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Eco times 8th 12th nov

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  • 1. THE Economic times news8th NOV- 12th NOV
  • 2. R-Power gets $5-b line of credit from US Ex-Im
    THE Export-Import Bank of United States will offer loans up to $5 billion to Reliance Power, part of the Anil DhirubhaiAmbani Group, to help the Indian company purchase US goods and services for various power plants. 
    The agreement would make available long-term dollar loans in the next three years.
    Considering that Ex-Im Bank exposure to India has been primarily limited to public sector, execution of the MoU is a landmark event that would go a long way in increasing diversity of lenders that could provide long-term finance to India’s private sector
    Reliance Power is implementing power projects with aggregate capacity of over 37,000 mw. The company had earlier placed a $750-million order with General Electric for its power plants.
  • 3. Product cos wilt as IT buy favours majors-Indian Government Should Mark A Part Of Tech Spend For Start-Ups
  • 4. ONGC blocks $500m payments to Cairn-Alleges Partner Inflated Expenses In Rajasthan Block
     CAIRN Energy, struggling to get approval for its $9.6-billion deal to sell its Indian unit to Vedanta Resources, is getting mired in more problems as its dayto-day operations and expansion plans are suffering in the wake of simmering tensions with the ONGC

  • 5. ICICI raises $1 b via 10-yr bond sale-Bond Offering Bank’s Largest In Over 3 Years; Largest Order Book Of $5 B
    ICICI Bank has raised $1 billion through the issue of 10-year fixed rate notes to international investors. The bonds carry a coupon of 5.75%. 
    The return on the bonds translates into aspread of 309.26 basis points over London Interbank Offered Rates (Libor) for a similar tenor.
     At $1 billion, the bond offering is ICICI’s largest in over three years.
    This is also the first 10-year senior bond from the Indian banking sector. Bankers feel that one outcome of the second round of quantitative easing in the US would be an increased demand for Indian paper where returns are expected to be high, thanks to policy measures by the central bank.
    The bond offering has received a ‘BBB-‘ from S&P
    The notes are unsecured and unsubordinated obligations of the bank. Investors in these bonds will get priority over all subordinated issues and these securities will be listed on the Singapore Exchange.
    The bank has issued bonds under Rule 144A of the Securities Act in the US, which allows securities to be sold to QIBs without complete disclosure requirements that public offerings are subjected to. Mr Chadha said 42% sold into the US on this bond
  • 6. CAG REPORT OUT: TELECOM MINISTER IN THE DOCK-CAG pegs revenue loss due to Raja at 1.8 L cr
    COLOSSAL LOSS CAG indicts Raja 
    CAG says Raja caused Rs 177,000-crore loss to India 
    Raja's ministry sold spectrum to 9 new companies in 2008 using faulty & outdated policy, causing Rs 140,000-crore loss     
    Doled out additional airwaves to existing telcos beyond what they were entitled to, causing an additional loss of nearly Rs 37,000 cr to exchequer 
    Raja gave dual licence permits to RCOM & Tata Tele in 2008 using old policy, causing a loss of up to Rs 37,000 crore 
     Raja ignored advice of telecom regulator Trai, finance ministry & law ministry on pricing airwaves at realistic & market-driven rates 
    Raja dished out pan-India airwaves for Rs 1,651 crore despite S Tel offering Rs 13,752 crore and even willing to enhance this offer if the government were to receive a higher bid 
    Five of the nine companies that were given licences did not fulfil the eligibility criteria, but communications ministry did not reject their applications Existing telcos also benefitted from Raja 
  • 7.
  • 8. CALL FOR TROUBLE: MURKIER DETAILS SET TO EMERGE-ED scanner on foreign buyers of new telcos
    Investigations into 2G mobile spectrum scam intensify as ED jumps into the fray even as telecom minister’s exit looks imminent Weighing If Money From Stake Sales Can Be Termed Criminal Proceeds