Relief For India Inc, No Mandatory CSR Says Govt; Sensex Ends Flat; Fragility In Global Economy Says Nouriel Roubini

Monday, Jun 13, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version FRAGILITY IN GLOBAL ECONOMY: NOURIEL ROUBINI A "perfect storm" of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy said economist Nouriel Roubini. Stocks worldwide have lost more than $3.3 trillion since the beginning of May and Roubini said financial markets by the middle of next year could start worrying about a convergence of risks in 2013. read more LEAD STORIES RELIEF FOR INDIA INC; NO MANDATORY CSR SAYS GOVT The government said it does not wish to make corporate social responsibility mandatory, but will come out with "flexible", "directional" guidelines. read more MARKETS END FLAT AFTER VOLATILE TRADE Sensex plunged to two-week low on selling in RIL and other blue-chips. It closed at 18,266.03 points. Nifty ended at 5,482.80 points. read more TOP STORIES • Maharashtra to file case against Lavasa on June 14 • Govt extends DEPB scheme till Sept 30 • FM asks for global action to end banking secrecy era • Indonesia links coal to intl prices; Tata, JSW take a hit • Power Min seeks to revive stalled UMPPs • Strike enters 10th day, no production at Maruti plant • Paid Rs 533 cr as interconnection fee to BSNL: RComm • Citigroup to sell 1.4% stake in HDFC for Rs 1,350 cr • Tata Comm raises stake in Neotel to 61.5% from 49% • Goldman Sachs unit buys 9% in Max India for Rs 522 cr • Cut import duties on automobiles, components: Tata • Growth drivers intact, govt committed to reforms: FM • Singur Bill to be tabled in WB assembly on June 14 • UK co Xchanging buys Cambridge assets for $71.7 mn • Indian telecom services, handset mkt to touch $82 bn • China's kickback websites draw inspiration from India • Allied World to buy Transatlantic for $3.2 bn • VF to acquire footwear maker Timberland for $2 bn • HSBC to run down $33 bn U.S. card biz if no buyer • Powerful quakes rattle New Zealand city, 10 injured more stories TOP VIDEOS Duty Drawback Scheme To Adequately Replace The DEPB Scheme: Sanjay Lalbhai, CEO & MD, Arvind Mills We have Been Passing On Price Increases In A Measured Calibrated Fashion To Take The Commodity Prices Into Account: Rajiv Bajaj, MD, Bajaj Auto (On Maruti Strike) We Want The Workers To Resume Production, Normalcy Should Prevail And We Will Persuade Workers To Work Extra Hours Or On Holidays: VL Sachdeva, Secretary, All India Trade Union Congress The Next Three-Four Years Would Be Transitional Years Where The Founders Are Going To Make Sure The Company Crunches Costs: TV Mohandas Pai, Former HR Head, Infosys China To Avoid A Hard Landing During The Global Credit Crunch And Face A Downturn After 2013: Nouriel Roubini, Co Founder & Chairman, Roubini Global Economics AT A GLANCE BSE 18266.03 -2.51 NSE 5482.8 -3 TURNOVER Rs. 93,566 cr BSE CASH Rs. 2,387 cr NSE CASH Rs. 8,691 cr NSE F&O Rs. 82,487 cr BULLION GOLD 22477 -68 SILVER 53663 -784 CRUDE NYMEX 102.25 -0.08 BRENT 119.61 +0.83 FOREX $ / Re 44.86 +0.14 £ / Re 73.22 +0.83 € / Re 64.589 +0.61 EVENTS 14 June Maharashtra Govt To File Case Against Lavasa Singur Bill To Be Tabled In WB Assembly 15 June Global Summit On Green Revolution-II, Growth Engine For Transformation, Hyderabad 15-16 June Conference On Roads And Highways: Paving The Way Towards Development, The Imperial, New Delhi 16 June National Conclave On Microfinance- Strangulate Or Regulate, Bangalore RBI Credit Policy Meet 17 June National Banking Conclave: Challenges & Opportunities In a Trillion Dollar Economy, Shangrila, New Delhi June 20 SC To Hear Kanimozhi Bail Plea 2 July GoM To Meet For Clearance On Coal Blocks EXPERT VIEWS "I think that the very high rates of import duty should be reduced. They're unrealistic and create an artificial barrier to protect the manufacturers in India...Only Mahindra and Tata Motors actually manufacture and develop vehicles in India. We really don't have an Indian automobile industry, we have only assemblers of foreign brands." Ratan Tata Chairman, Tata Group "If you delay it (merger of human resources of the two erstwhile carriers) further, it becomes a mess. Between Indian Airlines and Air India there are many (salary) grades. If it doesn't integrate well, then it becomes a nightmare." Gioanni Bisignani CEO, IATA "While countries have accepted to end bank secrecy in general, some countries have agreed to do so only from prospective date and are not willing to exchange past banking information. The concerns are not only on account of protecting revenue base, but also linked to the financing of activities which are detrimental to national security interest. There is an urgent need to revisit existing legal framework developed by OECD in this regard." Pranab Mukherjee Finance Minister WATCH OUT Bazaar Morning Call Hosted by Udayan Mukherjee and Mitali Mukherjee, Bazaar is the benchmark market opening show in the country. Widely acclaimed and winner of leading industry awards, Bazaar sets the tone for the trading day for millions of Indian investors. SHOW TIMINGS Weekdays 8am