Sonia steps in to make peace

Four days after the controversy over a Finance Ministry note to the Prime Minister’s Office on the 2G spectrum allocation triggered speculation of a serious rift between the two seniormost Ministers in the Union Cabinet, Congress president Sonia Gandhi finally stepped in on Monday.

In the evening, in quick succession, she had meetings with Home Minister P. Chidambaram — whose resignation the Opposition has demanded, and shortly thereafter, with Finance Minister Pranab Mukherjee.

Interestingly — as sources in the party pointed out — Ms. Gandhi held the first meeting only after Mr. Mukherjee’s plane from the United States touched down at Palam. He drove straight to North Block to confer with his officials, who were asked to prepare a note on the background to the Finance Ministry document.

It was accessed from the PMO through an RTI application filed by the BJP’s RTI unit.

While a final resolution of the current crisis will, the sources said, have to await the return of Prime Minister Manmohan Singh from the U.S. late on Tuesday evening, Ms. Gandhi’s conversations with the two Ministers were the first serious step taken to sort out a problem that had plunged the already embattled government into yet another crisis.

Both Ministers have said, separately, they will speak publicly only after Dr. Singh is back.

‘Valued colleague’

Mr. Mukherjee, the sources said, may address the press on Wednesday or Thursday and, if possible, with Mr. Chidambaram to demonstrate solidarity. Indeed, he told journalists shortly before he met Ms. Gandhi that Mr. Chidambaram was “a valued colleague” and a “pillar of strength for the party and government.”

Meanwhile, even as unconfirmed reports suggested that the Home Minister had offered his resignation to Ms. Gandhi, the sources pointed out that Tuesday’s hearing on the petition filed by Janata Party president Subramanian Swamy in the Supreme Court, seeking a CBI investigation into Mr. Chidambaram’s role in the 2G case — when he was the Finance Minister — would be crucial. In case, the court accepted Dr. Swamy’s plea, Mr. Chidambaram’s continuance in the Cabinet could become untenable, they said.

However, sources close to Mr. Mukherjee said that since the 2G matter was in court, the PMO should not have released any documents relating to it to a RTI applicant.

But when Law Minister Salman Khurshid was asked whether the government was bound to provide documents on a matter in court to an RTI applicant, he said that while legally when a matter was sub judice, nothing should be done to prejudice the case, the question whether to have a “firewall” or not for RTI could be examined.

Minister of State in the PMO V. Narayanswamy was more direct: regardless of whether a document could influence a case, no official could block its release, if it was sought through RTI.

Aryzta AG: Total voting rights

In conformity with Regulation 20 of the Transparency (Directive 2004/109/EC) Regulations
2007, ARYZTA AG announces:

* The total number of registered shares of nominal value CHF 0.02 each in issue as at 12
July 2010 is 85,044,795
* The Company holds 2,234,359 registered shares in treasury
* The total number of voting rights therefore is 82,810,436

Disclosure of Shareholdings on Irish Stock Exchange (ISE):

82,810,436 may be used by shareholders as the denominator for the calculations by which
they determine if they are required to notify their interest in, or a change to their
interest in, ARYZTA AG under the Transparency (Directive 2004/109/EC) Regulations 2007.

Enquiries:

Hilliard Lombard
Head of Group Finance and Communications
ARYZTA AG
Tel: +41 (0) 44 583 4200
info@aryzta.com mailto:info@aryzta.com

House offers clearing exemption for finance arms

(Reuters) – The financing arms of so-called end user companies would not have to send their swaps through clearing houses when they assist in selling the parent company’s products under language proposed by U.S. House of Representatives negotiators on Friday.

Politics

If accepted by Senate negotiators, the language would become part of a financial reform bill.

Representative Gary Peters said the exemption would save end users from higher costs and would not be limited to business-related work.

Companies such as Ford Motor Co, Deere & Co, Caterpillar Inc and Boeing have financing arms.

(Reporting by Charles Abbott, editing by Jackie Frank)

House offers clearing exemption for finance arms

(Reuters) – The financing arms of so-called end user companies would not have to send their swaps through clearing houses when they assist in selling the parent company’s products under language proposed by U.S. House of Representatives negotiators on Friday.

Politics

If accepted by Senate negotiators, the language would become part of a financial reform bill.

Representative Gary Peters said the exemption would save end users from higher costs and would not be limited to business-related work.

Companies such as Ford Motor Co, Deere & Co, Caterpillar Inc and Boeing have financing arms.

(Reporting by Charles Abbott, editing by Jackie Frank)

House offers clearing exemption for finance arms

June 25 (Reuters) – The financing arms of so-called end user companies would not have to send their swaps through clearing houses when they assist in selling the parent company’s products under language proposed by U.S. House of Representatives negotiators on Friday.

Stocks | Bonds | Global Markets

If accepted by Senate negotiators, the language would become part of a financial reform bill.

Representative Gary Peters said the exemption would save end users from higher costs and would not be limited to business-related work.

Companies such as Ford Motor Co (F.N), Deere & Co (DE.N), Caterpillar Inc (CAT.N) and Boeing (BA.N) have financing arms. (Reporting by Charles Abbott, editing by Jackie Frank)

Bini Smaghi says ECB not out to rescue govts

June 15 (Reuters) – The European Central Bank’s purchasing of government bonds is not directed at bailing out governments, ECB Executive Board Member Lorenzo Bini Smaghi said late on Monday.

“(The ECB’s Securities Markets Programme) is meant to repair the integrity of the transmission mechanism, not to finance public debt,” Bini Smaghi said in a speech at a conference in New Yerk, published on the ECB’s web site.

“(Central banks) cannot be asked to rescue insolvent issuers – whether private or public institutions,” he added.

Infosys BPO unit sees FY11 revenue up 15-20 pct

June 10 (Reuters) – The back-office outsourcing arm of Infosys Technologies (INFY.BO), India’s No. 2 software exporter, expects revenue to rise 15-20 percent in this fiscal year to March 2011, a top company official said on Thursday.

Technology

The company sees net profit margins at 20-22 percent in 2010/11, D. Swaminathan, chief executive of Infosys BPO told reporters.

Infosys BPO, which was set up as a separate unit of Infosys in 2002 and employs about 16,400 people, posted an 11 percent rise in revenue in the last fiscal year on net margins of 22 percent.

The unit offers finance and accounting, human resource and legal services outsourcing. (Reporting by Bharghavi Nagaraju; Editing by Unnikrishnan Nair)

Nita Kapoor is new secretary-defence finance

New Delhi, May 31 (IANS) Nita Kapoor, a 1973-batch Indian Defence Accounts Services (IDAS) officer, Monday took over as the new secretary, defence finance, replacing Indu Liberhan who retired Monday, an official statement said.

The first woman officer from the northeast to assume the post, Kapoor is an alumnus of the National Defence College, New Delhi, and brings with her a ‘rich bureaucratic experience’ of almost 37 years to the ministry of defence, the statement said.

Kapoor was controller general of defence accounts before taking over the new assignment.

She has worked in the department of personnel and administrative reforms, science and technology and National Commission for Women.

The Appointments Committee of the Cabinet approved her appointment last week.

Riot squad called in after brawl at DJ Bally Sagoo’s dance party

London, May 3 (ANI): Riot police was called to a hotel after the licensee threw 1000 people out of a dance party featuring British-Indian DJ Bally Sagoo.

Eight police cars and around 30 officers rushed to the Art House Hotel in Pitt Street a little after 2 am in response to a frantic call by the licensee. He shut down the venue following the skirmish.

The disgruntled partygoers were mostly of Indian origin. They had waited for several hours to watch Bally Sagoo in action.

“We were here especially for him, all of a sudden, people started fighting and suddenly there was a shout and everyone was chucked out,” finance worker Kevin Sunni told The Daily Telegraph.

Sagoo is a prominent Brit-Indian DJ who ushered in the Bhangra craze with his thumping remixes. (ANI)

U.S.’ Donovan says GSE reform could hurt recovery

WASHINGTON, April 14 (Reuters) – Quick changes to the way Americans finance their homes would likely push home prices lower and threaten the nascent economic recovery, Housing and Urban Development Secretary Shaun Donovan said on Wednesday.

Regulatory News | Bonds | Global Markets

“We cannot move hastily on an issue as complex as this,” Donovan said at a hearing on the future of housing finance before the U.S. House Financial Services Committee. (Reporting by Corbett B. Daly; Editing by James Dalgleish)

Interest rates nearing normal levels: RBA

The Reserve Bank has signalled its recent aggressive approach to interest rates may be nearing an end, saying official interest rates are not too far away from what policy-makers consider to be “normal” levels.

RBA assistant governor Guy Debelle has told a Senate inquiry into finance for small business, the economy has been recovering well and the Reserve Bank is trying to ensure the current pace of growth can be sustained.

Last week, the Reserve Bank raised the official cash rate to 4.25 per cent, marking its fifth rate rise since last October.

Dr Debelle says at that current setting, the cash rate is closer to average levels.

“We are deciding that the situation where we needed historically low interest rates is no longer necessary, so we’re moving back to something around about average levels, which is not far away from where we are at the moment,” he said.

When asked by the South Australian Senator Annette Hurley whether the Reserve Bank was trying to rein in demand by raising interest rates, Dr Debelle said that was not the case.

“We’re not trying to depress demand, we’re trying to make it grow at a sustainable pace,” he said.

The central bank has previously said that normal or average rates would be somewhere in the vicinity of 4.25 to 4.75 per cent.

Businesses struggling to get finance

There are growing fears small Hunter Valley businesses are not getting a fair go when it comes to borrowing money from banks and other lenders.

A Senate Inquiry is currently focussing on the issue, after business and industry groups raised concerns.

Nearly one in three small businesses who responded to a recent NSW Business Chamber survey said accessing finance had deteriorated since the start of the year.

Hunter Business Chamber CEO Peter Shinnick says that is a concern.

“There’s a large differential between the cash rate and what the business rates are and that’s an issue that needs to be addressed,” he said.

“It’s directly impacting in businesses ability to obtain finance and the senate inquiry hopefully will go some way to resolving that issue.”

Australian economy growing around trend – RBA

SYDNEY, April 12 (Reuters) – The Australian econmy is growing around trend and interest rates are a little below average, a top central banker said on Monday.

Guy Debelle, assistant governor of the Reserve Bank of Australia, was speaking at a Senate inquiry into finance for small business. He also said the central bank took the high Australian dollar into account when setting interest rates.

The central bank has raised rates five times in six policy meetings, taking the cash rate to 4.25 percent.

(Reporting by Cecile Lefort; Editing by Mark Bendeich)

BRIEF-Thai IRPC to raise 20 bln baht via bonds in 4 yrs

BANGKOK, April 8 (Reuters) – IRPC PCL IRPC.BK:

Energy

* Plans to sell up to 20 billion baht ($618 million) bonds during 2010-2013 to finance expansion, senior executives told reporters after shareholders meeting

* Timing of bond issues depends on market conditions; may sell less than 5 billion baht this year

* Expects first quarter revenue and net profit to be higher than the same period last year due to improved margin and no maintenance shutdown plan

* Expects good performance to continue in the second quarter ($1=32.37 Baht)

Race club gets administrator

An administrator will be appointed to resolve the financial issues that have plagued the Kempsey Race Club for the past year.

It will be the first time in 40 years that the club has ceased operations.

Scott Kennedy from Racing New South Wales says the club has struggled to secure finances and pay for ongoing legal action.

He says the administrator will be announced in the next week.

“The club last raced in early February and there was some damage to the track probably 12 months prior to that,” Mr Kennedy said.

“They tried to resolve that but the chemical that’s active is quite aggressive and it’s made the track [unusable] for the time being.

“What we’re looking to do is have the administrator tackle these issues and get the club back into a position that can race maybe in 12 months or so.”

Mr Kennedy says it is hoped the administrator will be able to tackle the issues to get the club to a financially viable position by this time next year.

“The board of Racing NSW has resolved to appoint an administrator and we’ll make an announcement of that person in the next week or so,” he said.

“The club is facing a complex set of issues – securing their finance, legal action over damage to the track, remediation of their course proper and ongoing training.

“We just felt it was best that an experienced administrator take over that.”

S.Korea finmin, new c.bank chief to meet on Monday

SEOUL, April 2 (Reuters) – South Korea’s finance minister plans to hold a mainly welcoming meeting with the new central bank chief early on Monday, the Ministry of Strategy and Finance said on Friday.

Minister Yoon Jeung-hyun and Bank of Korea Governor Kim Choong-soo will hold the meeting from 7:30 a.m. (2230 GMT on Sunday) but the meeting will be closed to the media, a ministry media official said.

Kim took office on Thursday and the meeting is taking place just days before the central bank holds its monthly meeting to set the policy interest rate on April 9. (Reporting by Yoo Choonsik and Cheon Jong-woo; Editing by Jacqueline Wong)

Yamaha Motor to raise Y76.1 bln yen via new share sale

TOKYO, April 2 (Reuters) – Japanese motorcycle maker Yamaha Motor (7272.T) said on Friday it will raise up to 76.1 billion yen ($811.6 million) through a share sale to finance the development of fuel-efficient engines and low-cost motorcycles for emerging markets.

Cyclical Consumer Goods

The company said it will issue 55 million shares in a public offering. (Reporting by Yumiko Nishitani)

Yamaha Motor to raise Y76.1 bln yen via new share sale

TOKYO, April 2 (Reuters) – Japanese motorcycle maker Yamaha Motor (7272.T) said on Friday it will raise up to 76.1 billion yen ($811.6 million) through a share sale to finance the development of fuel-efficient engines and low-cost motorcycles for emerging markets.

Cyclical Consumer Goods

The company said it will issue 55 million shares in a public offering. (Reporting by Yumiko Nishitani)

‘Godzilla’ set to return

New York, March 31(ANI): A new American film version of ”Godzilla’ has been announced.

Originally a Japanese movie, ‘Gojira’, which released in 1954, had got the western treatment in 1998.

Now, Legendary Pictures has signed a deal with Japan”s ToHo Co. for the rights to produce another American version of the monster tale.

“Our plans are to produce the Godzilla that we, as fans, would want to see,” the New York Daily News quoted Thomas Tull, chairman and CEO of Legendary Pictures, as saying.

He added: “We intend to do justice to those essential elements that have allowed this character to remain as pop-culturally relevant for as long as it has.”

Warner Brothers is set to co-finance the film. (ANI)

Sean “Diddy” Combs makes a bid for Crystal Palace

Melbourne, Mar 19 (ANI): Rapper Sean “Diddy” Combs is said to be making a bid for struggling London soccer team Crystal Palace.

According to the Sun, Combs, 40, is planning to splash some of his reported 360 million pounds on the Selhurst Park side.

The bankrupt club is in chaos, facing relegation from the Coca-Cola Championship after having ten points docked for going into administration.

His U.K. spokesman has confirmed the multi-millionaire is in the market for Palace and also added that the New Yorker has his eye on another big club.

“Diddy was in London meeting football fixers a couple of weeks ago. The finance is in place, he’s just deciding who he thinks he’ll make a bid for,” the Daily Telegraph quoted a source as saying.

“Portsmouth were mentioned but he thought Palace were a better idea.

“He could cover their debt and bankroll a return to the Premier League. He liked the name as well,” the source added. (ANI)