LONDON, Apr 25: A British mini-series based on the life of serial killer Fred West led the BAFTA TV nominations yesterday with four, including best actor and actress for the two central characters. “Appropriate Adult” features Dominic West as Fred West, charged with the murder of 12 girls and young women but who was found hanging in his cell in 1995 in an apparent suicide before he stood trial. (agencies)
Bavaria to support student edition of Mein Kampf
BERLIN, Apr 25: The German state of Bavaria said today that it is preparing for the expiration in 2015 of the copyright on Adolf Hitler’s infamous memoir “Mein Kampf” by supporting the preparation of new editions with critical commentary, including one for students.
While “Mein Kampf” isn’t actually banned in Germany, Bavaria has over the years used its ownership of the copyright to block publication. But it acknowledges it won’t be able to once the copyright expires, 70 years after the author’s death.
Bavaria’s finance minister, Markus Soeder, said the idea of a version aimed at students—financed by the state government—was a reaction to concerns that the book will then be freely available and could circulate without commentary among young people, German news agency dapd reported.
“The book will contain commentary by experts that are clearly understandable for young people and interpret the dangerous body of thought,” Soeder said. He added that the aim is to show “what a worldwide catastrophe” Hitler’s thought led to.
Hitler wrote “Mein Kampf”—”My Struggle” in English—after he was jailed in Bavaria in the aftermath of the failed Beer Hall Putsch of 1923, a rambling and anti-Semitic book outlining his ideology. After World War II, the Allies agreed to hand the rights to “Mein Kampf” over to the Bavarian state government.
Bavaria also is supporting preparation of a more comprehensive version with academic commentary by the Institute of Contemporary History in Munich.
The state’s minister for science, Wolfgang Heubisch, said that without such editions “there is the danger that charlatans and neo-Nazis could take possession of this infamous work” after the copyright expires. (Agencies)
Egypt comedian found guilty of offending Islam
CAIRO, Apr 25: An Egyptian court today upheld a conviction against one of the Arab world’s most famous comedians, sentencing him to jail for offending Islam in some of his most popular films.
The case against Adel Imam and others like it have raised concerns among some Egyptians that ultraconservative Muslims who made gains in recent elections after Hosni Mubarak’s ouster last year are trying to foist their religious views on the entire country. Critics say the trend threatens to curb Egypt’s vibrant film industry and freedom of speech.
Imam was sentenced to three months in jail and fined around USD 170 for insulting Islam in roles he played in movies such as “The Terrorist”, in which he acted the role of a wanted terrorist who found refuge with a middle class, moderate family, and the film “Terrorism and Kabab”.
The actor was also found guilty for his 2007 role in “Morgan Ahmed Morgan,” in which Imam played a corrupt businessman who tries to buy a university diploma. The film included a scene parodying bearded Muslim men wearing traditional Islamic clothing.
The case is one of many brought by conservative lawyers in recent months seeking to punish individuals they deem as having offended Islam. Earlier this year, two courts rejected blasphemy cases against Christian media mogul, Naguib Sawiris, after he relayed a cartoon online of Mickey Mouse with a beard and Minnie in a face veil.
The cases highlight the newfound sense of empowerment among followers of the ultraconservative Salafi trend of Islam in Egypt after Mubarak was toppled in a popular uprising. Their newly formed Al-Nour party won 25 per cent of seats in parliament, emerging as the second most powerful group in Egypt after the more moderate Muslim Brotherhood.
The mere filing of such blasphemy cases by Salafi lawyers has raised concern among rights groups and liberals about attempts to curb freedom of speech.
Egyptian entertainment reporter Tarek el-Shinnawi said the case against Imam is a setback for Cairo’s famed film industry, which has produced the region’s most popular films.
“It will make any writer, director or actor think before considering the role of a Muslim figure,” el-Shinnawi said. (Agencies)
Tribhovandas Zaveri IPO subscribed 10%
MUMBAI, Apr 25: Jewellery retailer Tribhovandas Bhimji Zaveri’s (TBZ) initial public offer was subscribed 10 per cent till 1400 hrs on the second day of the issue today.
The IPO, which closes tomorrow, attracted bids for over 14 lakh shares against 1.41 crore shares on offer.
The issue created demands worth Rs 17.73 crore.
The company has fixed the price band at Rs 120-126 per share for its Rs 210-crore IPO.
The issue size is 1.66 crore equity shares of Rs 10 each (including anchor portion of 24.99 lakh equity shares).
TBZ plans to open nine new large format high street showrooms in eight cities during the 2012-13 fiscal. It already has 14 showrooms in 10 cities across five states.
As part of its strategy, the company plans to open nine showrooms, one each in Aurangabad, Gandhidham, Hyderabad, Nagpur, Vadodara, Valsad, Visakhapatnam and two in Kolkata, for which it intends to deploy Rs 19.19 crore in this fiscal.
That apart, it requires additional working capital for financing the inventory in the new showrooms, for which it plans to deploy Rs 1,60.44 crore.
IDFC Capital and Avendus are book running lead managers for the issue.
The company manufactures and retails gold, diamond and platinum jewellery. (PTI)
Indian Govt single biggest factor weighing on outlook: Moody’s
NEW DELHI, Apr 25: Moody’s Analytics today said India is growing but below its potential as politics is weighing on the economy and termed the national government as the “single biggest drag” on business activity.
India’s outlook is still underachieving and poor management has dragged economic growth to below potential, Moody’s Analytics Senior Economist Glenn Levine said.
“The single biggest factor weighing on the outlook is the Indian government. In all economies it is impossible to separate the economic from the political outlook, and that is particularly the case in India,” Levine said.
The report further noted that there is broad-based weakness in the economy as all sectors are vulnerable.
“Softer global conditions, weak investor and business confidence, government paralysis, and tight monetary conditions are all weighing on demand. Almost all sectors have slowed, with particular weakness in manufacturing and mining, alongside a worrying contraction in private investment,” the report said.
GDP growth slowed to 6.1 per cent year-on-year in the fourth quarter of 2011, the slowest pace since 2008, and is growing at around 6 per cent through the first half of 2012. However, a steady upturn in activity is likely to lift the second-half GDP growth to 6.5 per cent.
This puts 2012 growth substantially below India’s potential of around 7.5 per cent.
“Risks are still tilted to the downside because of the dire political situation, though there are some reasons for optimism. We see growth accelerating through 2012, but it won’t hit potential until the second half of 2013,” Moody’s Analytics said.
The report further said that the national government weighed down by corruption and funding scandals, has passed no notable bills.
“The government has lost all momentum, and progress is unlikely on existing bills like land reform, fuel subsidies, labour rights, and the much-discussed supermarket reforms between now and the next national election in 2014,” it said.
The report termed Prime Minister Manmohan Singh as an “ageing technocrat who now appears tired of the rough and tumble of Indian politics” and added that the UPA didn’t have the numbers or the leaders to push through tough-minded reforms needed to drive the next wave of growth.
Some of the other political risks include possible tensions with China, as highlighted by India’s recent missile launch, and Maoist insurgency spread across nine states.
However, the Reserve Bank of India’s bigger than expected 50 basis points interest rates cut in April is a positive move and it will lift demand from the second half of 2012. Besides, preliminary numbers indicating average monsoon rains in 2012 is another piece of good news, the report said. (PTI)
India mulls investments from Qatar into energy sector
NEW DELHI, Apr 25: India is mulling inviting Qatar to invest in the country’s energy sector, and may offer equity stake to the Gulf nation in NTPC’s gas-based project in Kerala, in lieu of assured fuel supply for the plant.
Power Ministry which is battling with acute gas shortage at its generating stations is exploring avenues to source the fuel from overseas in order to mitigate the shortfall from domestic sources.
This proposal was discussed at a meeting of the Committee of Secretaries headed by Principal Secretary to the Prime Minister Pulok Chatterji earlier this week, sources said.
The Power Ministry’s proposal of offering stake to Qatar government in NTPC’s gas-based Kayamkulam plant in Kerala and also the company’s proposed renewable energy project was discussed, sources added.
Even as the government asked power companies to halt their plans of setting up gas-based projects as well as expanding the current ones till 2015-16 due to scarcity of natural gas, the the Power Ministry is looking at other means for bringing the fuel to the gas-starved plants.
State-owned NTPC may revisit its proposal of offering equity stake to Qatar in its gas-based Kayamkulam project with the assurance of getting regular fuel supplies for the same, w
In 2010, Qatar Petroleum had evinced interest in picking up equity stake in NTPC’s Kayamkulam plant but the deal could not materialise after remaining at the discussion stage.
The company, which was looking at expanding the plant capacity from the current level of 350 MW to over 1,000 MW, has put the plans on hold due to non-availability of gas.
NTPC, which currently generates nearly 40,000 MW of power had plans to become a 75,000 MW company by 2017.
However, it has scaled down the target to nearly 70,000 MW due to difficulty in making available adequate natural gas.
At present, NTPC has seven gas-based stations — 413 MW Anta (Rajasthan), 652 MW Auraiya (Uttar Pradesh), 645 MW Kawas (Gujarat), 817 MW Dadri (Uttar Pradesh), 648 MW Jhanor-Gandhar (Gujarat), 430 MW Faridabad (Haryana) and 350 MW Rajiv Gandhi combined cycle power project at Kayamkulam. (PTI)
S&P cuts rating outlook of 4 Govt-owned entities to negative
NEW DELHI, Apr 25: Standard & Poor’s today cut the rating outlook of four public sector entities, including EXIM Bank and IIFCL, to negative following the agency’s revision of country’s sovereign outlook.
Earlier in the day, S&P lowered India’s rating outlook to negative and warned of a downgrade in two years if there is no improvement in the fiscal situation and the political climate continues to worsen.
Besides Export-Import Bank of India and India Infrastructure Finance Co Ltd, S&P has also revised the rating outlook to negative from stable for Indian Railway Finance Corp (IRFC) and Power Finance Corp (PFC).
However, it has affirmed the ‘BBB-‘ long- term issuer credit ratings on these government-related entities (GREs).
The rating outlook revisions on GREs reflect the change in outlook on the Republic of India (BBB-/Negative/A-3) on account of slow fiscal progress and deteriorating economic indicators, S&P said in a statement.
“We have equalised the ratings and outlooks on India EXIM, IIFCL, and IRFC with the sovereign rating and outlook. This reflects the entities’ integral linkages with, and their critical roles to, the Government of India.
“We believe there is an “almost certain” likelihood of extraordinary government support to these GREs,” S&P noted.
Noting that it views PFC’s link to the government as very strong, the agency said, “we therefore assess an extremely high likelihood of extraordinary government support to the company”.
Such level of support, combined with PFC’s stand-alone credit profile, results in a rating that is at the same level as the rating on India.
“The rating outlook of the government owned institutions cannot be higher than the sovereign rating. So accordingly, our rating outlook has been revised,” IIFCL Chairman and Managing Director S K Goel told.
IIFCL get funding from multi-lateral institutions. So rating revision has no impact on the company, he said.
On the company’s outlook being cut to negative, PFC Finance Director R Nagarajan said the move follows S&P revising the sovereign rating outlook.
In response to a query on whether the negative outlook would make borrowing expensive for the company, Nagarajan said, “We have to wait and watch. We cannot comment immediately”. (PTI)
Volkswagen looking at reasons for fall in India sales
GURGAON, Apr 25: Concerned with its sales hitting a roadblock since the beginning of this year in India, German auto major Volkswagen today said it is taking stock of the situation as it looks to increase customer satisfaction.
“This year, we are trying to consolidate and sit and see if we are doing all the things right. We have to see if we are having qualitative sales,” Volkswagen Group Sales India member of board Neeraj Garg told reporters here.
In January this year, the company’s sales stood at 5,789 units, up 3.38 per cent from the same month last year. While in February, sales were down 7.77 per cent at 6,529 units, in March they grew by 2.85 per cent to 8,326 units.
The company, however, posted an overall growth of 51.68 per cent at 78,281 units in the fiscal 2011-12.
“We cannot grow at the same pace. Last year we grew at a very high rate. Now it is about maintaining that level,” Garg said.
Asked what are the areas of concern that the company is looking to address, he said: “Having good after-sales service … Customer expectations are increasing gradually. It is about managing customer expectations.”
Admitting that a lot more can be done to please the customers, he said: “Nobody in the industry has been able to meet 100 per cent of the customer expectations. There is definitely a gap in the industry. If somebody is happy, then somebody is unhappy.”
The company that currently has 103 dealers in 84 cities added another one here today.
On whether the company is looking to bring vehicles with alternate fuel technology, he said: “We will have to think about CNG variants. It will be a part of our discussions internally.”
He, however, did not specify a timeframe for launching such alternate fuel products saying, “It is just the beginning of a thought process. We cannot say right now whether we will go for it or we will not go.”
Garg said currently CNG models contribute only 2 per cent of the passenger car market and is available only in Delhi, Mumbai and Gujarat.
The Indian car market stood at 20.16 lakh units in 2011- 12, as per Society of Indian Automobile Manufacturers.
Volkswagen currently sales models, including Polo, Vento, Jetta and Passat in India. Its manufacturing plant at Chakan in Maharashtra has a capacity to produce 1.3 lakh units per annum. (PTI)
S&P cuts India’s outlook to negative, warns of downgrade
NEW DELHI, Apr 25: Global agency Standard and Poor’s (S&P) today lowered India’s rating outlook to negative and warned of a downgrade in two years if there is no improvement in the fiscal situation and the political climate continues to worsen.
The lowering of outlook from stable (BBB+) to negative (BBB-) is expected to make external commercial borrowings expensive for Indian Inc. It may also have implications for the capital market.
“The outlook revision reflects our view of at least a one-in-three likelihood of a downgrade if the external position continues to deteriorate, growth prospects diminish or progress on fiscal reforms remains slow in a weakened political setting” said S & P’s credit analyst Takahira Ogawa in a statement.
BBB- is the lowest investment grade rating.
Commenting on the rating action, Jagannadham Thunuguntla, strategist and head of research at SMC Global Securities, said
“Indian (new) sovereign rating is just one step away from junk bond status…Somehow I feel the dream of India growth story is coming to an end”.
The negative outlook, the rating agency further said, signals likelihood of the downgrade of India’s sovereign within the next 24 months. “A downgrade is likely if the country’s economic growth prospects is dim, its external position deteriorates, its political climate worsens, or fiscal reforms slow”, it said.
The lowering of rating outlook comes despite Finance Ministry pitching for an upgrade at the recent round of meetings between the officials and representatives of the S&P. (PTI)
LG Elec’s Q1 profit more than triples as TV sales improve
SEOUL, Apr 25: South Korea’s LG Electronics Inc , the world’s No.2 TV maker, reported on Wednesday that quarterly profit more than tripled on improved TV sales and as its handset business swung to a small profit.
January-March operating profit rose to 448 billion won ($392.7 million) from a 131 billion won profit a year ago, beating a consensus forecast for 304 billion won by Thomson Reuters I/B/E/S. In the previous quarter, profit was 23 billion won.
LG’s handset business reported a second consecutive quarterly profit of 35 billion won after six straight quarters of losses, marking a sharp improvement from a 101 billion won loss a year ago.
Shares in LG, valued at over $11 billion, rose 1.65 percent after the earnings announcement, versus a 0.5 percent rise in the wider market. ($1 = 1140.8500 Korean won) (agencies)