XED NEWSLETTER a weekly news bulletin

11 Pages

3rd May 2012 9th May 2012

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IN BRIEF
COVER STORY
ECONOMIC INDICATORS
DOW JONES INDUSTRIAL AVERAGE

AT THE HEART OF MAOISM

12,835.06
S&P 500 INDEX

1,354.58
NASDAQ COMPOSITE INDEX

2,934.71 (as on 9th May 2012)

PERSONALITIES OF THE WEEK

JACK WELCH

CHAD HURLEY

CORPORATE INTELLIGENCE

JET AIRWAYS
NEWS DIGEST
BUSINESS NEWS GLOBAL NEWS MISCELLANEOUS NEWS

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Clinton lauds India for reducing dependence on Iranian oil

Socialist Francois Hollande defeats Nicolas Sarkozy in French prez election

Tata Motors tests vehicles running on air

ECONOMIC INDICATORS 2 COVER STORY 3 INTERNATIONAL NEWS 9 MISC NEWS 10

PERSONALITIES OF THE WEEK 4 GENERAL AWARENESS 11

BUSINESS NEWS 5-8

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TOP 5 HEADLINES OF THE WEEK

1. 2. 3. 4. 5. Hillary Clinton lauds India for reducing dependence on Iranian oil Iran, India biz talks begin amid US pressure
Rupee breaches 53 mark, may slide to 55

Socialist Francois Hollande defeats Nicolas Sarkozy in French prez election Tata Motors tests vehicles running on air

ECONOMIC INDICATORS
DOW JONES INDUSTRIAL AVERAGE: 12,835.06 as on 9th May 2012 S&P 500 INDEX: 1,354.58 as on 9th May 2012 NASDAQ COMPOSITE INDEX: 2,934.71 as on 9th May 2012

US stocks pared early sharp losses Wednesday to close with moderate losses after European Union officials confirmed that Greece would get the next installment of bailout funds this week. Early worries that the EU would deny the country its scheduled 5.2 billion euro ($6.7 billion) payout sent stocks tumbling more than one percent, but later officials assured that Athens would get at least 4.2 billion euros. At the close the Dow Jones Industrial Average was down 97.03 points (0.75 percent) to 12,835.06. The broader S&P 500 shed 9.14 (0.67 percent) to 1,354.58, while the tech-rich Nasdaq dropped 11.56 (0.39 percent) to 2,934.71. As leftists opposed to terms of the 130 billion euro bailout scrambled to form a new government in Athens, Greece's political plight dominated the market news. Amid more speculative talk of the country being forced to leave the eurozone, European stock markets sank along with the euro during the day.

GIVE US AUSTERITY, BUT NOT YET

It is appealing to imagine that there is a lovely painless alternative to austerity in Europe, if only the stubborn politicians would choose to follow it. Franois Hollande encouraged this notion during his presidential campaign, stating that he was for growth and against austerity as if that were the choice on offer. Greece's voters, by now well into a recession that could last for years, would dearly like an alternative. Unfortunately this idea rests on a rather heroic assumption: that countries can spend big now, running up large budget deficits to make up for lacklustre privatesector demand, then rein in that spending a few years down the line when the worst of the crisis has passed. The first of these two charts uses a dataset that goes back to 1978 but only covers a relatively small number of OECD countries. The second chart is more comprehensive but considers a shorter timespan. Both suggest that, in good times as in bad, governments will find reasons to spend more than they receive in revenue.

COVER STORY: AT THE HEART OF MAOISM

There is an appalling silence in the air, the forest looks just like any other, thick and green; even people look the same, same as others in cities. Whats the difference? Just that the silence is shortlived as guns dont remain unused for long. The forest is a killing ground and people hold a deep sense of victimhood thanks to government apathy. The place is Maoist heartland and the people consider themselves Robinhood incarnates. Whats new or old? Maoists did what they do best. They abducted a collector at Sukna in Chhattisgarh after killing his two bodyguards. The Government as always caved in to their demands and set free a dozen or so Maoists. Frankly, there is nothing new in the incident, because involving new officers and new Maoists doesnt make the incident new. In fact, there is nothing really new about Maoism in India at all. So, why is this being allowed to happen? Are we ever going to get out of this mess? Or is it that this unresolved problem presents the ideal state for the play of power politics and therefore the possibility of finding a solution is remote, rather, deliberately remote? Who are the Maoists? Wearing Robinhoods name is a clich. Maoists are a disgruntled lot with a misplaced sense of justice. Those people who form the core of the Maoist leadership are well educated college urbanites driven perhaps by the plight of their very own people. They believe that the only way out of poverty is a violent revolution. The Government, with its perpetual neglect of these people hasnt done any good except fueling the deep held anger. This brimming anger took no time to become a wild fire. It all started when the states control over far flung forest villages was practically non-existent as is still the case. The only evidence of the existence of the state was a cop who walked in once a month to do the paper work. A sound beating and manhandling was enough to push the state out of the village. The Maoists then turned Government and started services like distribution of land, telephony, road, schools, courts etc. They levied taxes on the population and lived off them, and it has continued till now. What the people want: There are Maoists and there are others. Its often said that some voices get lost in the crowd because leaders only hear what they want others to hear or believe in. Contrary to popular belief that Maoists enjoy immense goodwill of the people, the truth is that most people want to just live. They want to live without the fear of being dead anytime, anywhere. They come with no ideological baggage or angst against the government. Nobody is inherently a sadist and enjoys killing people. They are simply pushed into it. They accept Maoists in place of the State if, and only if, they have no other option. It is not as if they love the State, which is often as corrupt, insensitive and as predatory as the Maoists. However that being said, people prefer to stay within the law and are willing to move out of the Maoist dominated areas as soon as possible. They send their kids to cities to get a future which is minus Maoism. What the state wants: The state now finds itself fighting the monster created by its own neglect. The problem has become as widespread as it is inherent. People dont believe the state when it says I am sorry for what happened in the past and I will make sure it wont happen in the future. The trust is simply absent. Even when the state tries to do development work, its being thwarted by the Maoists. Several officers who tried to bring about development reforms were either kidnapped by Maoists or killed. This raises the perplexing question? The Maoists want reform, the Government wants reform, people want reform. If there is so much in common then why is a war being waged? Look deeply and it comes down to trust. As can be correctly said, in all this Maoism fiasco, the biggest casualty is trust. Now nobody trusts anyone. Solution: There are no easy solutions here, only hard ones. Once and for all, we should stop glorifying Maoists as dogooders. Power acquired by Guns and illegal means must have no place in a democracy, no matter how hard it tries to sell itself as one who cares for the poor. Maoists must be isolated in urban and rural areas. If politicians cutting across party lines come together, then a straightforward police action would suffice to confront Maoists in urban areas. However, the state must ensure that the family members of such people get adequate personal protection as Maoists resort to revenge killings to get even. In forested areas, Maoists have well trained bands of fighters which cannot be easily isolated from the villagers. The Government presently, tries to locate the band of fighters and tries to attack them with armed forces. This is messy as it leaves the Maoist support bases intact and permits fresh recruitment. The Government can do better if it approaches the villages in small parcels. For instance, it can hold an area, set up refugee camps and ask people to vacate the area before launching any operation. Once the area is cleared of Maoists, the villagers can be let in after proper security checks and the liberated area properly garrisoned to prevent Maoists from returning. Development work should start soon then, like roads, schools, government setup. Such planed strategy to deal with Maoism is far better than killing the roving bands of Maoist fighters in jungles or terrorizing villagers to offer support by way of intelligence. Although it is easier said than done, but if a strong political will is there, the problem is solvable. We just have to realize that holding past grudges to destroy the present and future has no logic in it whatsoever. The human rights activists who raise a hue and cry every time a Maoist is captured or killed might well need to learn this; and for the government, it should just say SORRY and move on.

PERSONALITIES OF THE WEEK

Jack Welch

Former CEO of General Electric

Jack Welch grew to fame in the business world through his management skills & success at GE, which almost became legendary. Welch turned the struggling slow moving giant into a dynamic growth company. His no nonsense leadership style though gave him a reputation as being a ruthless anarchist but it helped GE become the most valuable & largest company in the world. During his 20 years of leadership, from 1981 to 2001, the companys value rose 4000% from $12 billion to over $280 billion. He is credited for adding NBA to GEs portfolio of business, implementing Motorolas Six Sigma Quality program which resulted in higher factory outputs & also for shifting GEs business from manufacturing to financial services through numerous acquisitions. He was named Manager of the Century by Fortune magazine. The Jack Way!!! Welch received his B.S. degree in chemical engineering from the University of Massachusetts & then went on to receive his M.S. and PhD degrees from the University of Illinois. He joined GE as junior chemical engineer; and once blew off the roof of the factory & was almost fired for doing so. Welch was displeased with his first appraisal & the bureaucracy within GE, and was planning to leave the company. It was his senior Reuben Gutoff, who realized Welch was too valuable a resource to lose & convinced him to stay. Welch worked his way through the ranks, taking tough decisions, to become the Chairman & then CEO of GE. The eighth & youngest leader of GE, who had little time for bureaucracy, was responsible for streamlining operations & reducing the management structure from 29 levels to a mere 6 levels. He believed that a company should either be no.1 or no.2 in the industry or else leave it completely. GE saw great growth & expansion as Welch ensured that each business under GE umbrella was one of the best in its field. After retiring in 2001 Welch wrote a bestselling memoir "Jack, Straight from the Gut" & he now consults Fortune 500 businesses. No. 1, cash is king...No. 2, No one, cash is king...no two, communicate...no three, communicate...No. 3, buy or buybury the the competition. or bury competition. The Flip Side of Jack!!! Some industry analysts claim that Welch has been given too much credit for GEs success & the efforts of managers who helped build the company have been neglected. They also hold Welch responsible for pressurizing employees to cut corners, which led to scandals in GE. He is dubbed Neutron Jack for cutting thousands of jobs during restructuring. His controversial retirement plan of $8mn salary, which included a luxury apartment in Trump Tower; free food & wine; access to companys jet; VIP tickets to Opera, Wimbledon, the US Open etc; and a chauffeur driven limousine, also raised eyebrows.

Chad Hurley

Co-founder & Former CEO of YouTube

Chad Hurley, always aspired to be a star, and his aspiration became reality when along with his PayPal colleague he created the worlds largest online video website, which became a global sensation within two years of its launch, & propelled both the geniuses to the top of Business 2.0s list of The 50 People Who Matter Now. YouTube became an internet phenomenon, within six months of its launch in 2005 & was named TIME magazines 2006 Invention of the Year. Hurley became an overnight millionaire when YouTube was acquired by Google for an astounding $1.65 billion in 2006. This is the birth of a new clip culture where the audience is Creativity Unplugged!!! Hurley, native of Pennsylvania, was an artist from an early age & used to in control more than ever. sell his drawings on the sidewalk when he was in elementary school. He earned his B.A. in Fine Arts from Indiana University in 1999 & later applied for a job at PayPal. As part of his job interview, he was asked to design a logo for the young company, and the logo he designed remains PayPals official logo to this day. While working in PayPal, Hurley & Chen became friends. When PayPal was acquired by eBay, they received large bonuses for their invaluable contribution to the start-up. With Chens engineering skills & Hurleys creativity, they thought starting up their own venture, with the money, was a plausible idea. In January 2005, Hurley and Chen attended a friends dinner party in San Francisco. They had taken a few digital videos of the event and wanted to share them with each other the next day, but could not find a good means to do so. The files were too big to email, while posting them online would take hours. With that, Hurley and Chen had their first idea for a sustainable business. Hurley decided to create YouTube with Chen to make uploading and sharing videos online as easy as anyone could want. And the rest is history. YouTube & beyond!!! Hurley was primarily responsible for the tagging and video sharing aspects of YouTube. He served as YouTubes CEO since 2005 & stepped down from the role in 2010, but he is still on the advisory board of the company. He is currently working towards investing in Formula One. YouTube is just the beginning, and we are yet to see more revolutionary entrepreneurial ventures from this artistic & brainy leader with a vision & knack for successful business ideas.

BUSINESS NEWS
1) Hillary Clinton lauds India for reducing dependence on Iranian oil- ET 09 May US Secretary of State Hillary Clinton has lauded the steps taken by India to reduce its dependence on Iranian oil, saying New Delhi has put itself on the line to get Tehran back to the negotiating table. Clinton told in an interview that New Delhi has an important role in conveying the message of the international community and its concerns to Iran. Expressing satisfaction over the progress made by India on reduction of import of Iranian oil, she said India has certainly made progress in reducing their imports of crude oil from Iran. Though India has been maintaining that it is not reducing imports from Iran, the import numbers for 2011-12 tell a different story. Supplies from Iraq and Kuwait have seen a significant increase, even as Saudi Arabia maintained its position as the largest supplier. Till now, Iran was India's second-biggest crude oil supplier after Saudi Arabia, meeting about 12 per cent of the country's needs, but the position has been taken over by Iraq. 2) Iran, India biz talks begin amid US pressure The Hindu Business Line 08 May Amid mounting US pressure on its trading partners to reduce business with Iran, a strong delegation from the West Asian country began business-to-business talks with its Indian counterparts here on Monday. Sources privy to the developments said there was enthusiastic response from both sides during the first round of talks. India-Iran trade is over $12 billion and is heavily tilted in favour of Iran. The sectors in which mutual interest was evinced included agro and allied products, pharmaceuticals, engineering, shipping, banking, petroleum products polymer, textile, as well as e-commerce. Pharmaceuticals and agro products are free from UN sanctions, which India follows. Indian exporters to Iran are also seeking clarity on the recent tightening of US sanctions that target those helping Iran skirt the sanctions by barring them access to the US banking system 3) Rupee breaches 53 mark, may slide to 55 TOI 03 May The rupee breached a major resistance level to fall below the 53 mark for the first time this year in intraday trade on Wednesday. Forex dealers fear the rupee is now headed toward 55 levels against the dollar. Although the rupee firmed up to 52.55 earlier in the day, it soon slipped to 53.03 following a sell-off in the equity market and with the dollar gaining overseas. The domestic currency finally saw a pullback to close below the 53 level at 52.96, down by 22 paise from Monday's close. "The rupee has been under pressure because of a combination of factors: the trade deficit remains elevated and the portfolio flows have been choppy with foreign investors pulling out close to $1bn from the capital markets in April. Overall, the balance of payments position is under stress and investors are concerned about policy uncertainty," said Priyanka Kishore, forex strategist, Standard Chartered Bank. Forex dealers say that although RBI has been intervening in the foreign exchange market, the dollar sales have been to curb volatility and it did not appear that the central bank had any price target in mind. As such, forex analysts are now looking at the 55 level as dollar demand continues unabated. 4) Pranab soothes frayed FII nerves, defers tax avoidance rules by a year- The Hindu Business Line 08 May Taking the sting out of certain controversial budget proposals, Mr Pranab Mukherjee, has deferred the implementation of anti tax avoidance measures by one year. The General Anti Avoidance Rules (GAAR) will now apply to incomes of FY 2013-14 and subsequent years, Mr Mukherjee said while moving the Finance Bill 2012 for consideration in Lok Sabha. GAAR had made many foreign investors jittery as it could override the treaty benefits and also the onus of proof of there being no tax avoidance was entirely on the taxpayer. The Government will remove the onus of proof entirely from the taxpayer to the revenue department before any action can be initiated under GAAR, he said. Taxpayers, both residents and non-residents, will be able to avail themselves of the facility of advance rulings, Mr Mukherjee announced. Such rulings will allow FIIs to know in advance that if their investments could be taxed under GAAR or not. Incidentally, Indian markets could have lost an estimated $10 billion worth investments from the overseas funds and ultra-rich foreign individuals over a period of little more than one month on taxation worries. 5) TCS is fourth most-valued IT services brand globally- BS 08 May Tata Consultancy Services (TCS) has been named as the worlds fourth most valuable information technology (IT) services brand by leading global brand valuation company Brand Finance. The top three most-valued IT services brands are IBM, HP and Accenture. The value of the TCS brand has increased rapidly over the past three years. Our 2012 ranking marks the first time an emerging market-headquartered firm has entered the top league in IT services. With a strong brand strategy and a refined sponsorship portfolio, TCS has been able to improve both brand awareness and its profile globally, said David Haigh, chief executive officer and founder of Brand Finance. Infosys, Indias second-largest IT services company is on the fifth position, while Cognizant and Wipro are on the ninth and 10th position, respectively.

6) RIM bets on BlackBerry without keyboard to challenge Apple Bloomberg 03 May When Research in Motion CEO - Thorsten Heins unveiled a prototype of the new BlackBerry 10 phone yesterday, it lacked a feature that has kept legions of users loyal to the platform: a physical keyboard. At the BlackBerry World expo in Orlando, Florida, he showed off a sleek touch-screen device that more closely resembled an iPhone or Android smartphone than the keypad-equipped Blackberrys of old. While RIM still plans to produce models with keyboards, the demonstration was the biggest signal yet that the company was shifting to a touch-screen world. RIM, which is counting on its redesigned BlackBerry 10 lineup to reverse a sales slump, faces a quandary. Smartphone users have embraced virtual keyboards, evidenced by Apple and Google accounting for more than 80% of the market. Even so, taking away RIMs physical keypad removes a feature that distinguishes it from the competition. Some will lament but others will embrace it, said Nigel Hughes, a VP in charge of sales at Virginia-based SteelCloud Inc., which builds BlackBerry compatible security software & hardware for customers like the Department of Defense. Its a recognition that the future is sans a keyboard. 7) Deal done, but Biyani still bets big on fashion BS 03 May The Pantaloons stores are sold, but Kishore Biyani is still focused on fashion. After clinching a Rs 1,600crore deal with the Aditya Birla Group to sell its Pantaloons format, Pantaloon Retail plans to focus on expanding its remaining fashion formats, such as the Central mall concept, discount chain Brand Factory and private labels, which have been kept out of the ambit of the deal. Even smaller fashion formats like Ethnicity and popular segments like Fashion at Big Bazaar will be under Future Group operations. The countrys largest retailer, Pantaloon plans to add 10 Central malls by June 2013. It has 21 malls at present. It had also plans to add 35 to 40 Brand Factory stores during the same period, said a senior Future Group executive involved with the expansion plans. Brand Factory has 20 outlets. The two formats have three million sq ft of retail space. Central and Brand Factory, whose financials are integrated, are actually bigger than the Rs 1,700crore Pantaloons format, and are expected to clock a turnover of Rs 2,100 crore in 2011-12. The two were looking at 35 per cent growth in 2012-13 to achieve a turnover of Rs 3,000 crore, the executive said. Unlike Pantaloons, the company is not looking at getting strategic investors in these fashion formats in near future. 8) Reliance Industries fined Rs 6,600 crore for KG-D6 output fall ET 04 May The government has slapped a hefty penalty of about Rs.6,600 crore ($1.235 billion) on Reliance Industries for the steep fall in gas output from the KG-D6 block, sharply escalating the oil ministry's raging dispute with the Mukesh Ambani-controlled company. The oil ministry sent a notice to Reliance Industries late on Wednesday, admonishing it for the decline in production and said the company had violated the production sharing contract (PSC) and willfully drilled fewer wells than what it had committed in its approved plan, called the Amended Initial Development Plan (AIDP). The company says unexpected geology caused the decline in production and data has established that drilling more wells would not help, but the oil ministry has firmly rejected this. The government wants to deduct the amount from Reliance's share of profit from the field as it feels the company should be punished for building excessive infrastructure, which is now idling. RIL executives say the same facilities will be fully utilised & help cut costs drastically when it develops 16 new discoveries in the same block. 9) 2G: Telecom chiefs team up to take battle to govt The Hindu Business Line 03 May Mobile companies stepped up their offensive against the telecom regulator's spectrum auction proposals. Leaders of four GSM companies met the Communications and IT Minister, Mr Kapil Sibal, the Finance Minister, Mr Pranab Mukherjee, and other top officials in a bid to pressure the Government into rejecting TRAI's recommendations. They met the Home Minister; the Deputy Chairman of the Planning Commission; the Secretaries of the Department of Telecom and the Commerce Ministry; and the Joint Secretary to the PMO. During the meeting, the telecom leaders reiterated the demands communicated to the Government through a joint letter last week. This includes reduction in base price by 80 per cent and putting all available spectrum for auction. They also want the proposal to re-farm 900 MHz band to be on put freeze. 10) Tata Realty and Infra to foray into hospitality BS 06 May Tata Realty and Infrastructure (TRIL), a wholly-owned subsidiary of Tata Sons, is foraying into retail and hospitality segments through a new subsidiary, TRIL Hospitality Services. The company, which has about Rs 6,000-crore projects at hand, would also commence work on two more projects, and this would add business of Rs 3,000 crore, said a senior TRIL Infopark executive. C Velan, executive director and chief executive, TRIL Infopark, said, It is a recent development, and we have not yet started execution. While we were exploring options for future plans, we identified opportunities in three segmentsretail, senior living space and the hospitality segment. The hospitality segment would include two parts: Developing living space for senior citizens, for which management would be outsourced to a third party, and the development of gateway and four star hotels, which would also be operated by another company. The management of living space for senior citizens & hotels is likely to be offered to a Tata Group hospitality firm. The hotels would be developed without creating competition with the groups existing hospitality business.

11) RBI eases FX inflows after rupee skids Reuters 05 May The Reserve Bank of India announced measures on Friday to bolster foreign currency inflows following a sharp fall in the rupee, although traders said the moves may not be enough to stem further near-term weakness. The rupee is down about 9% since the start of March and suffered steep falls in the last three sessions before recovering its daily losses on Friday. The RBI is believed to have stepped into the market to defend the currency. However, with limited reserves and India's negative balance of payments, the RBI has little firepower to defend the rupee. Encouraging dollar inflows would lend support to the currency. The rupee lost 2.3% this week, closing at 53.47/48 to the dollar, putting it close to the record 54.30 plumbed in December. Traders blame the drop on worry about India's current account and fiscal deficits as well as new tax proposals. The RBI relaxed the interest rate ceiling on foreign currency non-resident (FCNR) deposits of banks with maturities of 1 year to less than 3 years to 200 basis points above the LIBOR or swap rate, from 125 basis points now. 12) Jet Airways collaborates with Disney Channel's summer campaign The Hindu Business Line 04 May Jet Airways is collaborating as the airline partner with Disney Channel's Jet Set Go' summer campaign. As part of the campaign, a Jet Airways Boeing 737-800 aircraft will carry a wrap of popular Disney characters such as Mickey Mouse. The aircraft with the wrap will be unveiled in July. The airplane wrap concept, termed as a virtual billboard in the sky', will be branded in the Disney Channel's Jet Set Go' insignia and colours on its fuselage, the airline said. During the campaign period, an animated aircraft of Jet Airways with an artist's rendition of the branding will also be seen on Disney Channel throughout the month of May. In order to participate in Disney Channel's Jet Set Go campaign, children will have to spot an animated Jet Airways aircraft which will appear on the Disney Channel throughout the campaign period. Children can then accumulate points each time they spot the aircraft by giving a missed call to a toll-free number. 13) Cipla shocks rivals by slashing cancer drug prices up to 75% ET 04 May Fighting cancer has just become less expensive for millions of Indian patients. More than 12 years after he electrified the pharma industry by taking on powerful global giants in his quest to supply cheap anti-AIDS drugs, Ciplapromoter YK Hamied is back donning the role of a price warrior. This time, his attention is on anti-cancer drugs. On Thursday, Cipla cut prices of key cancer drugs by nearly 75%, an astounding, one-shot reduction that is certain to unsettle the industry and trigger a price war. Kidney cancer drug Sorafenib will now be available at 6,840 for a month's supply, down from 28,000. Lung cancer drug Gestinib will cost 4,250, down from 10,000, while prices of Temozolamide, used to treat brain tumour, have been cut from 20,000 to 5,000. The move is expected to trigger a sharp reaction from other players in the 1,500-crore cancer drug industry and pose a serious challenge to multinationals who sell patented, expensive drugs and Indian companies whose generic drugs are cheaper than but not as cheap as Cipla's. One senior pharma company executive has already dubbed it "unethical", saying it is an attempt to weed out competition. 14) Accor to hire 1,100 employees in India Financial Express 03 May Hospitality firm Accor today said it will hire 1,100 people in India this year to meet the needs of its growing network. The company plans to operate 90 hotels in India by 2015. It already has 3,600 employees here, the company said in a statement. "We expect to create significant job opportunities across all segments varying from luxury to upscale, mid-scale and economy to low-cost," Accor India Regional Director Human Resources Ashwin Shirali said. In April, Accor opened five new hotels in India and six more will be opened in 2012, the company said. "By the end of 2012, Accor will operate 23 hotels (4,572 guest rooms) in India and remains on track to achieve its development ambition of 90 hotels by 2015," it said. Accor is determined to hire young versatile talented staff that could be trained to multitask at various levels and will be capable of supporting the broad portfolio of properties, further experiencing faster career advancement, it added. 15) Adidas may shut 200 India stores in addition to the Reebok outlets- ET 07 May Adidas AG could shut down 200 Adidas stores in India, in addition to the Reebok outlets whose closure was announced last week, as it seeks to make local operations profitable. The restructuring was discussed at a global market meet in Phoenix, US, in March, a few days before then India chief executive Subhinder Singh Prem was sacked under controversial circumstances. While the company has declared its intention to shut down a third of Reebok stores (around 265) in India, it has not announced any plans for Adidas outlets. The company has over 650 outlets in India. The person familiar with development said Adidas' main task ahead is to increase the average sales price of products and raise net sales of stores that are performing well, while reduce the number of non-performing ('longer tail') stores in the vicinity. "The company has had enough of growth, it wants profits now," he added. Last week, Adidas AG shook the staid world of sports goods makers by announcing that 'commercial irregularities' in India's Reebok unit had wiped out .`870 crore from its global profits and that it had subsequently dismissed the top management team.

16) Toyota kicks off Go Rural drive; plans more dealerships in smaller cities- The Hindu Business Line 06 May Toyota will have rural India on its radar as it expands the market for its Etios hatchback and sedan this year. The company launched an initiative called Go Rural' in the last quarter of 2011 where a pilot study was carried out in the eastern region. Cars were put on display in the Durgapur area in West Bengal and the response was encouraging enough for Toyota to understand that smaller centres in India were critical to its growth. This was the beginning of our Go Rural' drive. We had our dealers try out something similar in other parts of the country where cars were showcased on select days in a month. We were amazed to see that brand Toyota had so much goodwill despite our relatively negligible presence, Mr Sandeep Singh, Deputy Managing Director of Toyota Kirloskar Motor, told Business Line. This is top priority for us especially when we have been perceived as a city-centric player. It was justified then considering that we largely had the Corolla and Innova to offer. However, the Etios is a mass range product and we just cannot afford to miss rural India, Mr Singh said. 17) Indian handset companies like Micromax, Karbonn Mobiles eye low-cost smartphones- ET 08 May After losing out to Nokia and Samsung in the dual-sim segment, Indian handset makers are now trying to hit jackpot in the smartphone category by replicating features of MNC rivals and breaking the Rs 5,000 barrier for entry-level phones. So, if Micromax has put its money on a speech-recognition application Aisha that mimics Apple's Siri, Karbonn Mobiles has developed its own instant messenger and push-mail service that mirrors BlackBerry's messenger. "This is a good strategy," says Jaideep Ghosh, partner at research firm KPMG. "They are replicating features from global smartphone makers and putting them in low-cost phones," adds Ghosh, who looks at technology, media and telecom at KPMG. Lava Mobiles too is doing something different to stay in the game. It has partnered with Intel to launch the computer chipmaker's first smart phone Xolo - packed with an Atom processor used in netbooks - only in India. The entry price of 22,000 is fairly high for this product, but it hopes to leverage the 'Intel Inside' trust. 18) Nissan checks out what Indian women drivers want- The Hindu Business Line 07 May Ms Rena Sofue of Nissan Motor Company was in India some months ago to check out what women wanted in their cars. The company has carried out a study with female customers in Delhi, Mumbai and parts of Gujarat. It shows that the choice of a small car like the Micra has more to do with tight traffic conditions and narrow roads.Women in India want more features like parking sensors and sound systems, greater comfort and better visibility in their (Nissan) cars, Ms Sofue told Business Line. They also prefer automatics. All these are important inputs to Ms Sofue, who is Manager of Nissan's Attractiveness Creation Group for Women headquartered in Japan. The India study has been more than an eye-opener for the company. The Attractiveness Creation Group has also worked extensively across Asia and some of the findings have been interesting. For instance, Japan and Korea have a lower working ratio while India has the lowest level of working women in Asia, Ms Sofue says. The number here is also lower than in Thailand and the Philippines. In China, 80% of women in the age group of 25-40 work fulltime & it is very hard to find housewives. 19) Air India forced to cancel flights as 100 pilots "call in sick"- Reuters 09 May Air India has cancelled international flights after about 100 pilots called in "sick" late on Monday, in a move to mount pressure on the state-run carrier on their demands for exclusivity in flying Boeing's Dreamliner. The national carrier has about 500 pilots who operate international flights and they have been demanding that pilots from its former state-owned partner Indian Airlines should not be trained to fly Dreamliners, as it may hurt the career prospects of the original Air India employees. The first of the 27 Dreamliners will join the Air India fleet this month. Air India and Indian Airlines were merged in 2007, although the integration process faced much criticism from industry experts. Air India's purchase of Dreamliners was also criticised by the CAG last year for "imposing an undue long-term financial burden". The government has extended a life line to Air India, which is on course to receive a $5.8 billion bailout by 2020. Its 19 lenders are also restructuring $4.2 billion in loans. 20) Dunkin' Donuts enters India- BS 09 May US-based foods chain Dunkin Donuts has come to India just a few months ahead of the arrival of its global archrival Starbucks, by launching its first store in the national capital on Tuesday. Starbucks is expected to launch in September this year. The company, headquartered at Canton in Massachusetts, plans to set up eight to 10 stores this financial year - all in Delhi. That, it says, would earmark its journey to slowly turn out to be a pan-India player with about 100 stores in the country in the next five years. Its strategy is to be an affordable eating place that would bring in the moolah from food. This would thus be unlike the case in the US, where coffee reigns supreme in terms of revenue. Dunkin Donuts like its pizza business is being targeted at urban consumers aged up to 35 years.

INTERNATIONAL NEWS
21) Socialist Francois Hollande defeats Nicolas Sarkozy in French prez election- FoxNews.com 06 May French President Nicolas Sarkozy lost his bid for a second term Sunday to Socialist candidate Francois Hollande, in a vote that could have reverberations across Europe and around the world and especially in Washington. The decision marks a sharp turn away from the budget-cutting policies trumpeted by Sarkozy and other European leaders who tried to respond to the financial crisis by tightening their belts. By contrast, Hollande has called for more spending, financed by more taxes. His election means a Socialist is taking power in Paris for the first time since Socialist Francois Mitterrand was president from 1981 to 1995. "I am proud to have been capable of giving people hope again," Hollande told huge crowds of supporters in his electoral fiefdom of Tulle in central France. "We will succeed!" He also declared in his victory speech that: "Austerity can no longer be inevitable!" 22) Oil drops below $100 first time since February ET 04 May Oil dropped below $100 per barrel for the first time since February following a disappointing U.S. jobs report and warnings of a weakening world economy. Benchmark West Texas Intermediate crude fell as low as $99.90 Friday morning before edging back to $100.21 per barrel in New York. Crude prices are down 2.3% for the day. Oil prices have been falling since Wednesday as analysts and traders increasingly focus on the economy. Government data show that U.S. oil consumption dropped 5.3% in the first quarter, and supplies have been growing for the past six weeks and hit a 22-year high in Cushing, Oklahoma, where benchmark crude is delivered. The European economy also is slowing down as eurozone governments continue to struggle with a mountain of debt. Oil has crossed the $100 mark 21 times during the past year. It rose as high as $113.93 per barrel last April and fell as low as $75.67 per barrel on Oct. 4. As demand falls in the West, OPEC has been delivering more oil to world markets in an effort to force prices even lower. 23) Formula One IPO all set to take off? Firstpost.com 04 May Plans to float Formula One may finally get the green light in the coming weeks, a proposed listing in Singapore giving investors a chance to buy a chunk of the business behind the high-speed motor racing tour. The idea of floating F1 has been around for more than a decade but there appears to be real momentum on this occasion to sell off as much as 30% of the company. Banks UBS and Goldman Sachs have been hired to lead an initial public offering that could value the business at up to $10 billion. Peter Brabeck, chairman of Nestle, has been lined up to chair the company should the flotation proceed. The driving force is private equity firm CVC Capital Partners which has owned 63.4% of the business since 2006 and now plans to cash in. CVC is seeking to cut its stake to 50%. Further impetus could be provided by a 15% stake which was held by US investment bank Lehman Brothers when it collapsed in 2008. A flotation would allow the banks administrators to raise up to $1.5 billion for creditors. 24) Asian markets retreat on Greece bailout uncertainty Reuters 09 May Asian shares fell and the euro stayed pressured on Wednesday, as Greece struggled to form a government two days after elections, raising the risk that a hard-won bailout could be nullified. The uncertainty in Europe sent risk assets sliding across the board on Tuesday, with a broad measure of Greek stocks dropping 3.6% to close at its lowest level in almost 20 years, while European shares sank to a four-month closing low. Safe-haven assets were bid strongly, pushing benchmark German yields to a record low of 1.533 percent on Tuesday, but the weakness in the euro weighed on gold, which is often seen as a safe haven and has a close correlation with the single currency. It fell below $1,600 an ounce for the first time in four months. Greece's Leftist candidate for prime minister set conditions for a new coalition, demanding that pledges made in exchange for an EU/IMF bailout be torn up, which the biggest party said would destroy the country. If Greece does not stick to the aid package terms, it could run out of money as soon as next month, officials estimate. 25) America Movil offers $4.2 bn for KPN stake Financial Express 09 May America Movil, the telecom group controlled by Mexican tycoon Carlos Slim, offered to buy a stake worth up to 3.2 billion Euros ($4.2 billion) in Dutch telecom firm KPN as a base for potential expansion in Europe. America Movil, which is seeking up to 28% of KPN, said it sees the move as a long-term investment that would give it a presence in Europe at a time when the Mexican group has run out of opportunities to expand at home, its chief financial officer said on Tuesday. KPN shares surged more than 20% to their highest since early April, having earlier this month slumped to their lowest in seven years. KPN welcomed the offer, saying it was moderately positive and showed the undervaluation of its shares. America Movil, the biggest mobile operator in Latin America, is a major cash cow for Slim, ranked by Forbes magazine as the worlds richest man, who built his empire by purchasing troubled companies and turning them around.

MISCELLANEOUS NEWS
26) Tata Motors tests vehicles running on air- BS 08 May Tata Motors on Monday said it had successfully tested vehicles running on compressed air on two of its products. It has tied up with Motor Development International (Luxembourg) to produce and sell cars powered by compressed air. Both companies had signed a licence agreement in 2007. The first phase of this programme, which included proof of the technical concept in Tata Motors vehicles, has now been successfully completed, with the compressed air engine concept having been demonstrated in two Tata Motors vehicles. The company said in the second phase of the development, the two companies were working to complete detailed development of the technology and required technical processes to industrialise a market-ready product application over the coming years. 27) Does govt needs US to pacify Mamata, asks CPI(M)- The Financial Express 08 May With US Secretary of State Hillary Clinton meeting West Bengal Chief Minister Mamata Banerjee, the CPI(M) today said "nothing can be a more sorry situation" if the government required American help to pacify its allies. Senior CPI(M) leader Sitaram Yechury was replying to a question about Banerjee's opposition to allowing FDI in retail, an issue raised in India by the visiting US Secretary of State. "If such a situation arises that the government requires US help to pacify its allies or sort out problems within the ruling alliance, nothing can be a more sorry situation for the country. It shows the level of our dependence on the US," Yechury said. Attacking UPA for taking positions "at the behest of the US and in keeping with their interests", Yechury said there has been a significant decline in India buying oil from Iran in the past three months. "Under US pressure, India has also virtually abandoned the Indo-Iran gas pipeline which could have given us cheaper crude. This is not acceptable as it goes against Indian interests," he said. 28) Antique whisky gives investment high to Indians- ET 09 May A rising number of rich Indians are lapping up rare whisky bottles and resist drinking them as special single malts become a popular investment avenue and their collection a global craze. Consider this. There are only three bottles of Dalmore Trinitas, a single malt aged 64 years, with each priced 100,000; and two of these bottles are with people of Indian origin - Sukhinder Singh, who owns world's largest online whisky retailer The Whisky Exchange in London, & Mahesh Patel, an Atlanta-based entrepreneur, who runs Universal Whisky Experience that promotes luxury and super-premium whisky events. Singh started collecting whisky as a hobby 25 years ago, and was surprised by their price escalation. Industry figures show that some of the best investments have been with distilleries such as Macallan, Dalmore and Glenlivet. Last year, a bottle of The Dalmore 62 was sold at Singapore Airport for a world record 125,000. Many rich Indians are joining the whisky collectors club as investment in top 10 whiskies appreciated 400% in four years to end of 2011, compared to 146% increase in gold & 10% rise in diamonds. 29) Hindustan Unilever sets up insights centre to study how Indians shop- ET 07 May World's third-largest consumer goods firm Unilever has set up a Customer Insight and Innovation Centre in Mumbai to study how consumers shop FMCG products-its first such hub in India and seventh in the world. The centre at Andheri will be used by several group companies, in developing and emerging markets, to understand how people shop in both neighbourhood stores as well as modern retail. This is the first such centre that provides shopper insight for both general stores as well as retail chains. The insight centre will simulate the retail environment of any supermarket or neighbourhood store and then invite consumers to shop the virtual store. A device will scan their retina to track the movement of the eye, and then a map will display the spot that catches the consumers' attention. The company will use the data and insights from the centre to plan packaging design for future products. 30) Wealthy Americans queue to give up their passports Bloomberg 03 May Rich Americans renouncing U.S. citizenship rose sevenfold since UBS AG whistle-blower Bradley Birkenfeld triggered a crackdown on tax evasion four years ago. About 1,780 expatriates gave up their nationality at U.S. embassies last year, up from 235 in 2008, according to Andy Sundberg, secretary of Genevas Overseas American Academy, citing figures from the governments Federal Register. The embassy in Bern, redeployed staff to clear a backlog as Americans queued to relinquish their passports. U.S. is the only nation in the OECD that taxes citizens wherever they reside, is searching for tax cheats in offshore centers, including Switzerland, as the government tries to curb the budget deficit. Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport. Renunciations are higher in Switzerland because American expatriates expect extra scrutiny of their affairs after the UBS case and as the U.S. probes 11 other Swiss financial firms for aiding offshore tax evasion.

CORPORATE INTELLIGENCE
JET AIRWAYS
Head Quarters: Mumbai, India Revenue: Rs 145,225.80 million / US$ 2,897.25 million (2010-11) Key People: Naresh Goyal (Founder & Chairman); Nikos Kardassis (CEO) Cleared for Take-off: Naresh Goyal, the aviation-entrepreneur behind Indias largest airline Jet Airways, belongs to an era when Indian fliers had only state-owned Indian Airlines for domestic trips and Air India for international. The Founder-Chairman of Jet airways, who started off as a travel agent, worked in ticketing, reservations & sales for four Mideast carriers before becoming Philippine Airlines' Indian regional manager. In 1974, Goyal started an airline services company Jetair, whose clients were foreign airlines that needed marketing studies and traffic analysis. As part of the ongoing diversification of his business activities, Goyal set up Jet Airways as a fullservice scheduled airline to compete against state-owned Indian Airlines in 1991, taking advantage of the opening of the Indian economy and the enunciation of the Open Skies Policy by the Government of India. Jet Airways started commercial operations on 5 May 1993, with a fleet of four leased Boeing 737-300 aircraft. The Flying Sun: Passionate about his business, Goyal sought out the best talent the world had on offer for his airline and was clear that top jobs in the organisation, including the CEO, the COO & the head of engineering, would be manned by expats. While the Indian airline industry was deregulated in 1992, many rules were left in place to favour Air India. After another round of reforms the airline industry took off, starting in 2004. For Goyal, no longer content with being a domestic airline, this was the big moment to realize his aspirations of taking Jet global and take on the best in his business like Singapore Airlines, a company he was always in awe of. Starting in 2005, Jet planned operations at a dozen international airports all the way from Brussels to San Francisco. In the years that followed, Jet inducted close to 400 foreign pilots, almost 40% of its total strength. As far as Goyal was concerned, his ever growing cadre of expats was a badge of honour to be worn proudly. So while Goyal, with his pronounced Punjabi accent, exuded a rustic charm, his expat managers became his sophisticated, public face in global forums or to raise Rs. 1,899 crore for a hugely successful IPO. The discipline, practices and experiences expats introduced benefited the airline tremendously. For instance, Nikos Kardassis, a Greek American who was the second CEO at the company, is credited with creating a global footprint for the airline though it operated only in India. He engineered code shares with dozens of foreign airlines which enhanced the upstart airlines connectivity. Expat CEOs also helped build the foundation for making Jet the carrier of choice for business fliers. Jets carefully structured mileage programme was the envy of its rivals. In 2007, Jet bought budget airline Air Sahara, renaming it JetLite and opened a European hub in Brussels, Belgium, in a bid to increase Jets domestic and international revenues. The Expat Obsession & LCC Threat: Even as Goyal kept carving one victory after another, there was something creeping up behind him. Resentment against the expats & simmering discontent in the ranks plus low cost airlines, an idea he has always dismissed condescendingly. Both of which, he was blindsided to. For various reasons, he had always maintained that in India, low cost carriers (LCC) wouldnt work. He was wrong. They did. The numbers proved it. And when the global downturn hit home towards the end of 2008, passengers shifted en masse to the lowest cost options they had. Compelled to do a U-turn, Goyal launched a new low-fare flying service, Jet Airways Konnect, by taking away half the number of flights from his flagship brand, Jet Airways and then in a complete break with his business philosophy, he made Jet Konnect a low-cost carrier, setting prices that competed with the likes of SpiceJet and Indigo. While Jet Konnect strategy may have helped Jet Airways hold market share at 28% for a while, it failed to make long-term business sense. And neither did JetLite, yet another low fare offering extinguished by Jet recently in March 2012. Neither service had the operational efficiencies of a low-cost carrier like Indigo, nor was their cost structure low enough to sustain a low-fare strategy. INTELLIGENCE BYTES The largest Indian airline has not remained untouched in hard times of higher interest rates, rupee depreciation and high fuel cost, grappling with losses & burdening debts in its income statement and balance sheet. The stock of the company which made a 52-week high of Rs 744.80 on January 11, 2011, plummeted by nearly 73% in exactly a year. With the Directorate General of Civil Aviation giving airlines a 2013 deadline to phase out expatriate pilots, IndiGos growth threatening to dethrone Jet as the countrys biggest domestic airline in terms of market share and significant losses in 3 of the last 4 years for Jet, the Mumbai-based airline is on a relentless drive to cut costs, as it tries to straddle the full-service and lowfare models. Being the canny businessman that he is, Naresh Goyal has begun to look at every strategic option that is there on the table, as he tries to rework his magic with his team to keep his airline out of turbulence.

SOURCES
SOURCES FOR ECONOMIC INDICATORS, STATS & GRAPHS http://www.bloomberg.com/markets/ http://www.economist.com/blogs/graphicdetail/2012/05/daily-chart-4 SOURCES FOR COVER STORY: http://www.firstpost.com/india/lessons-from-the-alex-paul-kidnap-on-dealing-with-maoists-298271.html http://www.hindustantimes.com/editorial-views-on/Edits/Held-hostage-by-ad-hocism/Article1-848149.aspx http://www.rediff.com/news/column/how-to-neutralise-the-maoist-challenge-column/20120507.htm http://www.dailypioneer.com/columnists/item/51519-is-india-losing-to-maoism?.html http://www.deccanchronicle.com/editorial/dc-comment/maoist-claims-are-seen-be-hollow-872 http://indiatoday.intoday.in/story/state-vs-maoists-abduction-strategy-alex-menon-jhina-hikaka/1/186077.html SOURCES FOR PERSONALITIES OF THE WEEK: http://en.wikipedia.org/wiki/Jack_Welch http://www.ge.com/company/history/bios/john_welch.html http://www.woopidoo.com/biography/jack-welch.htm http://www.investingvalue.com/investment-leaders/jack-welch/index.htm http://www.buzzle.com/articles/biography-of-jack-welch.html http://www.freeinfosociety.com/article.php?id=38 http://en.wikipedia.org/wiki/Chad_Hurley http://www.biography.com/people/chad-hurley-201192?page=1#profile http://www.evancarmichael.com/Famous-Entrepreneurs/1172/The-Youngsters-Behind-YouTube-The-Early-Years-of-Chad-Hurleyand-Steve-Chen.html http://www.notablebiographies.com/newsmakers2/2007-A-Co/Chen-Steve-and-Hurley-Chad.html http://www.youngentrepreneur.com/blog/modeling-masters/profile-on-chad-hurley/ http://thenextweb.com/insider/2012/04/03/chad-hurley-on-the-future-of-delicious-and-youtubes-place-in-the-new-online-videolandscape/ SOURCES FOR ARTICLES (1-30) Hillary Clinton lauds India for reducing dependence on Iranian oil- ET 09 May http://economictimes.indiatimes.com/news/politics/nation/hillary-clinton-lauds-india-for-reducing-dependence-on-iranianoil/articleshow/13063882.cms http://www.thehindubusinessline.com/industry-and-economy/article3391003.ece?homepage=true 2. Iran, India biz talks begin amid US pressure The Hindu Business Line 08 May http://www.thehindubusinessline.com/industry-and-economy/government-and-policy/article3394034.ece http://www.thehindu.com/business/article3394615.ece 3. Rupee breaches 53 mark, may slide to 55 TOI 03 May http://timesofindia.indiatimes.com/business/india-business/Rupee-breaches-53-mark-may-slide-to-55/articleshow/12974364.cms 4. Pranab soothes frayed FII nerves, defers tax avoidance rules by a year- The Hindu Business Line 08 May http://www.thehindubusinessline.com/industry-and-economy/economy/article3393415.ece?homepage=true http://www.business-standard.com/india/news/gaar-fears-cost-indian-markets-10-bn-foreign-money/164318/on 5. Adidas may shut 200 India stores in addition to the Reebok outlets- The Economic Times 07 May http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/adidas-may-shut-200-india-stores-in-addition-tothe-reebok-outlets/articleshow/13027847.cms 6. RIM bets on BlackBerry without keyboard to challenge Apple Bloomberg 03 May http://www.bloomberg.com/news/2012-05-02/rim-ceo-bets-on-blackberry-without-keyboard-to-challenge-apple.html 7. Deal done, but Biyani still bets big on fashion BS 03 May http://www.business-standard.com/india/news/deal-donebiyani-still-bets-bigfashion/473253/ 8. Reliance Industries fined Rs 6,600 crore for KG-D6 output fall ET 04 May http://articles.economictimes.indiatimes.com/2012-05-04/news/31559336_1_oil-ministry-ril-executives-kg-d6 9. 2G: Telecom chiefs team up to take battle to govt The Hindu Business Line 03 May Apr http://www.thehindubusinessline.com/industry-and-economy/economy/article3376733.ece?homepage=true 10. Tata Realty and Infra to foray into hospitality BS 06 May http://www.business-standard.com/india/news/tata-realtyinfra-to-foray-into-hospitality/473540/ 11. RBI eases FX inflows after rupee skids Reuters 05 May http://in.reuters.com/article/2012/05/04/rbi-inflows-idINDEE84308R20120504?type=economicNews 12. Jet Airways collaborates with Disney Channel's summer campaign The Hindu Business Line 04 May http://www.thehindubusinessline.com/industry-and-economy/logistics/article3384459.ece?ref=wl_industry-and-economy 13. Cipla shocks rivals by slashing cancer drug prices up to 75% ET 04 May http://articles.economictimes.indiatimes.com/2012-05-04/news/31573060_1_cancer-drug-iressa-sorafenib 14. Accor to hire 1,100 employees in India Financial Express 03 May http://www.financialexpress.com/news/accor-to-hire-1-100-employees-in-india/944970/0 1.

15. Toyota kicks off Go Rural' drive; plans more dealerships in smaller cities- The Hindu Business Line 06 May http://www.thehindubusinessline.com/companies/article3390887.ece?ref=wl_industry-and-economy 16. Indian handset companies like Micromax, Karbonn Mobiles eye low-cost smartphones- ET 08 May http://articles.economictimes.indiatimes.com/2012-05-08/news/31626641_1_shashin-devsare-karbonn-mobiles-smartphones

17. TCS is fourth most-valued IT services brand globally- BS 08 May http://www.business-standard.com/india/news/tcs-is-fourth-most-valued-it-services-brand-globally/473725/ 18. Nissan checks out what Indian women drivers want- The Hindu Business Line 07 May http://www.thehindubusinessline.com/companies/article3394431.ece 19. Air India forced to cancel flights as 100 pilots "call in sick"- Reuters 09 May http://in.reuters.com/article/2012/05/08/airindia-idINDEE84704X20120508 20. Dunkin' Donuts enters India- BS 09 May http://www.business-standard.com/india/news/dunkin/-donuts-enters-india/473838/ 21. Socialist Francois Hollande defeats Nicolas Sarkozy in French prez election- FoxNews.com 06 May http://www.foxnews.com/world/2012/05/06/sarkozy-expected-to-be-defeated-as-polls-open-across-france-in-presidential/ 22. Oil drops below $100 first time since February ET 04 May http://articles.economictimes.indiatimes.com/2012-05-04/news/31572819_1_benchmark-west-texas-intermediate-oil-price-informationservice-phil-flynn 23. Formula One IPO all set to take off? Firstpost.com 04 May http://www.firstpost.com/investing/formula-one-ipo-all-set-to-take-off-298752.html?utm_source=moneycontrol.com&utm_medium=RHSWidget 24. Asian markets retreat on Greece bailout uncertainty Reuters 09 May http://in.reuters.com/article/2012/05/09/markets-global-idINDEE84800220120509 25. America Movil offers $4.2 bn for KPN stake Financial Express 09 May http://www.financialexpress.com/news/america-movil-offers-4.2-bn-for-kpn-stake/947068/ 26. Tata Motors tests vehicles running on air- BS 08 May http://www.business-standard.com/india/news/tata-motors-tests-vehicles-runningair/473729/ 27. Does govt needs US to pacify Mamata, asks CPI(M)- The Financial Express 08 May http://www.financialexpress.com/news/does-govt-needs-us-to-pacify-mamata-asks-cpim/946910/ 28. Antique whisky gives investment high to Indians- ET 09 May http://economictimes.indiatimes.com/news/news-by-industry/cons-products/liquor/antique-whisky-gives-investment-high-toindians/articleshow/13057851.cms 29. Hindustan Unilever sets up insights centre to study how Indians shop- ET 07 May http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/hindustan-unilever-sets-up-insights-centre-tostudy-how-indians-shop/articleshow/13028965.cms 30. Wealthy Americans queue to give up their passports Bloomberg 03 May http://www.bloomberg.com/news/2012-05-01/wealthy-americans-queue-to-give-up-passports-in-swiss-capital.html CORPORATE INTELLIGENCE SOURCES JET AIRWAYS http://www.jetairways.com/EN/IN/InvestorRelations/financials.aspx http://forbesindia.com/article/briefing/here-is-why-jetlite-does-not-exist-any-more/32728/0?id=32728&pg=0 http://forbesindia.com/article/boardroom/jet-and-kingfishers-return-flight/31082/0 http://forbesindia.com/article/boardroom/naresh-goyal-is-flying-solo/5312/0 http://www.jetairways.com/EN/VN/AboutUs/ChairmanProfile.aspx http://www.goodreturns.in/news/2012/01/11/year-jet-airways-tumbles-73.html http://www.rediff.com/business/report/jet-freezes-expat-pilot-hiring/20120507.htm http://en.wikipedia.org/wiki/Jet_Airways