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Need to Know | Deutsche hires head for India wealth unit

Need to Know | Deutsche hires head for India wealth unit
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First Published: Wed, Jan 14 2009. 11 31 PM IST
Updated: Wed, Jan 14 2009. 11 31 PM IST
Mumbai: Deutsche Bank AG has hired Ajay Bagga, former chief executive of Lotus India Asset Management Co. Pvt. Ltd, as head of its Indian private banking arm, two officials with direct knowledge of the matter said.
Bagga, who left Lotus late last year after the firm was sold to Religare Enterprises Ltd, joined Deutsche Bank’s private wealth management as managing director and head on Wednesday, officials said.
Reuters
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3i appoints Anil Ahuja as Asia business head
Mumbai: Global private equity player 3i Group Plc. has appointed Anil Ahuja as the head of the company’s Asia business.
“Anil’s appointment is consistent with our approach of developing local Asian talent to lead this growing business,” 3i Asia chairman Chris Rowlands said in a statement.
Ahuja would lead 3i’s investment teams to deliver its strategic objectives across Asia, working with local business heads in China, Singapore and India.
Ahuja would be based out of Singapore.
—PTI
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Jim Leng is Rio Tinto’s new chairman
London: Anglo-Australian mining company Rio Tinto announced on Wednesday the appointment of Jim Leng, currently deputy chairman of Tata Steel Ltd, as its new chairman.
Leng will take over from current chairman Paul Skinner on 20 April, and becomes chairman designate with immediate effect, the group said in a statement.
—AFP
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Not holding back on capex, says M&M
New Delhi: Auto maker Mahindra and Mahindra Ltd (M&M) said on Wednesday it will not hold back its capex, including the Rs4,000 crore investment for setting up a greenfield plant at Chakan in Maharashtra, notwithstanding the slowdown that the automotive industry is going through.
“We are not reviewing any of our projects. That means we are not holding any of our product plans and whatever capex is associated with that is happening,” M&M chief operations officer (automotive sector) Rajesh Jejurikar told reporters here. He said M&M is also not shutting down its plants at the moment.
—PTI
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Pakistan deploys troops on Indian border
New Delhi: Pakistan has deployed additional troops along the border with India since the Mumbai attacks, but India has not responded in a similar manner, the Indian army chief said on Wednesday.
“The aspect of some (Pakistani) troops coming towards the east...we are aware. That has happened,” General Deepak Kapoor told reporters. “They have come to the eastern border of Pakistan with India.”
Pakistan’s military has denied any build-up of forces on the Indian border.
Kapoor said India’s armed forces were in a state of full preparedness.
Reuters
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BoA to decide on nine SEZ proposals today
New Delhi: The board of approval (BoA) will consider nine proposals for setting up special economic zones (SEZs) at its meeting here on Thursday.
The proposals listed on the agenda for the meeting include those of Larsen and Toubro Ltd (L&T), JSW Aluminium and Navi Mumbai SEZ, promoted by Anand Jain, an aide of Reliance Industries Ltd chairman Mukesh Ambani.
—PTI
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Indian firm to invest $250 mn in Cameroon
Yaounde, Cameroon:Angelique International Ltd of India may build power and water projects in Cameroon worth $250 million (Rs1,217.5 crore), Mohinder Pratap Gupta, a director of the company, told reporters in Yaounde, the capital of the African country, on Tuesday.
The New Delhi-based company on Tuesday signed a memorandum of understanding with the government of Cameroon. Cameroon will apply to the Export-Import Bank of India for financing, Jean Bernard Sindeu, Cameroon’s minister of water resources and energy, told reporters.
—Bloomberg
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World oil industry needs $26 trillion over 22 years
New Delhi: Investments of as much as $26 trillion (Rs1,266 trillion) may be needed over the next 22 years in developing the world’s oil industry, the International Energy Agency said.
Production cuts by the Organization of Petroleum Exporting Countries (Opec) may cause oil prices to rise when the global economy recovers, Richard H. Jones, the Paris-based agency’s deputy executive director, said at a conference in New Delhi.
They are making announcements of oil cuts in the hope that prices will go up, but they should understand the world economy needs a break from high oil prices, he said.
—Bloomberg
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ONGC, Arrow to jointly bid for methane blocks
New Delhi: Oil and Natural Gas Corp. Ltd (ONGC), India’s biggest exploration company, signed a preliminary agreement with Australia’s Arrow Energy Ltd. to jointly bid for coal-seam methane blocks globally.
The accord was signed in New Delhi on Wednesday, ONGC said in an emailed statement.
—Bloomberg
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India offers Qatar a 10% stake in Petronet LNG
New Delhi: India has offered Qatar a 10% stake in state-controlled Petronet LNG Ltd, Union petroleum minister Murli Deora said in New Delhi on Wednesday.
We will consider the offer, Qatari oil minister Abdullah bin Hamad al-Attiyah said. It has to be done through the Qatar investment board.
Qatar will also increase its exports to the country to 7.5mt a year from the current 5mt, Qatar’s oil minister said.
—Bloomberg
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Essar seeks adequate gas for Hazira plant
New Delhi: Ruias-led Essar Steel Ltd has approached the government for adequate allocation of gas from state-owned oil companies for its 4.6- million tonne (mt) plant at Hazira.
In response, steel minister Ram Vilas Paswan has written a letter to petroleum minister Murli Deora, saying Essar Steel’s request for supplying gas resourced through Petronet and supplied under pricing agreement from Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Gujarat State Petroleum Corp. Ltd, may be considered.
The industry, however, is apprehensive with steel sector not finding a place in the priority list.
—PTI
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India culls 524,000 birds since avian flu outbreak
Bangalore: India culled at least 524,000 birds in West Bengal and Assam to contain an outbreak of avian flu among poultry, the government said.
About 290 health workers are conducting house-to-house inspections in Darjeeling district of West Bengal, where 41,906 birds have been culled so far, according to an emailed statement from New Delhi. The government confirmed an outbreak of the flu in the district on 6 January.
In Assam, avian flu has spread to eight districts since November and 772 health workers are monitoring the outbreak, according to the statement.
More than 483,000 birds have been culled in Assam and sufficient anti-viral drugs are in stock with the state government, according to the statement.
—Bloomberg
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IBM leads race with 4,186 patents in 2008
New Delhi: Technology company International Business Machines Corp. (IBM) leads the patents race for the 16th year in a row, with 4,186 patents granted in 2008 in the US, followed by Samsung and Canon.
“IBM has become the first company to get more than 4,000 patents in a year, which is more than the combined number of patents of Microsoft, Hewlett-Packard (HP), Oracle, Apple, EMC, Accenture and Google,” IBM India research laboratory director Guruduth Banavar said.
Samsung received 3,515 patents followed by Canon (2,114), Microsoft (2,030) and Intel (1,776).
—PTI
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HC asks Centre to file affidavit on 3G auction
New Delhi: The Delhi high court on Wednesday asked the Centre to keep it posted on the latest developments on auctioning of 3G spectrum (radio frequency) for next generation mobile services.
The court asked the department of telecommunications (DoT) to file an “affidavit” by 24 January when the matter would be taken up for further hearing. The court passed the order on a public interest litigation which sought a direction to the government to also auction spectrum that DoT expects the defence ministry to vacate. At present, DoT proposes to auction only the frequency that is readily available with it now.
—PTI
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ESPN can face criminal prosecution: Delhi HC
New Delhi:The Delhi high court on Wednesday said global sports broadcaster ESPN can face criminal prosecution if it fails to comply with broadcast regulator Telecom Regulatory Authority of India’s (Trai) directions on tariffs charged from DTH operators for its channels.
The court granted ESPN two days to file its amended reference interconnect offer (RIO) before Trai and posted the matter for hearing on Friday.
—PTI
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Moser Baer India repurchases FCCBs
Mumbai: Optical storage maker Moser Baer India Ltd said on Wednesday it has repurchased 20 foreign currency convertible bonds (FCCBs) for $500,000 (Rs2.4 crore).
Reuters
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RIL promoters increase stake in the firm to 49%
Mumbai: Promoters of Reliance Industries Ltd (RIL) increased their stake in the country’s largest private sector company to more than 49% at the end of the quarter ending 31 December.
The promoters of the Mukesh Ambani-led firm purchased 120 million shares in the period between September and December, according to the latest shareholding pattern information available on the Bombay Stock Exchange (BSE).
For the quarter ended 31 December, RIL promoters hold 771,698,164 shares amounting to a 49.03% stake, while they held 651,258,164 shares, or 44.80%, in the September quarter.
RIL shares closed 9% higher at Rs1178.15 on BSE.
—PTI
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PSI Data Systems Q3 net loss at Rs5.59 cr
Mumbai: PSI Data Systems Ltd, an Aditya Birla group company, said on Wednesday its net loss for the third quarter ended 31 December stood at Rs5.59 crore, against a net profit of Rs61.96 lakh in the year-ago period.
Total income fell to Rs22.33 crore for the quarter under review from Rs25.63 crore of the same quarter last year, PSI Data Systems said in a filing to the Bombay Stock Exchange.
—PTI
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GTL Infrastructure posts Q3 net loss at Rs1.4 cr
Mumbai: GTL Infrastructure Ltd on Wednesday announced its third quarter net loss at Rs1.4 crore for the quarter ended 31 December against a net loss of Rs16 crore in the year-ago period.
Total income rose to Rs75.47 crore for the quarter under review against Rs45.08 crore in the same quarter last year.
—PTI
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SBI Home Finance’s Q3 net loss at Rs5.37 cr
Mumbai: SBI Home Finance said on Wednesday that its net loss for the third quarter ended 31 December stood at Rs5.37 crore against a net loss of Rs5.12 crore in the year-ago period.
Total income of the company stood at Rs7.23 lakh for the quarter under review, while it had a net income of Rs32.75 lakh for the same period a year ago, the company said in a filing to the Bombay Stock Exchange (BSE).
However, in a disclosure to BSE, SBI Home informed that “the company has stopped all its operations and is not a concern”.
Earlier, in 2005, the National Housing Bank had cancelled the licence of SBI Home Finance, a subsidiary of State Bank of India.
—PTI
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First Published: Wed, Jan 14 2009. 11 31 PM IST