B4U India

Lakshmi Mittal is Special Sits loser

Fri, 12 Sep 2008 05:15:00 -0400

Indian-born billionaire businessman Lakshmi Mittal is sitting on a big paper loss.

With a net worth estimated by Forbes magazine to be 45 billion dollars, the 48 per cent slump in the RAB Special Sits fund this year and the 66 per cent fall in the RAB share price, will not make much of a dent in his finances, but will trouble him nonetheless.

The most valuable asset in Mittal’s investment portfolio is his 43 per cent stake in ArcelorMittal. Although the stock has fallen more than 36 per cent from its June high, the shares are still worth some €26.5bn (£21bn).

Other equity holdings include a 50 per cent stake in Caspian Investment Resources, a Kazakhstan oil group that one of Mittal’s investment vehicles acquired in 2006 for 980 million dollars, as well as a 17 per cent stake in Platmin, the London- and Toronto-listed platinum miner, worth 57 million pounds at current market prices.

Last December, Mittal joined the ranks of billionaire football club owners after snapping up a 20 per cent stake in Queens Park Rangers, though the Championship club finished a dismal 14 out of 24 in the second tier division last season.

According to the Financial Times, Mittal is no stranger to conspicuous consumption.

His residence at Kensington Palace Gardens was bought from Formula One boss Bernie Ecclestone in 2004 for 57 million pounds, making it the world’s most expensive house at that time.

Since then, he is reported to have bought two other major properties in London, one for 117 million pounds and the other for 70million pounds.

In June 2004, he reportedly spent 34 million pounds on his daughter Vanisha’s wedding to investment banker Amit Bhatia. The wine tab alone was estimated at 1.5 million pounds. (ANI)

TNS expands network in India with connection to Kotak securities

Fri, 12 Sep 2008 05:14:00 -0400

Transaction Network Services (NYSE:TNS) has extended its presence in Asia with a connection to India-based Kotak Securities, the stock broking and distribution arm of the Kotak Mahindra Group.

Kotak Securities has enhanced its services to clients with fast, secure and reliable FIX trading connectivity, via TNS'' extensive global IP network, the Secure Trading Extranet. Using the TNS Extranet will enable Kotak Securities to switch from traditional phone based trading to an electronic fully-managed format, with access to one of the world''s largest financial communities of interest.

The company is a corporate member of both The Bombay Stock Exchange and The National Stock Exchange of India. Its operations include stock broking and distribution of various financial products - including private and secondary placement of debt and equity and mutual funds. Currently, Kotak Securities is one of the largest broking houses in India with substantial geographical reach to Asia Pacific, Europe, Middle East and America.

Ravi Iyer, Executive Director and Co-Head (Institutional Securities) at Kotak Securities, said: "Linking to the Secure Trading Extranet gives Kotak high performance and reliable connectivity, allowing us to improve the way we do business and strengthen our competitive position as the premier provider of broking services to the global investment community".

Originally established in 1994, Kotak Securities is a division of the Kotak Mahindra Group, which services more than 3.6 million customer accounts. The Group has a network of more than 1,250 branches, franchisees representative offices, and satellite offices across 344 cities in India and offices in New York, London, Dubai, Mauritius and Singapore.

Alex Walker, senior vice president and general manager at TNS'' Financial Services Division, said: "We''re delighted to be helping Kotak Securities capitalise on the opportunities presented by electronic connectivity and growing cross border trade.

"Today''s announcement is a reflection of the rapid growth sweeping across the Asia market place, which is increasing demand in the region for TNS'' fast, secure and robust data communication."

With over 120 points-of-presence, TNS provides services to customers in 28 countries across America, Europe and the Asia-Pacific region, with its reach extending to many more.

Financial institutions using TNS'' network can access a variety of mission critical trade-related messages, data and applications, which support order routing, trade executions, direct market access and algorithmic trading. (ANI)

Jet Airways chief Naresh Goyal gets UK award

Thu, 11 Sep 2008 05:23:00 -0400

The Chairman of Jet Airways, India’s premier private international airline, Naresh Goyal, was honoured with the ‘Business Person of the Year’ award at the prestigious UK Trade and Investment India Business Awards 2008, here on Tuesday.

This distinction was conferred upon Goyal for his significant contribution to India-UK business relations and for making the UK a strategic and pivotal destination in Jet Airways’ aggressive international expansion plans.

Accepting the award from British High Commissioner Sir Richard Stagg, before an august gathering of senior business leaders from the two countries, Goyal said: “I am deeply honoured and humbled, to receive this award. At Jet Airways, we are committed to re-defining the international travel experience with our acclaimed in-flight product and service standards. UK was our first long-haul venture and continues to be popular with our international travellers, for both business and leisure."

Jet Airways currently operates four daily services to London Heathrow from three gateway points in India- twice daily in Mumbai, and daily from Delhi and Amritsar respectively.

The UK Trade and Investment India Business Awards are a recognition and celebration of the UK-Indo business partnership, specifically in terms of inward investment, collaborative business partnership, entrepreneurship and innovation.

UK Trade and Investment is the UK Government’s international business development agency.

Jet Airways currently operates a fleet of 85 aircraft, which includes 10 Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 54 classic and next generation Boeing 737-400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop aircraft.

With an average fleet age of 4.45 years, the airline has one of the youngest aircraft fleet in the world. Jet Airways operates over 395 flights daily.

Flights to 64 destinations span the length and breadth of India and beyond, including New York (both JFK and Newark), San Francisco, Toronto, Brussels, London (Heathrow), Hong Kong, Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.

The airline plans to extend its international operations to other cities in North America, Europe, Africa and Asia in phases with the introduction of additional wide-body aircraft into its fleet. (ANI)

Report: Asia requires urgent U.S. attention

Thu, 11 Sep 2008 05:22:00 -0400

The health of the U.S. economy is now tied to Asia in fundamental ways that, if not grasped quickly by the incoming presidential administration, could have unintended, adverse consequences, according to America''s Role in Asia: Asian and American Views, a new published volume of foreign policy recommendations written by 20 distinguished Asian and U.S. experts and released this morning in Washington.

Although relations with China are generally constructive, the report states, the U.S. must, in order to minimize threats to American security and prosperity, maintain a constructive response as China continues to rise.

Further, the report underscores the importance of responding to the "rise of the rest" by adjusting the membership in various international organizations.

Convened and supported by The Asia Foundation, this landmark report is the product of a year of high-level, closed-door discussions across Asia and in the U.S. that addressed critical bilateral and trans-national issues in U.S.-Asia relations, including Korea, Afghanistan, Pakistan, energy security, environmental degradation, Asia''s regional alliances, trade, and investment.

Published on a quadrennial cycle, America''s Role in Asia provides U.S. policymakers with concrete recommendations on how to address pressing challenges and opportunities in Asia.

Further, in order to put Asia on the party platforms for the 2008 Democratic and Republican conventions, advance summaries of the recommendations were recently hand-delivered to top foreign policy advisors to both candidates.

“The region needs urgent attention," agreed Ambassador Michael Armacost and Ambassador J. Stapleton Roy, American co-chairs of America''s Role in Asia. "The most consequential emerging powers--China and India--are casting longer shadows, and America''s relative power is declining. The new administration must accord Asia the attention its intrinsic importance to us demands.”

The report is divided into American and Asian views, reflecting the thinking of some of the most accomplished U.S.-Asia relations experts in the world.

The project''s American task force was led by Armacost, who is Shorenstein Senior Fellow at the Asia Pacific Center at Stanford University, former Undersecretary of State, and former U.S. Ambassador to Japan and the Philippines; and Roy, who is Vice Chairman of Kissinger International Associates, former U.S. Assistant Secretary of State, and former U.S. Ambassador to Indonesia, China and Singapore.

The Asian task force was chaired by Ambassador Han Sung-Joo, chairman of the Asan Institute in Seoul and former Foreign Minister of South Korea; Ambassador Tommy Koh, chairman of the Institute of Policy Studies, Ambassador-at-Large in Singapore, and Permanent Representative to the United Nations in New York; and Dr. C. Raja Mohan, professor at the Rajanthan School of International Studies in Singapore and former member of India''s National Security Advisory Board.

“This report was prepared with the expressed intent to inform and influence future American foreign policy for the Asia-Pacific region so that sound, workable solutions to common problems are found,” said Douglas Bereuter, president of The Asia Foundation and 26-year veteran of Congress, where he chaired the Asia-Pacific Subcommittee. “A major objective of The Asia Foundation is to foster greater understanding between the United States and Asia, and we''re very pleased that our extensive relationships and unique access to a wide range of U.S. and Asian leaders has resulted in these important, timely perspectives.”

Among the findings and recommendations of the American task force:

-- Trade-related issues need to be high on the agenda of the new administration: namely, the restoration of fast-track negotiating authority, the completion of the Doha round, the ratification of the U.S.-ROK Free Trade Agreement, and determination of the weight to be attached to Asia-Pacific Economic Cooperation (APEC) in pursuing Asian trade initiatives. Neglect of these issues will deal a body blow to U.S. global economic leadership.

-- (The) approach to counter-terrorism in the Middle East and South Asia requires new strategic footing that neither overshadows nor underrates a host of other foreign policy challenges. The Global War on Terror was an unfortunate misnomer. It encouraged excessive emphasis on military force. It persuaded some that the enemy was Islam, rather than a few misguided groups within Islam''s ranks disposed to a permanent jihad against the "infidels." We should not lump potential Islamist enemies together; the goal is to divide them, and deal with them in a discriminating way.

-- Energy cooperation. The high cost of energy is becoming a major threat to the continued growth and prosperity of Asia, just as it is elsewhere in the world. The United States can make a major contribution to containing these incentives for rivalry by encouraging policies that foster cooperative approaches to energy security. Most Asian countries are major consumers of imported fuels. All would benefit from expanded cooperation with the United States in efforts to persuade OPEC and other producers to expand exploration for oil and natural gas, to accelerate the commercial development of alternative environmentally-friendly fuels, to utilize existing sources of energy more efficiently, and to stockpile reserves for emergencies.

Among the findings and recommendations of the Asian taskforce:

-- The United States would be well advised to set a good example of upholding the very values it espouses. U.S. allies in the region are acutely aware of America''s poor image among their own publics and want the next administration''s foreign policy to pay special attention to public diplomacy. Both Americans and Asians will benefit if the political, intellectual, and cultural bridges are strengthened.

-- The U.S. should actively support a regional architecture in Asia. Bilateral relations are important, but greater emphasis should be placed on multinational diplomacy around political, economic, and security issues. This includes signing the Treaty of Amity and Cooperation (TAC), which, at a minimum, would allow the United States to be an effective dialogue partner with members of the East Asia Summit.

-- The new administration should work with Asian regional institutions to begin a dialogue on energy security and climate change -- particularly in the area of curbing greenhouse gas emissions - and to bring the post-Kyoto negotiations to a successful conclusion. The United States must share its expertise in energy efficiency, including clean and renewable energy, carbon capture and sequestration.

The full report is available to download at www.asiafoundation.org, as are overviews of the reports and executive summaries. (ANI)

CB&I Awarded Contracts for World-Scale Petrochemical Complex in India

Wed, 10 Sep 2008 05:07:00 -0400

CB&I (NYSE:CBI), through Lummus Technology, has been awarded contracts with an overall value in excess of 45 million dollar by Essar Gujarat Petrochemicals Limited for technology licenses and basic engineering related to a major grassroots petrochemicals complex in Vadinar, Gujarat, India.

The technologies to be provided include ethylene, ethylbenzene/styrene monomer, butadiene extraction, MTBE/ETBE/butene-1, and cumene/phenol.

The cornerstone of the petrochemical complex will be a 1.3 million metric ton per annum mixed feed ethylene unit that will utilize Lummus'' latest generation SRT(R) VI cracking furnaces and recovery technology.

The downstream petrochemical units for the production of styrene, butadiene, ethers, butene-1, and phenol are also of world-scale capacity, and are being licensed by Lummus in cooperation with its various licensing partners.

This wide variety of technologies licensed by Lummus represents the majority of the process units in the planned petrochemical complex. This exemplifies the comprehensive technology portfolio Lummus provides to the petrochemical industry, in addition to its broad refining technology capabilities. (ANI)