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Weekly News from 22nd Nov. to 28th Nov.

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Weekly News from 22nd Nov. to 28th Nov.

  1. 1. Weekly news from 22nd Nov. to 28th Nov. 2010 By: Mandeep Singh Jaggi
  2. 2. Mexico’s Cemex set to buy Murli Cement for $550 m • First Major Deal In Domestic Cement Sector After 2005 • MEXICO’S Cemex is close to buying the cement business of Nagpur-based Murli Industries for about $550 million. • The investment-banking unit of equity brokerage Motilal Oswal, which helped Shree Renuka Sugars in its Brazilian acquisition earlier this year, is advising Murli Industries.
  3. 3. • Bank of America Merrill Lynch is advising Cemex. • This will be the first major deal in India’s cement sector after 2005 when Swiss major Holcim took control of two of India’s largest cement companies, ACC and Ambuja Cement India.
  4. 4. Hero, Honda finalising divorce terms. • Honda Motor Company of Japan and the Hero group are set to meet shortly to give shape to the break-up of their more than 25-year-old partnership at Hero Honda. • Under the agreement between the two partners, if either of them wants to exit, the other has the right to buy these shares at a 30-40% discount.
  5. 5. • The offer from the Munjals to buy out Honda at around 40% discount has not found favour with the Japanese company.
  6. 6. Yamaha FZ1 coming in Dec.
  7. 7. • AFTER launching the iconic Yamaha R1 and MT-01, India Yamaha Motors is now planning to introduce Yamaha FZ1 in India. • The super bike will be launched in December and will be priced between Rs 8- 9 lakh. • Yamaha FZ1, with its 1000cc and four cylinders, would compete with the recentlylaunched Honda CB1000R.
  8. 8. Rupee recovers from 2-month low on exports. • THE rupee slipped to a fresh two month low on Wednesday. • The partially convertible rupee closed at 45.6950/7050 per dollar, 0.3% below its 45.57/58 close on Tuesday. • The rupee, however, recovered from the day’s low of 45.8350, which was its lowest since September 21. The euro hit a two- month low against the dollar.
  9. 9. Fiscal policy must discourage SUVs • ENVIRONMENT minister Jairam Ramesh reiterated that increasing popularity of sports utility vehicles (SUVs) in India was a disaster. • Real issue was that subsidy for diesel was being used by those who did not need it. • His main concern was whether the real purpose of the government’s subsidy on diesel was being served when used to run SUVs.
  10. 10. • Stressed that a fiscal policy that discourages the use of these heavy diesel run vehicles was important as the transportation sector accounts for 7% of the country’s greenhouse gas emissions. • Projections show that transportation is set to have a share of 14% of total GHG emissions by 2020. He warned that the American model of mobility would spell disaster for the country
  11. 11. WikiLeaks release may harm ties with India, says US • THE US has alerted India on an upcoming publication of classified documents by online whistleblower WikiLeaks, which it says may harm American interests and create tension with its “friends”. • “We do not know precisely what WikiLeaks has or what it plans to do. We have made our position clear. These documents should not be released,” State Department spokesman PJ Crowley said.
  12. 12. • In October, WikiLeaks published nearly 400,000 classified US military documents related to the war in Iraq.
  13. 13. Ranbaxy to launch low-cost Alzheimer drug in US soon • RANBAXY Laboratories will launch a low- cost version of Alzheimer’s drug Aricept in the US next week. • Drug Maker May Generate $200 M From Drug In 6 Months. • Ranbaxy has got the final approval from the American drug regulator on Friday.
  14. 14. Tata says Radia tapes a smokescreen • RATAN Tata has described the media frenzy over leakage of tapes featuring conversations between Niira Radia, the owner of a public relations agency, and prominent politicians, industrialists and journalists as a ‘smokescreen’.
  15. 15. • Radia, whose agency handles public relations for the Tata group and for Reliance Industries, has been questioned by government agencies who are probing her alleged role in the award of a number of telecom licences in 2008. • The government’s chief auditor has said these licences cost the exchequer 1,76,000 crore because they were sold at prices set in 2001.

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