover of Windows since its inception. Windows 8 was developed from the ground up with a touch-enabled interface that works best when tapped and swiped. Under the hood, the same old Windows is still present, but the Modern UI and the Windows Store shift the focus to mobile. Windows 8 looks and feels very different from traditional Microsoft products. The rising adoption of tablets and smart phones has played a significant role in the development of Windows 8. Perhaps, the most obvious change is in the way the user interacts with the desktop. Gone is the standard start button. Programs have been replaced by smart “Live Tiles” of the mango fame (Windows 7 for phones) which are based on the “Metro” Design. The integration of swipe and corner gestures, puts across the point that the OS has been designed keeping in mind tablets. In fact, older users will feel that the OS is not best exploited using a standard desktop PC without touch input.

Some new features: Ribbon File Explorer Windows Explorer, which has been also renamed File Explorer, now includes a ribbon in place of the command bar. File operation dialogs have been updated to provide more detailed statistics, the ability to pause file transfers, and improvements in the ability to manage conflicts when copying files. A new "File History" function allows incremental revisions of files to be backed up to and restored from a secondary storage device, while Storage Spaces allows users to combine different sized hard disks into virtual drives and specify mirroring, parity, or no redundancy on a folder-by-folder basis.

Charms A key arrival for Windows 8 is what Microsoft is calling Charms. These appear when you mouse to the right-hand side of the screen or swipe in from the right on a touchscreen. They enable you to access the Start Screen on a touch device (although many touch devices will also have a physical Windows 8 button on the bezel of the screen or a Windows key on the keyboard). The other buttons are Search, Share, Devices and Settings and provide quick access to these functions on touch and pointer-driven displays alike. (source: Techradar)

SkyDrive While Microsoft may not agree with Apple's Steve Jobs that we are in a post-PC era, it is clear that they are keen to make cloud integration central to Windows 8. That means the potential to sync data to SkyDrive - there's a SkyDrive app as well as the ability to save data to and from your cloud storage. Office 2013 apps have SkyDrive capabilities included, too. Microsoft also syncs settings of Windows 8 PCs - including your browsing history in IE, for instance. Photos can also be shared across multiple PCs. (source: Techradar)

To be continued next week…

NNNEEEOOO CCCOOORRRNNNEEERRR PART ONE

Part 2

SOURCES

Charts & Graphs: http://www.economist.com/node/21563412

SOURCES FOR COVER STORY

http://www.guardian.co.uk/business/2012/oct/15/nobel-prize-economics-alvin-roth-lloyd-shapley http://www.guardian.co.uk/business/2012/oct/15/nobel-economics-prize-winners-dating-problem

http://en.wikipedia.org/wiki/Alvin_E._Roth http://www.slate.com/articles/business/moneybox/2012/10/nobel_prize_in_economics_lloyd_shapley_and_alvin_roth_win_for_deferre

d_acceptance.html

SOURCES FOR PERSONALITIES OF THE WEEK: http://en.wikipedia.org/wiki/Paul_Ryan

http://paulryan.house.gov/biography/ http://paulryan.house.gov/news/documentsingle.aspx?DocumentID=272465

http://paulryan.house.gov/news/documentsingle.aspx?DocumentID=266868 http://paulryan.house.gov/news/documentsingle.aspx?DocumentID=227374

http://paulryan.house.gov/news/documentsingle.aspx?DocumentID=238013 http://www.mittromney.com/learn/paul

http://www.huffingtonpost.com/2012/08/11/paul-ryan-biography_n_1766738.html http://www.forbes.com/sites/steveschaefer/2012/10/16/meet-the-new-boss-citi-taps-michael-corbat-for-ceo-job-after-pandit-resigns/

http://www.citigroup.com/citi/about/leaders/mikecorbat.html http://www.businessinsider.com/michael-corbat-new-ceo-of-citi-2012-10

http://en.wikipedia.org/wiki/Michael_Corbat http://www.ft.com/intl/cms/s/2/664c226c-1791-11e2-8cbe-00144feabdc0.html#axzz2AlT4bqEk

http://www.cnbc.com/id/49430769/Meet_Michael_Corbat_Citigroup_s_New_Boss

http://online.wsj.com/article/SB10000872396390444354004578060481361878480.html

http://articles.economictimes.indiatimes.com/2012-10-16/news/34499178_1_citi-holdings-citi-s-global-wealth-management-citi-s-ceo http://blogs.wsj.com/deals/2012/10/16/citis-new-ceo-corbat-expect-some-changes/

INDUSTRY ANALYSIS:

http://www.moneycontrol.com/mccode/news/article/article_pdf.php?autono=662043&num=0

http://www.expresshealthcare.in/200908/market16.shtml http://sinetinfo.com/pdf/chapters/MT1.pdf

http://www.oifc.in/sectors/healthcare http://www.ibef.org/artdispview.aspx?in=29&art_id=32578&cat_id=119&page=1

http://articles.economictimes.indiatimes.com/2012-10-01/news/34198207_1_healthcare-sector-medical-tourism-pharmaceutical-industry

http://www.moneycontrol.com/news/fitch-research/india%60s-healthcare-sector-to-grow2012-atslower-pace_662043.html http://www.kpmg.com/IN/en/IssuesAndInsights/ThoughtLeadership/Emrging_trends_in_healthcare.pdf

http://www.oifc.in/sectors/healthcare

SOURCES FOR NEWS ANALYSIS (1-15)

1) Recession warning as Euro lending dries up – ET

http://articles.economictimes.indiatimes.com/2012-10-25/news/34729706_1_eurozone-money-eurozone-economy-marie-diron http://www.huffingtonpost.com/huff-wires/20121025/eu-european-central-bank/

http://online.wsj.com/article/SB10000872396390444657804578050713958952022.html http://en.wikipedia.org/wiki/European_sovereign-debt_crisis

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=540568&version=1&template_id=48&parent_id=28 2) RBI cuts CRR by 25 bps to 4.25% but keeps key rates unchanged – ET/Reuters

http://articles.economictimes.indiatimes.com/2012-10-30/news/34817331_1_d-subbarao-key-policy-rates-inflation-expectations http://in.reuters.com/article/2012/10/30/rbi-repo-rate-crr-policy-review-idINDEE89T03320121030

http://economictimes.indiatimes.com/opinion/comments-analysis/rbi-monetary-policy-review-no-surprise-from-duvvuri-subbarao-good-for-market/articleshow/17027989.cms

http://www.business-standard.com/india/news/higher-provisioning-to-dent-banks-profits/491200/ http://www.business-standard.com/india/news/bs-jury/491223/

http://www.business-standard.com/india/news/industry-feels-let-down/491219/ http://business-standard.com/india/news/limited-room-for-rbi-to-ease-rates-morgan-stanley/193759/on

3) S&P downgrades Argentina's sovereign rating to B-minus – ET/ Reuters http://articles.economictimes.indiatimes.com/2012-10-31/news/34837562_1_credit-ratings-foreign-currency-debt-ratings-argentina

http://www.bloomberg.com/news/2012-10-30/argentina-s-credit-rating-cut-to-b-from-b-by-standard-poor-s.html http://www.cnbc.com/id/49619131

http://online.wsj.com/article/BT-CO-20121030-714545.html http://en.wikipedia.org/wiki/Argentina_default

4) Russia free to take legal recourse over Sistema row: India http://www.moneylife.in/article/russia-threatens-international-arbitration-in-sistema-case/29364.html

http://timesofindia.indiatimes.com/india/Russia-free-to-take-legal-recourse-over-Sistema-row-India/articleshow/17027808.cms

5) Gautam Adani faces his toughest test ever- BS

http://www.business-standard.com/taketwo/news/gautam-adani-faces-his-toughest-test-ever/491192/ http://www.hindustantimes.com/business-news/Markets/Adani-group-net-dips-42-on-power-woes/Article1-949927.aspx

http://www.thehindubusinessline.com/industry-and-economy/logistics/adani-ports-sez-apex-court-upholds-gujarat-govts-decision/article4050242.ece

6) Midsized IT firms sponsor golf and baseball events for CEOs in US to get more business- ET

http://articles.economictimes.indiatimes.com/2012-10-29/news/34798360_1_igate-plans-ceo-phaneesh-murthy-anjan-lahiri 7) Carbon-conscious UK retailers driving Freight train operators growth – The Hindu Business Line

http://www.thehindubusinessline.com/industry-and-economy/logistics/carbonconscious-uk-retailers-on-new-track/article4047890.ece 8) Now busy customers can avail speed car wash & service at new age service centres in India - ET

http://articles.economictimes.indiatimes.com/2012-10-22/news/34653467_1_car-wash-mobile-car-franchisee-model http://articles.economictimes.indiatimes.com/2012-10-29/news/34798287_1_service-centre-ford-india-ford-service

9) France uses tough tactics to make Google pay media companies – ET/BS/NDTV http://www.business-standard.com/india/news/france-makes-billion-euro-tax-claim-against-google-report/193796/on

http://gadgets.ndtv.com/internet/news/google-threatens-links-to-french-media-over-tax-threat-281720 http://economictimes.indiatimes.com/tech/internet/with-google-in-mind-europe-considers-copyright-

changes/articleshow/17030377.cms 10) Former Italian Prime Minister Silvio Berlusconi convicted of tax fraud, sentenced to prison for 1 year –

ET/Reuters/Telegraph UK http://articles.economictimes.indiatimes.com/2012-10-27/news/34765216_1_fedele-confalonieri-underage-prostitute-prosecutor-

fabio-de-pasquale http://in.reuters.com/article/2012/10/02/italy-scandal-idINDEE89103Q20121002

http://www.telegraph.co.uk/news/worldnews/silvio-berlusconi/8410667/Silvio-Berlusconi-the-man-of-2500-court-hearings.html 11) Virgin Group Chairman Richard Branson keen to invest in Indian Railways – ET/Forbes/Livemint

http://articles.economictimes.indiatimes.com/2012-10-26/news/34750025_1_high-speed-trains-richard-branson-virgin-rail-group http://www.thehindubusinessline.com/industry-and-economy/logistics/richard-branson-keen-to-invest-in-indian-

railways/article4033861.ece http://www.forbes.com/sites/markbergen/2012/10/26/richard-branson-indias-high-speed-savior/

http://www.livemint.com/Companies/7m33iDtjoutFNalA7N3pDN/Richard-Branson-to-wait-and-watch-on-starting-Virgin-in-Indi.html 12) Sun TV acquires Hyderabad IPL team – Deccan Chargers – DNA/TOI

http://www.dnaindia.com/sport/report_sun-tv-network-buy-deccan-chargers_1756227

http://articles.timesofindia.indiatimes.com/2012-10-26/news/34749521_1_hyderabad-franchise-pvp-ventures-deccan-franchise

13) Sandy leave 3.5 million Americans without power – DNA/WSJ/USA Today http://online.wsj.com/article/SB10001424052970204707104578091351362697888.html

http://www.usatoday.com/story/news/nation/2012/11/01/sandy-storm-news/1672831/ http://www.dnaindia.com/world/report_hurricane-sandy-3-75-million-americans-still-without-power_1758770

14) Rajat Gupta handed a two-year jail term for insider trading – The Hindu/ Indian Express http://www.thehindu.com/news/international/rajat-gupta-handed-twoyear-jail-term/article4028641.ece

http://www.indianexpress.com/news/rajat-gupta-sentenced-to-2-years-in-jail-for-insider-trading/1021725/0 http://articles.economictimes.indiatimes.com/2012-10-29/news/34798603_1_rajat-gupta-raj-rajaratnam-white-collar-crime

http://business-standard.com/india/news/pratip-kar-whatrajat-gupta-trial-teaches-us/490988/ http://online.wsj.com/article/SB10001424052970203897404578077050403577468.html

15) UPA Cabinet Reshuffle: Young Faces in Key Places – Firstpost.com/HT/Reuters http://www.firstpost.com/politics/cabinet-reshuffle-upa-elephant-gives-birth-to-a-mouse-506153.html

http://www.hindustantimes.com/India-news/NewDelhi/UPA-cabinet-reshuffle-22-ministers-sworn-in-17-new-faces-in-govt/Article1-951198.aspx

http://in.reuters.com/article/2012/10/28/new-cabinet-ministers-mos-idINDEE89R06A20121028