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India plan panel deputy sees inflation at 5-6 pct by Dec

July 15, 2010 By vani Leave a Comment

July 14 (Reuters) – India’s wholesale price inflation will ease to 5 percent to 6 percent by December, deputy chairman of planning commission Montek Singh Ahluwalia told reporters on Wednesday.

While India is on track to grow at 8.5 percent in the fiscal year that ends in March 2011, it is grappling with wholesale price index (WPI) inflation that has hit 10.55 percent in June.

Markets widely expect India’s central bank to raise policy rates by 25 basis points in its scheduled policy review on July 27.

(Reporting by Manoj Kumar; editing by Malini Menon)

Filed Under: International News Tagged With: basis points, deputy chairman, fiscal year, India, July 14, menon, montek singh ahluwalia, pct, planning commission, Price Inflation, reuters, s central, wholesale, wholesale price index, wpi

UPDATE 1-Anglo American CEO to chair Anglo Platinum unit

July 6, 2010 By vani Leave a Comment

LONDON, July 5 (Reuters) – The chief executive of Anglo American Plc (AAL.L), Cynthia Carroll, will become the chairwoman at the group’s biggest unit, Anglo Platinum (AMSJ.J), which has been striving to cut costs.

Carroll, who launched a reorganisation of the group earlier this year to cut management layers, will take over as chairwoman on Sept. 1, following the resignation of Fred Phaswana, a statement said on Monday.

The company gave no further detail about the appointment.

Carroll has been closely involved with turning around South Africa’s Angloplat, which last year accounted for 31 percent of the group’s net operating assets but only 1 percent of operating profit.

On May 17, Angloplat, the world’s No. 1 producer of the metal, said its first-half headline earnings were expected to rise 20 percent compared with last year. [ID:nLDE64G1NG]

“I have worked closely with Cynthia since I became CEO of Anglo Platinum, during a time when we have achieved a significant restructuring and operational turnaround of the world’s leading platinum company,” Angloplat CEO Neville Nicolau said.

The firm said Valli Moosa will become deputy chairman of Angloplat. (Reporting by Eric Onstad; editing by Simon Jessop)

Filed Under: International News Tagged With: aAl, Anglo American Plc, Anglo Platinum, Angloplat, chairwoman, Cynthia Carroll, deputy chairman, Headline Earnings, Jessop, Management Layers, moosa, Neville, Nicolau, Onstad, Operating Assets, operating profit, reorganisation, resignation, reuters, turnaround

India adviser:inflation to be “comfortable” by Dec

July 6, 2010 By vani Leave a Comment

July 5 (Reuters) – India headline inflation will ease into a comfortable zone by December, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said on Monday.

India’s central bank on Friday raised interest rates earlier than expected, ahead of its July 27 policy review, days after the government freed up fuel prices. Analysts expect another 25-basis points hike on July 27, on concerns over inflation hovering above 10 percent.

The central bank projects headline inflation INWPI=ECI, which hit 10.16 percent in May, to fall to 5.5 percent at end-March.

(Reporting by C.J. Kuncheria; editing by Malini Menon)

Filed Under: International News Tagged With: adviser, Bank Projects, basis points, deputy chairman, ECI, fuel prices, headline inflation, India, interest rates, menon, montek singh ahluwalia, planning commission, reuters, s central

India adviser:wk/wk price moves not to affect fuel reforms

June 17, 2010 By vani Leave a Comment

June 16 (Reuters) – Weekly movements in India’s inflation will not have any impact on reforms to free fuel prices, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, told reporters on Wednesday.

A panel of ministers has deferred taking a decision on freeing fuel prices on worries over its impact on prices. (Reporting by Rajesh Kumar Singh; editing by Malini Menon)

Filed Under: International News Tagged With: adviser, deputy chairman, free fuel, fuel prices, India, inflation, menon, montek singh ahluwalia, planning commission, Rajesh Kumar, reuters, worries

Aker Solutions ASA: Lieungh leaves Aker Solutions

June 17, 2010 By vani Leave a Comment

16 June 2010 – Simen Lieungh is stepping down from his position as President & CEO of
Aker Solutions. Chief Financial Officer Leif H. Borge will act as President until
Lieungh’s successor has been recruited. During this period, Mr Øyvind Eriksen will in
his capacity as Executive Chairman of the Aker Solutions Board take on the CEO role.

Lieungh’s departure, with effect from Wednesday 16 June, has been agreed with the Board
of Directors. The Board will now start the process of identifying and engaging his
successor – a process they expect will take some time.

“Aker Solutions has moved forward under Lieungh’s leadership. Despite some challenging
projects, the company has produced record results and today the order book is in good
shape” says Øyvind Eriksen. “Leif Borge and I will work closely together, keeping a
steady course until the new CEO is in place. There will be no change in strategic
direction,” continues Eriksen.

Lieungh has been with the company for 22 years. After his early days as a planning
engineer, he was rapidly promoted to project director and then executive director,
before becoming President & CEO of the company.

“My departure from the company is the result of an understanding that the Board and I
have arrived at over some time. It is not a result of any specific issues related to
operations or projects. I don’t intend to discuss this in any more detail but will say
that I am sorry not to be part of Aker Solutions’ continuing success, and that I look
forward to seeing the results of the work that we have started together,” says Simen
Lieungh.

In his interim role Øyvind Eriksen will not take part in any decisions that concern Aker
Solutions’ commercial or business relations with Aker ASA or other companies owned by
Aker.

Øyvind Eriksen will continue as President & CEO of Aker ASA.

The Aker Solutions Board has appointed director Mikael Lilius as deputy chairman. He
will take an active role in the company’s ongoing strategy work. Board member Lone Fønss
Schrøder will take Eriksen’s place on the audit committee until in the new President &
CEO is in place.

Lieungh will receive six months’ salary in lieu of notice and the equivalent of a
further 14 months’ salary as severance pay. His annual salary is NOK 4.5 million. While
acting as president, Leif Borge’s salary will be increased by the equivalent of NOK 1
million per year.

More information about Aker Solutions’ Board of Directors and Executive Management Team
is available at www.akersolutions.com http://www.akersolutions.com/ .

ENDS

For further information, please contact:

Media
Geir Arne Drangeid, Exec Vice President, Communications, Aker Solutions ASA. Tel: +47 67
51 30 36

Investor relations
Lasse Torkildsen, SVP Investor Relations, Aker Solutions ASA. Tel: +47 67 51 30 39

Career opportunities
Visit http://www.akersolutions.com/Internet/CareerCentre/default.htm

http://www.akersolutions.com/Internet/CareerCentre/default.htm

Aker Solutions ASA, through its subsidiaries and affiliates (“Aker Solutions”), is a
leading global provider of engineering and construction services, technology products
and integrated solutions. Aker Solutions’ business serves several industries, including
oil & gas, refining & chemicals, mining & metals and power generation. The Aker
Solutions group is organised in a number of separate legal entities. Aker Solutions is
used as the common brand/trademark for most of these entities

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

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June 17, 2010 By vani Leave a Comment

June 16 (Reuters) – India’s food inflation could rise in the next two weeks, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, told reporters on Wednesday.

Food prices rose an annual 16.74 percent in end May, adding upward pressure on headline inflation INWPI=ECI. (Reporting by Rajesh Kumar Singh; editing by Malini Menon)

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Opel gets more time to lobby Germany on aid

June 5, 2010 By vani Leave a Comment

(Reuters) – The German government has delayed a vote which was expected to rule out federal aid for General Motors’ GM.UL European unit Opel, giving Opel’s supporters a few more days to lobby Berlin to change its mind.

The German rescue fund’s four-person steering committee, which includes Chancellor Angela Merkel’s chief economic advisor Jens Weidmann, pushed back a meeting scheduled for 1200 GMT on Friday to an unspecified date next week.

Calling off the meeting prolongs an 18-month long waiting game for the loss-making European brand, which first sought help from German state and federal governments in November 2008.

All parties had originally hoped a final decision would have been made by the end of May, but many deadlines have come and gone during a saga that dominated headlines ahead of general elections last September.

All signs out of Berlin recently had pointed to a decision against extending aid, increasing fears among the workforce and the four German regional states home to manufacturing plants.

Opel’s labor leaders stuck to their plan to hold a demonstration together with powerful German union leader Berthold Huber in front of the Frankfurt stock exchange on Monday to pressure Berlin to guarantee 90 percent of a 1.3 billion euro loan the carmaker applied for.

The carmaker argues that backstopping its loan would only partly help to restore an even playing field to the European auto industry, since other rivals were able to borrow outright billions from the European Investment Bank last year — something it never could, since it lacks a credit rating.

CHANCELLOR LAST HOPE

“Compared to the rescue package for Greece, there is a considerably lower likelihood that Opel would ever need to actually draw on taxpayer funds,” deputy chairman and works council boss Klaus Franz told Reuters on Friday.

Unions at Opel believe Germany would attach enough strings to its support, better ensuring job security for the 25,000 workers here than were GM to finance the turnaround plan at its European unit on its own.

Germany’s obligations to support struggling euro zone governments like Greece while at the same time mapping out its own plan for fiscal consolidation has stretched Berlin’s finances substantially, however, reducing the chance for a profitable GM to receive aid for Opel.

Economics Minister Rainer Bruederle, a liberal who eschews state intervention in general and has long argued against guaranteeing loans for Opel, said on Tuesday that a panel of business experts advising the rescue fund was “very critical” of extending support.

The state premier of Thuringia, home to Opel’s Eisenach plant and lately the most aggressive supporter of state aid, called on Merkel to intervene in favor of a guarantee.

“The chancellor is not entirely without influence,” Christine Lieberknecht told MDR state radio station.

(Additional reporting by Jan Schwartz in Hamburg; Editing by Jon Loades-Carter)

($1=.8205 Euro)

Filed Under: International News Tagged With: Angela Merkel, carmaker, chancellor angela merkel, deputy chairman, economic advisor, European Auto, European Investment Bank, federal governments, Frankfurt Stock Exchange, general elections, German state, German Union, Job Security, Labor Leaders, last hope, Manufacturing Plants, Regional States, Taxpayer Funds, waiting game, Weidmann

UPDATE 2-Opel gets more time to lobby Germany on aid

June 5, 2010 By vani Leave a Comment

BERLIN/FRANKFURT, June 4 (Reuters) – The German government has delayed a vote which was expected to rule out federal aid for General Motors’ [GM.UL] European unit Opel, giving Opel’s supporters a few more days to lobby Berlin to change its mind.

Calling off the meeting prolongs an 18-month long waiting game for the loss-making European brand, which first sought help from German state and federal governments in November 2008.

All signs out of Berlin recently had pointed to a decision against extending aid, increasing fears among the workforce and the four German regional states home to manufacturing plants.

Opel’s labour leaders stuck to their plan to hold a demonstration together with powerful German union leader Berthold Huber in front of the Frankfurt stock exchange on Monday to pressure Berlin to guarantee 90 percent of a 1.3 billion euro loan the carmaker applied for. [ID:nLDE64O0GC]

CHANCELLOR LAST HOPE

The state premier of Thuringia, home to Opel’s Eisenach plant and lately the most aggressive supporter of state aid, called on Merkel to intervene in favour of a guarantee.

“The chancellor is not entirely without influence,” Christine Lieberknecht told MDR state radio station. (Additional reporting by Jan Schwartz in Hamburg; Editing by Jon Loades-Carter) ($1=.8205 Euro)

Filed Under: International News Tagged With: Angela Merkel, carmaker, chancellor angela merkel, deputy chairman, economic advisor, European Auto, European Investment Bank, federal governments, Frankfurt Stock Exchange, general elections, german government, German state, German Union, labour leaders, last hope, Manufacturing Plants, Regional States, Taxpayer Funds, waiting game, Weidmann

Krishna’s US visit starts from June 1

May 29, 2010 By vani Leave a Comment

With the Obama administration keen to elevate its dialogue with New Delhi, external affairs minister SM Krishna will leave for the US for the first ministerial-level strategic dialogue.

The three-day strategic dialogue from June 1, will be co-chaired by US secretary of state Hillary Clinton. The talks between Krishna and Clinton are also expected to lay the ground for US President Barack Obama’s visit to India later this year. Krishna will be accompanied by several senior ministers, including HRD minister Kapil Sibal, deputy chairman of Planning Commission Montek Singh Ahluwalia and foreign secretary Nirupama Rao, and other senior officials.

While strategic talks between the two democracies have taken place, this will be the first ministerial-level dialogue. US administration is keen on transforming relations and expanding ties in key sectors such as education, agriculture and space. It has already completed strategic talks with China and Pakistan. While the focus of the talks will be bilateral, regional issues will also be high on the agenda. Terrorism and Af-Pak will be on the table. Clinton needs to reassure Krishna that the US is not tilting towards Pakistan because of its dependence on its Army.

Referring to the inaugural India-US strategic dialogue led by Krishna and Clinton, State Department spokesman P J Crowley said at a briefing, “I think the strategic dialogue speaks for itself. We have very strong cultural ties to India, so we look forward to the strategic dialogue.”

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India a great and emerging global power: US

May 27, 2010 By vani Leave a Comment

Ahead of Indo-US Strategic Dialogue, an Obama Administration official termed India as a “great and emerging global power” and said the talks, next week, will take the relationship between the two nations to a new level.

“I think the strategic dialogue speaks for itself. India is a great and emerging global power. Our range of interests are significant in terms of the environment, in terms of regional security, in terms of counterterrorism, economic issues,” State Department spokesman P J Crowley told reporters here.

Leading a high-power delegation of several Cabinet Ministers, External Affairs Minister S M Krishna is scheduled to arrive in Washington in the next couple of days for the first Indo-US Strategic Dialogue from June 1 to June 4.

While the names of the Indian delegation has not been announced yet, it is expected that it would include Human Resources Development Minister Kapil Sibal; Deputy Chairman of Planning Commission Montek Singh Ahluwalia; Minister for Science and Technology Prithvitaj Chauhan; and Foreign Secretary, Nirupama Rao.

Secretary of State Hillary Clinton – who returned from her week-long three-nation Asia trip from Japan, China and Seoul — would lead the American delegation.

During Clinton’s visit to India, last year, it was decided that the strategic dialogue should be launched between the two countries.

“We have very strong cultural ties to India, so we look forward to the strategic dialogue. It’s something that the Secretary and the President (of the US) felt important to elevate the level of our coordination and cooperation. So we look forward to the dialogue,” Crowley said in response to a question.

“I think our relations with India have never been stronger. We are talking about the relations between the largest and oldest democracies in the world. We have a great deal in common and we look forward to the meetings next week,” Crowley said.

Filed Under: International News Tagged With: administration official, american delegation, Asia Trip, cabinet ministers, Democracies In The World, deputy chairman, development minister, Economic Issues, External Affairs Minister, Global Power, Hillary Clinton, human resources development, indian delegation, japan china, kapil sibal, montek singh ahluwalia, nirupama rao, regional security, science and technology, state department spokesman

Homeopathy is witchcraft, according to Brit docs

May 16, 2010 By vani Leave a Comment

London, May 16 (ANI): The British Medical Association has likened homoeopathy to “witchcraft”, and declared that the National Health Service should not pay for it.

Denouncing the use of the alternative medicine, hundreds of members of the BMA said taxpayers should not foot the bill for remedies with no scientific basis to support them, reports The Telegraph.

Dr Tom Dolphin, deputy chairman of the BMA”s junior doctors committee in England said: “Homeopathy is witchcraft. It is a disgrace that nestling between the National Hospital for Neurology and Great Ormond Street [in London] there is a National Hospital for Homeopathy which is paid for by the NHS”

Devised in the 18th century by the German physician Samuel Hahnemann, the alternative medicine is based on a theory that substances which cause symptoms in a healthy person can, when vastly diluted, cure the same problems in a sick person. (ANI)

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Sudan mulls limited re-runs over election errors

April 15, 2010 By vani Leave a Comment

KHARTOUM, April 14 (Reuters) – Sudanese election officials on Wednesday said they were considering re-running ballots in a very few constituencies to correct errors in voting forms, as the troubled poll entered its fourth day.

Sudan’s first competitive presidential, legislative and gubernatorial elections in 24 years have already been hit by wide accusations of fraud and procedural mistakes.

The poll, agreed under a 2005 peace deal that ended more than two decades of north-south civil war, was supposed to help bring the oil-producing state back to democracy more than two decades after a military-led coup.

Following a series of boycotts by leading parties over accusations of fraud, the ballot now looks likely to confirm the rule of the leader of that coup, incumbent president Omar Hassan al-Bashir.

Bashir is facing charges from the International Criminal Court of masterminding war crimes in the western Darfur region and analysts say he is hoping to legitimise his rule through the poll.

Officials from Sudan’s National Elections Commission told Reuters they were considering suspending voting for seats in national and state assemblies in some states after discovering they had printed the wrong party symbols next to some candidates’ names on ballot papers.

“Logos have been swapped in a very limited number of constituencies,” said commission deputy chairman Abdullah Ahmed Abdullah.

“According to the law it (the commission) can cancel elections and hold them again within 60 days. That is one of the options we are considering.”

Other commission members and international observers told Reuters the printing errors were thought to have affected ballots in 15 to 18 state and national constituencies.

Voting has been taking place in 270 national constituencies and just under 700 state constituencies in African’s largest state.

“There are ballots that are missing symbols, duplicate symbols, even missing candidates on some forms, so that (a partial re-run) would be the logical step to take,” said one international source close to the elections.

Voting began on Sunday and was extended to last five days to allow more time for voters and officials to deal with the elections’ complexities.

Election monitors across Sudan said early voting had been affected by missing ballot boxes, poor staff training and confusion over the location of voting centres. (Reporting by Andrew Heavens; Editing by Kevin Liffey)

Filed Under: International News Tagged With: Abdullah Ahmed Abdullah, al-bashir, Ballot Papers, boycotts, Commission Members, deputy chairman, Gubernatorial Elections, Incumbent President, International Criminal Court, International Observers, National Constituencies, National Elections Commission, omar hassan, Party Symbols, peace deal, Printing Errors, reuters, State Assemblies, war crimes, Western Darfur