ET Weekly News26th Sept to 2nd Oct DeepinderKaurGrewal MBA 2C
#1. India bribed 72 nations to get Delhi CWG. India bribed 72 countries $100,000 each to get the hosting rights for the scandal-hit 19th edition of the Games which will start in Delhi from October 3-14. Delhi pipped Hamilton in the bid after offering huge sums of money to the 72 Commonwealth countries during the final presentation in Jamaica. Australia received a kickback of $125,000 from India. The money, subsequently paid to all nations, was not significant to Australia because it had already decided to vote for India and the payment was not an exceptionally large one.
#2. Reliance Power to raise capacity to 5,000 MW in 2 years. Anil DhirubhaiAmbani Group (ADAG) group firm Reliance Power on Tuesday said it aims to become the country's largest private sector power generating company by 2015. The company will also have an operational of 5,000 mega watts (MW) by 2012 and will commission another 20,000 MW over the next three years. The company looks at achieving 25,000 MW capacity by 2015, 3,000 MW of hydro capacity by 2016 and 1,000 MW of green portfolio, consisting wind and solar, over next five years.
Contd…. The company has domestic mines holding over 2 billion tonnes of reserves that can support up to 20,000 MW of electricity generation capacity. RPower's Indonesian mines can support another 10,000 MW of capacity.
#3. Tech Mahindra may announce its merger with Satyam in 2-3 weeks. IT services firm Tech Mahindra Ltd will announce its intent to merge with in two to three weeks. The merger does take time with the high court approval and the approval and various things. Tech Mahindra is also looking to acquire companies with revenue of $50-$100 million. British telecoms provider BT owns about a third of Tech Mahindra and is also its largest customer, accounting for more than 40 percent of its revenue.
#4. World's first 'cyber super weapon' attacks China. A computer virus dubbed the world's "first cyber super weapon" by experts and which may have been designed to attack Iran's nuclear facilities has found a new target -China. It has wreaked havoc in China, infecting millions of computers around the country. It can break into computers that control machinery at the heart of industry, allowing an attacker to assume control of critical systems like pumps, motors, alarms and valves.
Contd…. It could, technically, make factory boilers explode, destroy gas pipelines or even cause a nuclear plant to malfunction. The virus targets control systems made by German industrial giant Siemens commonly used to manage water supplies, oil rigs, power plants and other industrial facilities.
#5. Nokia loses its India plot, market share tanks 20%. India’s 30,000 crore-a-year mobile handset market witnessed a skirmish between two big global names with market leader Nokia that showed its hold over the domestic market was weakening. Nokia’s share of the Indian handset market — its second biggest after — plunged to 36.3% at the end of June from 54% at the end of 2009. Newcomers into the India market have employed the same distribution model that Nokia relied upon for rural markets piggybacking on kirana stores and other regular shopping destinations and are fighting the company using tactics it employed very well.
Contd…. Micromax, which according to IDC is the largest domestic player with 4.1% market share, first launched phones with a 30-day battery backup. Spice Mobile threw in an ultra-violet torch that would help detect counterfeit currency and has recently come up with a model with two memory cards that serve like double cassette decks of yore, allowing for easy transfer of data.