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Thursday, November 11, 2010

Nano owners can add free safety device 
Tata Motors yesterday said it would ask Nano customers to bring back their cars to add safety devices free of cost to prevent the vehicles from catching fire, but insisted it was not a "recall." The company, however, said that the addition of safety devices, a lesson learnt from some of its brand new Nanos’ catching fire, was optional.

After these incidents, Tatas had engaged experts to get into the details for the cause of the mishaps, and its internal report had said that there was no manufacturing defect. "We would be informing the customers that these are the additional protection we are willing to provide. We are quite convinced that Nano is safe, based on our investigations.” the company has said
 
Bharti to prepay $900 mn  debt
Sitting on a good amount of cash flows, Bharti Airtel has said it will consider prepaying up to USD 900 million of the debt it raised while acquiring African operations of Zain telecom in June this year. The company is looking at prepaying a part of the debt in the range of USD 800-900 million, Bharti Group chief financial officer Manik Jhangiani said.

The total cost of the Bharti-Zain deal that was signed in June was at USD 10.7 billion. This included an equity value of USD 9 billion and USD 1.7 billion of consolidated debt obligations. Bharti had borrowed USD 7.5 billion from different banks to finance the acquisition of Zain. According to Manik, flexibility of prepayments has always been part of the loan agreement and Bharti has the option of prepaying based on its cash flow.
 
Ace announces tie up with Omnesys for its Exchange feed 
Ace Derivatives and Commodity Exchange (ACE), has announced that its Exchange feed is now available on CTCL (Computer to Computer Link) platform developed by Omnesys. With this tie up, ACE members can now use Omnesys CTCL solution to access and trade on the Ace platform. The trading system ‘Omnesys Nest’, is used by top institutions and brokers to access various Indian stock and commodity exchanges. Omnesys will provide market data and connectivity solutions to both buy-side and sell-side firm. This front end may also be extended to end clients.
 
Speaking of the tie-up Dilip Bhatia CEO ACE said  ”Our endeavor is to provide best in class service to our members and bring in efficiency in the system so that all stakeholders benefit, and this is a step in that direction" 
 
No US clean chit to carpet industry 
The United States has said that it has not given any clean chit to the Indian carpet industry on the issue of using child and forced labor. "The Labor Department wishes to clarify that it has not made a final determination about whether carpets from India are produced with child labor, forced child labor or forced labor," the Deputy Undersecretary of Labor Sandra Polaski said in a statement.

Polaski said that recently India's Carpet Export Promotion Council had hailed the US Department of Labor for removing Indian carpets from the list of products produced by forced labor or child labor in violation of international norms.

He, however, clarified that the US Labour Department has not yet made a final decision on the List of Goods, mandated by the Trafficking Victims Protection Reauthorization Act (TVPRA) of 2005. 
 
India becomes Israel's 2nd largest export destination 
India has become Israel's second largest export destination after the United States, as the Jewish state focuses on tapping potential in the Asian markets. As per the figures provided by Israel's Export and International Cooperation Institute, India jumped from the eighth position to second as the favoured destination for Israeli exports in the first half of 2010.

Israeli exports to India in the first half of this year equalled USD 990 million, an increase of 102 percent compared to last year. The reason for this sharp jump was a 63 percent leap in exports by Israel's mining, minerals and quarrying sector, which exported 228 million USDs worth of products, mainly fertilisers, to the subcontinent.
 

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