* APPOINTMENT: World Bank has appointed Kaushik Basu, former chief economic
adviser to Prime Minister Manmohan Singh, as its new chief economist.
* AUTO: Luxury carmaker Mercedes-Benz will invest an additional 2.5 bln
rupees in India by 2014, scaling up its expenditure plans in the country to
8.5 bln rupees. National Engineering Industries, which manufactures
bearings for industrial applications under the brand NBC, is looking to
acquire an auto component making company in Europe for about $50 mln.
- Rane Group that includes RANE BRAKE LINING, RANE ( MADRAS ) and RANE
ENGINE VALVE May miss its 30-bln-rupee turnover target for 2012-13
(Apr-Mar). General Motors is preparing to get its Chevrolet Trax mini
sports utility vehicle in India and develop a new low-cost car under the
Spark brand.
* BANKING: National Payments Corp of India will launch an international
debit card by June.
* COAL: The Central Bureau of Investigations is expected to raid more
companies and question more people in connection with the controversial
allocation of coal mines. Central Bureau of Investigation is gearing up to
register cases against at least six companies in the coal block allocation
scam. Maharashtra Minister Rajendra Darda may quit his post today, after
being named in the coal block allotment scam by the Central Bureau of
Investigation.
* ENERGY: The Confederation of Indian Industry urged the United Progressive
Alliance government to take the "difficult decision" of hiking fuel prices
in a bid to rein in fiscal deficit. The petroleum ministry has moved a note
to the Cabinet Committee on Political Affairs seeking a hike in diesel,
cooking gas, and kerosene prices.
* FARM: First 2012-13 kharif output estimate likely in the third week of
September.
* FINANCE: Germany 's leading financier of small and medium enterprises,
Kreditanstalt fur Wiederaufbau will extend a loan of 53 mln euros to Small
Industries Development Bank of India .
* GOVERNMENT: The Empowered Group Of Ministers to meet on Tuesday to
discuss drought situation in the country. Commerce ministry will soon move
a cabinet note seeking to allow unrestricted exports of processed foods, in
a bid to skirt frequent tiffs between ministries over farm exports. A
standoff between the commerce and industry ministry and the corporate
affairs ministry may delay the proposed national competition policy.
* OIL & GAS: Ministry of Petroleum and Natural Gas has proposed to the
cabinet that prices of diesel, cooking gas and kerosene should be raised
immediately after Friday, when the monsoon session of the Parliament ends.
* PHARMACEUTICALS: National Pharmaceutical Pricing Authority has initiated
the process to end foreign drug makers' freedom to fix the retail prices of
their imported drugs in the country.
* RAILWAYS: Has cut its spending on asset replacement by around 15%.
* REGULATORY: Competition Commission of India is looking into allegations
of monopolistic behaviour in the cable landing station market and TATA
COMMUNICATIONS and BHARTI AIRTEL are under its lens.
* TELECOM: The Delhi High Court will hear Telenor Asia Pte's plea against
Unitech's arbitration on Oct 4. Abu Dhabi-based Etisalat will not
participate in the upcoming spectrum auction for the 1,800 MHz and 800 MHz
bandwidth to be held in November.
By RUPEE DESK [email protected]
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