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Govt. allows FII investment in media
New Delhi: The Cabinet has given the green signal for foreign investments in Indian media companies. The foreign investment cap stays at 26 per cent, though.

The government has also allowed all foreign newspapers to come out with facsimile editions in India. "We are permitting facsimile editions of any foreign newspaper provided a company for the purpose is registered here," said S Jaipal Reddy, information and broadcasting minister.

The government has allowed foreign institutional investors (FIIs), portfolio investors, overseas corporate bodies (OCBs) as well as Non-Resident Indians and People of Indian Origin to invest in the media with the overall cap remaining at 26 per cent. Twenty per cent of the content of an Indian newspaper can now be made up of foreign syndicated columns and reports, up from the current 7.5 per cent.
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Fuel price hike deferred yet again
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) has deferred a hike in petroleum prices yet again. Government sources said that the CCEA deferred the issue as some of the crucial cabinet ministers were not present at the meeting.

Media sources had speculated that prices of petrol and diesel would be raised at least Rs1-1.50 per litre.

The Left parties, a key ally in the UPA coalition have continuously warned that they will launch a nationwide agitation if fuel prices are raised beyond what is acceptable to them.

The deferment of a hike comes in the face of global crude oil prices rising to their highest level in more than two months. Crude oil for July delivery rose 57 cents, or 1 per cent, to $55.57 a barrel on the New York Mercantile Exchange, the highest close since April 6.
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Govt. to go ahead with BHEL disinvestment
New Delhi: The Union Government has decided to go ahead with its proposed stake sale in Bharat Heavy Electricals Ltd. despite opposition from its Left allies inviting bids from global investment banks to manage the public offering.

The investment banks are expected to submit their bids by July 11, according to an advertisement posted on the Web site of the Department of Disinvestment.

The Government proposes to sell 10 per cent of its stake in BHEL through a public offering of shares. After the sale, the Government's stake in the engineering firm would fall to 57.72 per cent from 67.72 per cent.

According to the advertisement, up to 15 per cent of the offered shares will be reserved for BHEL employees.

According to the advertisement, the Government will appoint two book runners-cum-lead managers (BRLMs), who could be asked to form a syndicate with the co-managers, in consultation with the Government. The task of the BRLMs includes advising the Government on the timing and the modalities of the capital market offer and undertake pre-market research on pricing and allocation of shares and after sale support.
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CII's CEO delegation heads for UK
New Delhi: In an effort to forge new models of economic relationship between India and the UK, the Confederation of Indian Industry (CII) will embark on its annual CEO's Mission to the UK, from June 19-22, to brief the British counterparts on India's economic and political developments.

The delegation is being headed by Y.C. Deveshwar, President CII.

While promoting new investors in India and the UK, the CEO's Mission will focus on the emerging growth areas such as biotechnology, entertainment, research and development, healthcare, education and communications.
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Cabinet approves development of Oceansat-2 mission
New Delhi: The Union Cabinet has given its go ahead for the design and development of the Oceansat-2 mission, which will entail building and launching a remote sensing satellite with ocean colour monitor (OCM).

The Oceansat-2 mission will provide the country with the wherewithal to cover many applications pertaining to the ocean and meteorology.

Among these applications, fisheries, coastal zone mapping, ocean process studies, inputs for operational numerical weather prediction, ocean state forecasting, input to ocean models as well as for the tropical cyclone monitoring and prediction will get a boost.
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