Weekly news<br />Submitted by <br />Ankush Gupta<br />MBA2A<br />
BSE may take reins at CAMS for 650 cr. <br />BSE India’s oldest bourse plans to buy a controlling stake in investors services company Computer Age Management Services.<br />CAMS has more than half the market share in servicing mutual fund clients.<br />BSE with a net worth of Rs 1900 cr. is seeking to enhance returns as it finds little room for expansion in its core business.<br />
Reckitt-BhartiWalmart brand battle on<br />Reckitt Benckiser India has served a legal notice on BhartiWalmart demanding that the cash and carry joint company withdraw its Great Value toilet cleaner as it infringes the bottle design and cap.<br />Great Value is Walmart’s top selling umbrella brand with estimated global annual sales close to $11 bn.<br />
Ohio bars govt. depts from IT outsourcing<br />The US state of Ohio has banned outsourcing of IT and back office projects by government departments to offshore locations such as India.<br />Many states are ready to give tax breaks worth millions of $ if a TCS or Wipro makes commitment about hiring local staff.<br />
Largest selling spirit brands<br />In a magazine’s survey it is found that 6 brands out of the 10 largest selling whiskies of the world, belongs to India.<br />Leading is the Jinro from South Korea with 63 million cases worldwide.<br />Bagpiper(USL), McDowell No.1(USL), Officer’s Choice(ABD), etc. are the main Indian Brands.<br />
MFs look to connect with investors abroad<br />Top AMC such as Rel MF, ICICI Pru, Birla SunLife, HDFC and UTI plans overseas offices.<br />They have plans to open offices in the UK, the US, Singapore, Japan and the Gulf.<br />Most fund houses are selling their products offshore through foreign distributors by paying huge commissions. <br />
Govt. begins search for the next SEBI chief<br />Mandates 5 member panel to choose C B Bhave’s successor as his term ends in third week of Feb. 2011.<br />Mr. Bhave has informally indicated to the govt. that he was not interested in securing another term as SEBI chief.<br />It is quite likely that professinals from both state owned and private firms will submit their applications for the same.<br />
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