India Inc in acquisition mode in Europe

LONDON, Oct 15: India Inc has launched a major offensive to increase its global presence with a significant number of corporate houses making takeover bids for British and European companies ranging from Scottish whisky makers to Welsh Steel mills and North sea oilmen.

Between January and September this year, Indian firms spent more than USD7 billion acquiring 112 foreign companies.

Last year the equivalent figure was USD4.5 billion, which indicates the speed with which corporate India is globalising.

According to a report in The Sunday Times today, Mukesh Ambani, head of Reliance group and India’s most influential businessman, is leading the charge. The company was planning to acquire an oil drilling and engineering firm to expand his growing exploration and production business in Africa, South America, the Middle East and India, he said.

Reliance is building the world’s biggest refinery in Gujarat, and is emerging as a global player in the oil business. Ambani believes British companies working in the North Sea will become increasingly vulnerable to takeover bids as reserves dwindle.

"We’re looking at buying companies in North Sea oil, in Scotland. As years go by North Sea (reserves) are depleting, but there’s a lot of talent there and this industry is short of talent," he said.

Ambani said "We will look at acquisitions to acquire talent to use in this part of the world and in West Africa and some countries like Columbia. We now have to get experienced talent in Europe to go and find oil in the more frontier areas. (PTI)

Salt tide affects normal water supply in Shanghai

BEIJING, Oct 15: Shanghai, China’s largest city with a population of 17 million, has been hit by a new wave of salt tide affecting normal water supplies.

Some districts of the eastern metropolis have been affected by the salt tide, the Shanghai Municipal Government said yesterday.

The tide, the second since beginning of summer, started on Monday in the Yangtze River and is predicted to last over a week, a government spokesman said.

Although measures have been taken, the spokesman said citizens in some districts may still find insufficient tap water supply in certain hours and the water may not taste as good as usual.

The Government asked for understanding from water-users and hopes everyone would avoid wasting water.

The spokesman said the Government will not impose restrictions for water use as the impact of salt tide is not beyond control.

The salt tide takes place at the mouth of the Yangtze River every winter or early spring, when water flowing from the river decreases, causing chloride level to rise and even surpass the national standard.

Low water levels have been reported in the upper reaches of the Yangtze River due to rare drought this year. As a result, the salt tide happened at least two months earlier than previous years.

The first salt tide hit Shanghai on September 11 and lasted five days. (PTI)

China set to produce 42 % of global egg output this year

BEIJING, Oct 15: China's egg output will reach a record 30 million tonnes this year, accounting for more than 42 per cent of the world's total, the state media reported.

China is the world's top egg producer, followed by the United States, Japan, Russia and India, an official with the China Association of Animal Product Processing Research said at the World Egg Day, which was initiated by the International Egg Commission (IEC).

World Egg Day, which falls on the second Friday of October, aims to promote the consumption of shell eggs and egg products worldwide and call global attention to the high nutritional value of eggs.

Last year, China produced 28.79 million tons of eggs, an average of 22 kg per head.

However, a Chinese official said China's eggs were less competitive on the international market due to low quality and poor processing techniques.

According to the United Nations Food and Agricultural Organisation (FAO), China's egg exports accounted for less than one-tenth of the world's total. (PTI)

China raises production threshold of new coal mines

BEIJING, Oct 15: China, the world's largest coal producer and consumer, will not approve the opening of new coal mines that have an annual production capacity of less than 300,000 tonnes.

The National Development and Reform Commission (NDRC), the top planning body has ordered an immediate halt to construction of previously approved coal mines that produce less than 300,000 tonnes unless they can be consolidated with other mines.

Previously the limits on annual production capacity varied from region to region. In Inner Mongolia, Shanxi and Shaanxi, mines with annual capacity of no less than 300,000 tonnes were approved.

In Henan, North, Northeast and Northwest China the limit was no less than 150,000 tonnes, while other areas approved mines that produced only 90,000 tonnes, Xinhua news agency reported.

China plans to produce 2.45 billion tonnes of coal in 2010 with 75 per cent produced by middle and large-sized coal mines, it said.

Figures show China produced 2.2 billion tonnes of coal in 2005 and coal mines currently under construction have a total production capacity of 600-700 million tonnes. (PTI)

Number of food poisoning victims at
south China school rises

BEIJING, Oct 15: The number of students and teachers suffering food poisoning at a primary school in southern Chinese city of Guangzhou has risen to 237 with 10 of them still in hospital, local officials said today.

The 10 hospitalised were in a stable condition, a spokesman with the Guangzhou Municipal Health Bureau said.

The poisoning occurred on Wednesday when students and teachers from the Primary School attached to Zhongshan University in Guangzhou, Guangdong Province began to suffer fever, abdominal pain, nausea, vomiting and diarrhoea after taking mid-morning snacks.

Two teachers and 50 students aged between six and 12 were stricken on Wednesday and the number increased later.

Except the 10 pupils being treated in hospital, the rest have recovered, and no new cases were reported yesterday, Xinhua news agency quoted the spokesman as saying.

Investigation shows that the food poisoning was caused by bacteria-contaminated soya milk and red bean cakes served to the students.

The food was found to have been contaminated with enterotoxin, a toxin produced by bacteria, which caused the vomiting and diarrhoea.

The company which supplied the food items has been ordered to stop production, the spokesman said.

China has witnessed a spate of food poisoning incidents in past one month, resulting in the death of a girl student and sickening of over 500 students. The Chinese government has asked school authorities nationwide to redouble their efforts to provide healthy and fresh food to students. (PTI)

Australia welcomes 'tough' NKorean sanctions, mulls more

SYDNEY, Oct 15: Australia today welcomed the UN Security Council's sanctions against North Korea as "surprisingly tough" and said it may take further individual action against Pyongyang.

Foreign Minister Alexander Downer said Australia, one of the few countries with diplomatic ties to Kim Jong-II's regime, was considering imposing a ban on all visits by North Korean ships.

Canberra would also consider whether the navy should take part in intercepting and inspecting cargo ships travelling to and from North Korea as part of the sanctions imposed over Pyongyang's apparent nuclear test, he said.

"I think they are surprisingly tough, it's a very robust Security Council resolution," Downer told Network Ten television.

All 15 members of the Security Council voted for the resolution, which demands the elimination of all North Korean nuclear weapons, weapons of mass destruction and ballistic missiles.

It provides for a travel ban on officials working on such programmes and calls for a ban targeting missiles, tanks, large artillery systems, warships and combat aircraft.

It also provides for inspection of cargo to and from the communist state to prevent any illegal trafficking.

Downer said a number of countries, including Japan, had gone further by banning all North Korean vessels from their ports. (AFP)

10 indians released

DUBAI, Oct 15: Ten incarcerated indians have been released in Sharjah and another 34 are set to be free after completing their terms.

Chief Executive of a Dubai-Company DK Gupta promised to bear the expenses of repatriation of the second batch of Indians.

He said he wants to ensure that humanitarian assistance in terms of one-way airfare for around 50 helpless prisoners should reach the genuinely deserving people.

"This is only a beginning," he underlined saying that he too is planning too to do something for the education of the children back home. (UNI)

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